Yesterday, someone shared with me an article that appeared on CBS News online about a couple, Tyler and Elisha Hessel, that discovered the house they purchased had previously been the subject of a meth lab seizure. The home, at 7218 Valley Drive in Barnhart, Missouri, was purchased by the Hessel’s in January of 2018. According to the article, Elisha is expecting a baby and, earlier this year, the results of some standard pregnancy-related tests showed the baby tested positive for amphetamines. This led to the Hessel’s discovering that the home they purchased was on a list of Meth Lab Seizures Continue Reading →
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The rate of homeownership in the state of Missouri was 70.2% during the 1st quarter of this year, giving Missouri the 14th highest rate of homeownership throughout the 50 states plus the District of Columbia, based upon the latest data from the U.S. Census Bureau. As the table below illustrates, New Hampshire had the highest rate of homeownership at 74.0% and the District of Columbia the lowest at 38.4%. Search St Louis Homes For Sale Search St Louis Upcoming OPEN HOUSES Homeownership Rate By State – 1st Quarter 2019 UPDATE 10/10/14 -You missed out, it’s sold! The sale of Chris Carpenter’s house closed today for the price of $3,000,000. UPDATE 7/02/14 -If price was holding you back from buying Chris Carpenter’s house, maybe this will help…today he lowered the asking price to $3,500,000! Click on the photo to view all photos and details. Cardinal pitching legend Chris Carpenter has listed his 8,000+ square foot home on a acre lot in Ladue for sale at $3,650,000. The home, at 809 South Warson, sits at the end of a secluded private drive of only 3 homes and boasts some outstanding features Continue Reading → That’s right, along with very affordable home prices, Missouri also has almost the lowest closing costs in the nation at an average of $2,188 for lenders’ origination fees and third party fees, second only to the state of Wisconsin with average closing costs of $2,119, according to the 2013 closing cost survey by Bankrate. See table below for survey results for all states: (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 ] Foreclosures and Shadow Inventory are each down double digits from a year ago as the market continues to improve. In May there were 52,000 foreclosures completed in the U.S., a decline of 27 percent from 71,000 completed foreclosures a year ago, according to a new report from CoreLogic. The shadow inventory (foreclosed homes that are bank owned but not listed for sale) l falling below one million homes in April, a decline of 34 percent from it’s peak in 2010, when it reached 3 million homes. Mortgage delinquencies are improving as well with less than 2.3 million mortgages (5.6 percent Continue Reading → St. Peters is the top booming suburb in Missouri, according to a newly released ranking by Coldwell Banker of “Top Booming Suburbs In America”. In compiling this ranking, Coldwell Banker ranked 1,500 suburbs around the U.S. based upon job growth, unemployment rates, neighborhood amenities, community safety and more. St. Peters, with a score of 859.35 out of a possible 1,000 scored the best of the Missouri suburbs. The top suburb in the U.S.? Cottage Lake, Washington with a perfect score of 1,000. St Peters Homes For Sale (click here) By state, here is the list of Continue Reading → Foreclosures were completed on 55,000 properties in the U.S. in March 2013, an increase of 6 percent from the month before but a decline of 16 percent from March 2012. Foreclosure activity has decreased over 50 percent (52) from when the number of foreclosures peaked back in 2010. Looking to buy a foreclosure? Click here for current list of St Louis foreclosures for sale Highlights of the Corelogic Foreclosure Report for March 2013: The FDIC filed suit yesterday against 10 directors and officers of Champion Bank alleging “negligence, gross negligence, and breach of fiduciary duty in the underwriting, recommendation, and approval of seven high-risk out-of-territory commercial real estate (“CRE”) loan participations and two business lines of credit (collectively, the “Loss Transactions”), resulting in damages of at least $15.56 million,” according to court documents filed. 4:13-cv-00816 Federal Deposit Insurance Corporation as Receiver for Champion Bank et al v. DiMaria et al – Defendants: What to do if you are facing foreclosure and losing your home. Continue Reading → Attorney General Chris Koster today filed a lawsuit against two related businesses that purported to provide loan modification and mortgage relief to desperate homeowners. Koster’s suit is against Legal Helpers Debt Resolution, LLC and Mortgage Law Group, LLC, as well as the companies’ managing partner, Jason Edward Searns; senior partner, Thomas Macey; and senior partner, Jeffery Aleman. Continue Reading → A report released today by CoreLogic, one of the nations leading providers of property information, shows that U.S. home prices increased in May by 2.0percent from the year before and increased by 1.8 percent from the month before marking the third-consecutive month U.S. home prices have increased on both a year-over-year as well as month-over-month basis. St. Louis home prices, on the other hand, moved opposite the U.S. trend with St. Louis home prices decreasing in May by 2.2 percent from the year before and St. Louis home prices in May decreased 1.7 percent from April, according to the report. Continue Reading → The percentage of first-lien mortgages that were current and performing at the end of the first quarter of 2012 increased to the highest levels in three years, according to a report published today by the Office of the Comptroller of the Currency. Continue Reading → Are you ready to tackle that bathroom renovation you’ve been putting off? Before you pick up the phone and hire a contractor, why not save some cash and try your hand at it. Considering the cost of renovations for homeowners, DIY has gained popularity. The following list, created by Construction Management Degree.com, contains 100 of the top DIY websites to help guide your home improvement projects, in no particular order. We arrived at this list through our own research, and for the benefit of our readers. The list is organized by area of the home including; General Remodeling, Interior Decorating, Kitchen and Bathroom, Office and Workspaces, Landscaping and Exterior, Basement, Storage, and Closets. Continue Reading → A report released this morning by CoreLogic, one of the nations leading providers of property information shows that home prices in the U.S. fell in March 0.6 percent from the year before and increased by 0.6 percent from the month before. Excluding distressed sales, month-over-month home prices increased for the third month in a row. If we take distressed sales out of the picture then the year-over-year home prices increased 0.9 percent. According to the report, St. Louis home prices declined by 3.4 percent in March 2012 compared to March 2011. Excluding distressed sales, year-over-year prices increased by 1.7 percent in March 2012 compared to March 2011. Continue Reading → A report released this morning by CoreLogic, one of the nations leading providers of property information shows that home prices in the U.S. fell in January 3.1 percent from the year before and declined by 1.0 percent from the month before marking the sixth consecutive monthly decline in home prices. Excluding distressed sales, year-over-year prices declined by 0.9 percent in January 2012 compared to January 2011 and month-over-month home prices increased 0.7 percent in January. Distressed sales include short sales and real estate owned (REO) transactions. Continue Reading → A report released this morning by CoreLogic, one of the nations leading providers of property information shows that St Louis home prices fell in November 4.7 percent from the year before and declined by 3.8 percent from the month before. In November, the decline of home prices in St. Louis outpaced U.S. home prices which were down 4.3 percent from a year ago and 1.4 percent from the month before. Continue Reading → Mortgage interest rates hit an all time low in the past month with 30 year fixed rate mortgages dropping below 4 percent for the first time ever! Over the past couple of weeks, rates have ticked up slightly but are still dirt cheap! So what can you do to make sure you are getting the lowest mortgage rates possible? According to Doug Lebda, Chariman and CEO of LendingTree.com, if borrowers follow the guidelines listed below they can increase their chances of being approved for a mortgage loan at the most desirable interest rate: Continue Reading → National Association of REALTORS® (NAR) President, Ron Phipps, wrote a letter to Shaun Donovan, Secretary of the Department of Housing and Urban Development, Timothy Geithner, Secretary of the Treasury Department and Edward DeMarco, Acting Director of the Federal Housing Finance Agency with suggestions on how to improve the Real Estate Owned (REO) asset disposition programs for Fannie Mae, Freddie Mac and FHA. NAR, like many other housing related associations and organizations, submitted letters in response to the government’s request for information on how to deal with the REO problem. In my opinion, the capital gains tax exclusion that was granted to homeowners under the Taxpayer Relief Act of 1997, is the single best, wealth-building opportunity, that’s ever been made available to the average American. That’s because, under Section 121, of the Internal Revenue Code, a single homeowner can exclude, up to $250,000, from the sale of their principal residence, from capital gains tax, and a married couple, filing a joint tax return, can exempt up to $500,000. The only requirement is that a homeowner must have owned and occupied their home, for a total of twenty-four out of Continue Reading → A report released by CoreLogic shows U.S. home prices increased in June 2011 by 0.7 percent from the month before, marking the third consecutive month-over-month increase. However, U.S. home prices in June 2011 decreased 6.8 percent from the year before. If we take the distressed sales (foreclosures, REO’s and short-sales) then year-over-year home prices declined by 1.1 percent in June 2011 from June 2010. The U.S. Department of Housing and Urban Development (HUD) announced last week, the launch of the Emergency Homeowner’s Loan Program (EHLP) to help homeowners who are at risk of foreclosure. This program is available in 27 states and is available to homeowners who have experienced a reduction in income due to: A report released this morning by CoreLogic shows home prices in the U.S. declined in January by 5.7 percent from the year before, marking the sixth-consecutive month year-over-year home prices have dropped, according to their index. The January data shows home prices continuing to slide. Mark Fleming, chief economist with CoreLogic, said, “A number of factors continue to dampen any recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the Continue Reading → Much has been written (including by me) about the negative impact foreclosures and other distress sales have on home prices so this is no new issue. In fact, most readers have probably seen (or felt) the impact of this in their own neighborhood. The charts below which show the percentage of mortgages that were 90 days or more past due and in foreclosure for 2007 through 2010 illustrate well just how ugly this issue is. In the lower left hand corner of each chart is depicted the national house-price index through the period and it is easy to see that Continue Reading → This past Friday Federal Reserve Board Governor Sarah Bloom Raskin spoke at the 2011 Midwinter Housing Finance Conference about the powerful impact the housing and mortgage markets have had on the nation’s economy recovery. Governor Raskin began by point out that, “speaking strictly in an economic sense, the recession that emerged in 2008 is over.” She then followed by saying “I know that the millions of Americans still looking for work, living in cars or motels, or trying to keep their businesses out of bankruptcy would beg to disagree.” Gov Raskin went on to state that our economy is in Continue Reading → RealtyTrac released their foreclosure report for January 2011 showing there were foreclosure filings in January on 261,333 U.S. properties, a 1 percent increase from December but a 17 percent decrease from January 2010. RealtyTrac released their foreclosure report for 2010 which showed some mixed results. During 2010 there were 2,871,891 foreclosure filings in the U.S., an increase of 1.67 percent from 2009. However the metro areas with the 10 highest foreclosure rates all saw decreases in foreclosure filings in 2010 from the year before, in fact six of the ten metros even had decreased foreclosure activity from 2008. According to a report released by RealtyTrac, foreclosure homes accounted for 25 percent of all U.S. residential sales in the third quarter of 2010 and that the average sales price of properties that sold while in some stage of foreclosure was more than 32 percent below the average sales price of properties not in the foreclosure process — up from a 26 percent discount in the previous quarter and a 29 percent discount in the third quarter of 2009. The “robo-signing” scandal that has exposed illegal practices by servicers of mortgage loans has also showed the urgent need to reform a broken system that is plagued with abuses, lacks adequate resources and has pushed countless homeowners toward foreclosure. That’s the message that Diane Thompson, a lawyer for the National Consumer Law Center, delivered in testimony earlier this week to the Senate Committee on Banking, Housing and Urban Affairs. Dennis Norman The U.S. Department of the Treasury and the Department of Housing and Urban Development today released their “October 2010 Scorecard” on the “Obama Administration’s Efforts to Stabilize the Housing Market”. The scorecard points out the success of “The President’s housing market recovery efforts” but does point out that “data in the scorecard also show that the recovery in the housing market continues to remain fragile.” Ted Gayer, Co-Director of Economic Studies, Brookings Institute The U.S. Department of the Treasury and the Department of Housing and Urban Development released June data for the Obama administration’s Home Affordable Modification Program (HAMP). HAMP is the foreclosure prevention program targeted at borrowers who are delinquent in their mortgage payment or facing imminent risk of default on their mortgage. It has always been an open question whether HAMP would prevent foreclosures or whether it would just delay inevitable foreclosures. While those who qualify for HAMP receive reduced mortgage |
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