Flipping property in the St Louis area has paid off for investors over the past year provided they have stayed out of the City of St Louis. “Flipping” or a “Flip” is a term used today to describe when a property is bought and then re-sold within a short time period. In St Louis County, the 3rd quarter of 2013 and the 3rd quarter of 2014, there were 658 properties flipped at an average gross profit of nearly 25 percent (24.56%) , according to a newly released report from RealtyTrac. During the same period there were 203 properties flipped in Continue Reading →
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Property flipping, which is basically buying a property and then reselling it immediately, or shortly thereafter, is occurring less frequently now in St Louis than it was, according to a report released today by RealtyTrac. According to the report, there were 289 houses flipped in the St Louis metro area during the 2nd quarter, down 44% from the first quarter and down 17% from the 2nd quarter of 2013. During the 2nd quarter of this year, 3.3% of all St Louis home sales were “flip” deals which, for the purpose of this report, were homes that were bought, then resold Continue Reading → St Louis foreclosure activity was on the decline again in July with a total of 485 foreclosure actions taking place in the St Louis MSA during the month which equates to foreclosure activity on 1 of every 2,573 housing units, according to data released this morning by RealtyTrac. This represents a decline in St Louis foreclosure activity of 19.57% from the month before and a decline of 59.0% from July 2013. As the table below shows, with the exception of Franklin County, all of the major Missouri counties of the St Louis MSA saw a decline in foreclosure activity from Continue Reading → Cash sales accounted for more than 1 in 5 (21.7%) St Louis home sales in July 2014, a slight decrease from a year ago when cash sales accounted for 22.1% of home sales. The median price of these cash home sales in July 2014 was $162,000, 3.3% higher than a year ago when the median price was $156,810. St Louis foreclosures sold during the month of July 2014 were cash sales more than half the time (56.5%), an increase of 7.3% from a year ago when cash sales accounted for 52.7% of St Louis foreclosure sales. The median price of Continue Reading → St Louis County will hold it’s annual sale of tax delinquent property next month on August 25, 2014, beginning at 10:00 am in the County Council Chambers in the County Administration Building in Clayton. To be eligible to bid you must register prior to bidding. Registration will begin at 8:30 am on the tax sale day in the office of the Collector of Revenue in the County Administration Building. A complete list of all properties available for bid, as well as complete instructions on how to participate in the tax sale, can be found online here. For more Continue Reading → Even though, for a while now, foreclosures have been on the decline in St Louis as well as in most parts of the country, there are still many St Louis neighborhoods that are being impacted significantly by foreclosure activity. While after the housing bubble burst in 2008 we foreclosures appeared in most every neighborhood in St Louis from areas with the lowest values to areas with the highest, there has been a concentration of foreclosure activity in a few areas of St Louis. The city of Florissant, for one, is an area that has had more than it’s fair share Continue Reading → St Louis Foreclosure activity dropped in June to a rate of 1 foreclosure action on every 2,070 units, a decline of nearly 50 percent (49.58%) from June 2013, and down 13.11% from the month before, according to a report just released this morning by RealtyTrac. The table below shows the numbers for the St Louis metro area as a whole as well as a breakdown by county and, as the table shows, all the counties in the St Louis, Missouri core market saw declines of nearly 50% or better in the past year and all, except the city of St Continue Reading → Looking to buy a home in St Louis at a BIG Discount? Take it from someone that has been in the business over 30 years and during that time bought and sold over 2,000 homes; there is no silver bullet or magic formula to finding a great deal on a home or other piece of property. I wish it were that easy. You can however use information and resources that are available to help identify potential good deals and then, with a lot of driving and looking at homes, cull through the pile looking for the “deal”. RealtyTrac just did Continue Reading → St Louis’ Most Expensive Foreclosures currently for sale includes homes in St Louis, St Charles and Franklin counties and top out at $1,700,000 at the time of this article. While buying a foreclosure does generally involve more risk than buying a privately owned home that is being sold under “non-distress” conditions, the added risk is usually rewarded in a much better price and therefore a better deal. The main risks with buying a foreclosure have to do with the condition of the property both in that the property is normally being sold as is, there is not a sellers disclosure Continue Reading → I’ll begin with a disclaimer. I realize this is a VERY subjective topic and there are about a hundred different criteria one may use to determine the best area to invest in rental property however, having said that, I attempted to do a broad brush analysis from 30,000 feet. I decided to look at which area, in general, offers the best return on investment when it comes to rental property. For the sake of my analysis, I looked at single family homes as rental properties since they are the most common investment by individual investors. To determine the best rate Continue Reading → Zombie Foreclosures, while fewer, are still quite prevalent in the St Louis area. So, what is a zombie foreclosure? Good question. It’s yet another term that has come out of the real estate bubble burst of 2008 and refers to homes that are in the foreclosure process and the owner has vacated the home prior to actually losing it as the foreclosure is not complete. These properties often become an eyesore and burden on the neighbors, and the city they are in, as they are sort of in “no man’s land” as the owner has left the property and typically Continue Reading → St Louis Foreclosures, and short sales, in May 2014 accounted for just 8.5% of all home sales in the St Louis core market (city of St Louis and the counties of St Louis, St Charles, Jefferson and Franklin), according to data released just this morning from RealtyTrac. This is a decline of 26.7% from May 2013 when foreclosures and short sales in St Louis accounted for 11.6% of all home sales. (We work hard on this and sure would appreciate a “Like”)[iframe http://www.facebook.com/plugins/like.php?href=https%3A%2F%2Fwww.facebook.com%2FStLouisRealEstateNews&send=false&layout=standard&width=50&show_faces=false&font&colorscheme=light&action=like&height=35&appId=537283152977556 100 35 ] Search St Louis Foreclosures For Sale Mortgage default rates, as tracked by the S&P/Experian Consumer Credit Default Indices, on first mortgages were at .92 in May 2014, down from 1.01 the month before and down almost 30% (29.7%) from May 2013 when the first mortgage default rate index was at 1.31. The default rate index on second mortgages is improving as well with the index for May 2014 at .57, down from .63 in April and from .60 in May 2013, according to the report. This is good news for the housing market and consistent with the trend we have seen lately of lower delinquencies and Continue Reading → Tyler Frank,Paramount MortgageNMLS ID 942420 We hear lots of advice these days about how to improve a credit score. However, not all advice is good advice. Here are nine credit score myths that could actually do more harm than good: Myth #1 – Closing out old, inactive accounts will help your score. Thirty percent of your credit score is based on your utilization rate – your total balances versus the total amount of credit available to you. Canceling old accounts reduces the total amount of your available credit, changing that ratio. Any balance will Continue Reading → The best places to flip property in the U.S. are, with the exception of Wright County Minnesota, all east of the Mississippi extending from as far north on the east coast as New York to as far south as Florida, according to a report just released by RealtyTrac. For this report, RealtyTrac looked at property that was “flipped” (bought and then resold within the same period…often times done by an investor for profit) during the one-year period from April 2013 through March 2014, and ranked the counties based upon the gross return on investment made in those flips. One thing to keep in mind, this is just a “gross margin” or simply the difference between what the house was bought for and then resold for during the period without taking into account the expenses involved in the acquisition and sale, cost of rehab and improvements that were done or carrying cost. Continue Reading → Distressed home sales in St Louis accounted for just under eleven percent (10.7%) of all home sales in the St Louis MSA in April 2014, according to data released just this morning from RealtyTrac. This is a decline of 29.1% from April 2013 when distressed home sales in St Louis were responsible for 15.1% of all home sales. Distressed home sales include short-sales (when sellers sell for less than they owe with the agreement of their lender), REO’s (bank-owned real estate acquired through foreclosure and now being resold) and foreclosure auction sales (when homes are actually sold at foreclosure). Since Continue Reading → St. Louis Metro Foreclosure Activity declined in April with 1 of every 1,013 housing units in the St Louis metro area having a foreclosure action on it during the month, a decline of 16.56 percent from the month before and a decline of 20.36% from April 2014, according to the latest data released today by RealtyTrac. As the table below shows, all the counties that make up the core of the St Louis real estate market (on the Missouri side of the river) had decreased foreclosure activity in April from the month before. Three of the five counties saw double Continue Reading → St Louis distressed home sales declined during the first quarter of this year with distressed home sales (foreclosures, REO’s and short sales) in the 5-county core St Louis market (city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin) accounting for 15.0% of all home sales, This is down 18.5% from the first quarter of 2013 when St Louis distressed home sales accounted for 18.4% of all home sales, according to newly released data from RealtyTrac. As the table below shows, all the counties that make up the core of the St Louis real estate market Continue Reading → Mortgage delinquency and foreclosure rates both declined in March to the lowest levels since October 2007 and 2008, respectively, according to data just released by Black Knight Financial Services (formerly LPS). The U.S. mortgage delinquency rate (30+ days delinquent) in March 2014 was 5.52%, a 7.57% decline from the month before and a 16.29% decline from a year ago. The U.S. foreclosure pre-sale inventory rate in March 2014 was 2.13%, a decline of 4.23% from the month before and a drop of 36.69% from March 2013. There are still several states with double-digit mortgage delinquencies, Mississippi being the one with Continue Reading → Almost 1 of every 4 St Louis homeowners with a mortgage (23%) are seriously underwater, meaning their mortgage(s) total at least 125% of their homes current value, according to a report for the 1st quarter of 2014 just released this morning by RealtyTrac. According to the report, there are 161, 310 St Louis homeowners that are underwater while 138,492 homeowners (19%) have “resurfacing equity” meaning their mortgage totals are 90% – 110% of their homes current value, allowing them to see the light at the end of the tunnel. Throughout the state of Missouri, 22% of homeowners with a mortgage Continue Reading → Everyone loves a deal! When it comes to buying a house, over the past few years there have been many “deals” out there as a result of the housing market meltdown. However, now that the worst of it is over, and many markets have already started recovering, the question for many are “where in St Louis can home buyers find a good deal?“. This is not easy to answer and what is a “good deal” for a home buyer looking for a place to call home for the foreseeable future is not necessarily going to be viewed in the same Continue Reading → St Louis foreclosures increased during the first quarter of this year in the main areas of our St. Louis metro area market located on the Missouri side of the Mississippi with St Louis city foreclosures, St Louis County foreclosures and St Charles county foreclosures all increasing from the 4th quarter of 2013, according to information real eased this morning by RealtyTrac. St Louis foreclosures for the MSA were down during the first quarter of 2013 1.6% from the 4th quarter of 2013 with a foreclosure action occurring on 1 out of every 452 housing units in the St Louis metro Continue Reading → Investment property sales in 2013 fell to 1,104,000 properties, down 8.5 percent from 2012 when there were 1,2o7,000 investment properties sold, according to a report just released by the National Association of REALTORS. The median sale price of investment homes purchased during 2013 was $130,000, a 13% increase from 2012 when the median price was $115,000. Who is the typical real estate investor? According to the NAR report, the typical home investor in 2013 was a median age of 42 years, had a median household income of $111,400 and more than half (59%) were in a two income household. What Continue Reading → St Louis foreclosures were on the rise in February with 1 of every 1,328 housing units in the St Louis metro area having a foreclosure action on it during the month, 24.17 percent higher than the month before, however still down 33.14% from February 2013, according to the latest data released today by RealtyTrac. As the table below shows, all the counties that make up the core of the St Louis real estate market (on the Missouri side of the river) saw an increase in foreclosure activity in February from the month before with the exception of Jefferson county that Continue Reading → Don’t shoot the messenger, but I have to tell you I’m not feeling quite as warm and fuzzy about the St Louis real estate market as I was a couple of months ago. In February, there were 1,623 homes sold in the 5-county core St Louis market, a decline of over 14% from February of last year when there were 1,898 homes sold. Also, 2014 is starting out sluggish with just 3,225 homes sold in the first two months, 14.5% less than this time last year when there were 3,774 homes sold. There are definitely encouraging things as well, such Continue Reading → St Louis rents have risen 18% since the real estate bubble burst (based upon HUD fair market rents for 3 bedrooms) while median home prices have fallen 12% during the same period. Part of the reason behind has been the increased demand for rentals as a result of many homeowners who, after the real estate bubble burst, lost their homes in foreclosure or were forced to do a short sale and then had to seek a rental while they rebuild their credit. This, couple with almost no new apartment construction for several years has created the right environment for increasing Continue Reading → The number of St Louis homeowners with negative equity (also referred to as “underwater” homeowners) increased in the 4th quarter of 2013 to 11.6% of all the St Louis homeowners with a mortgage on their home, an increase from 11.3% in the prior quarter, according to a newly released report from CoreLogic. Another 4.4% of the home owners with a mortgage were in a “near negative equity” position, up from 4.3% in the 3rd quarter. Nationally, 13.3 percent of homeowners with a mortgage were in a negative equity position during the 4th quarter of 2013, the same as the quarter Continue Reading → Not long ago distressed home sales (foreclosures, short sales, REO’s, etc) were a dominant force in the St Louis real estate market, accounting for a good portion of St Louis area home sales. Today, however, with a few exceptions, they have all but left the St Louis real estate market. As far as the St Louis housing market is concerned, this is a good thing, for home buyers and investors looking for what are often bargain prices as a result, they may have different thoughts. As the table below for the five St Louis counties that Continue Reading → St Louis foreclosures increased in January to the point where 1 of every 1,649 housing units in the St Louis metro area had a foreclosure action on it during the month, an increase of 21.70 percent from the rate in December 2013, however a decline of almost 50% (47.06%) from January 2013, according to the latest data released today by RealtyTrac. As the table below shows, all the counties that make up the core of the St Louis real estate market (on the Missouri side of the river) saw declines in foreclosure activity from a year ago with the exception Continue Reading → The St Louis housing market bubble of 2006 was followed by the bursting of the bubble shortly thereafter and, even though many of us tried to convince ourselves it would not happen, reality set back in. The reality was, when it came to home prices, the “greater fool theory” would only work so long until the reality of the underlying fundamentals of what makes up the value of a home would rear it’s ugly head and bring everyone down from their real estate high. So, now that several years have passed, and many market prognosticators (including yours truly) say Continue Reading → |
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