St Louis Real Estate NewsDaily St. Louis real estate news, market analysis, home prices, and mortgage rate updates from local industry professionals. |
What a great time to be a First Time Home buyer! Historically low interest rates and great home prices! However, the home buying “process” can be a difficult if the borrower is not prepared and have not done their homework.
Before making offers and writing contracts, talk to your mortgage lender and get Pre-Qualified for a loan. Pre-Qualify means you can confidently begin house shopping in the appropriate price range.
A report released this morning by CoreLogic shows home prices in the St. Louis declined in March by 9.3 percent from the year before which is a larger decline than the month before when St Louis home prices were down 7.24 percent from the year before.
Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market Continue Reading →
Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market Continue Reading →
A report released this morning by Trulia shows that when it comes to the question “should I rent or buy” the answer is to buy in 80 percent of the 50 largest U.S. cities. Trulia’s “Rent vs. Buy Index” compares the cost of buying and renting a two-bedroom apartment, condominium or townhouse and for the 2nd quarter of 2011 this index shows that buying is the way to go from an affordability standpoint for most areas….the only cities where renting was cheaper than buying were New York, Fort Worth and Kansas City.
Dennis Norman
Today the S&P/Case-Shiller Index report for February was released showing home prices continue to fall and that the housing housing market continues to head toward a double dip in home prices. The report shows their 20-city composite home price index declined by 1.1 percent from the month before and declined by 3.3 percent from a year ago.
Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for March 2011 showing an increase of 11.1 percent from the month before, and a decrease of 21.9 percent from a year ago.
The seasonally-adjusted new home sales rate for March was 300,000 homes. The supply of new homes on the market decreased from an adjusted 8.2 month supply the month before to a 7.3 month supply in March. The median new home price increased for the month to $213,800, a 2.9 percent increase from a revised median price of $207,700 the Continue Reading →
Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market Continue Reading →
Fannie Mae released their April 2011 Economic Outlook which, as far as the housing market goes, doesn’t paint a real rosy picture. The Fannie Mae report cites weak home sales in the first part of 2011, distressed sales making up more than a third of those sales and the winding down of various programs that were supporting the housing market as the cause of continued home price decline.
RPX Composite Home Price Fell to Lowest Level since March 2003 – St. Louis ranks 6th of 25 metros on one year rate of change of home prices.
Radar Logic published it’s Housing Market Report for February showing that it’s “RPX Composite Price”, for the 25 metro areas covered by the index, including St. Louis, fell 0.7 percent from January and 4.3 percent from the year before. St. Louis home prices fell 2.4 percent from January and 4.4 percent from a year ago.
Today’s existing home sales report from the National Association of REALTORS® shows existing home sales in March were at at a seasonally adjusted-annual rate of 5.1 million units which is an increase of 3.7 percent from the month before and is a decrease of 6.3 percent from a year ago.
Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market Continue Reading →
The 800 pound gorilla in the room has finally lost some weight!
RealtyTrac released their foreclosure report for the first quarter of 2011 which shows foreclosure filings were reported on 681,153 U.S. properties during the quarter, a 15 percent decrease from the previous quarter and a 27 percent decrease from the first quarter of 2010. St. Louis did not see as big of a decrease but still the numbers are looking better! St. Louis had 5,023 properties with foreclosure filings during the first quarter 2011 which works out to one in every 248 St. Louis properties and represents a Continue Reading →
According to a report released this morning by CoreLogic, St. Louis home prices (including distressed sales) declined by 8.29 percent in February 2011 from the year before. The prior month showed home prices had declined 7.24 percent from the year before, so the bad news is this shows home prices are continuing to trend downward. The good news is, if you remove the distressed sales from the mix then St. Louis home prices in February only declined by 1.07 percent from the year before and in the month before declined by 2.38 percent from the year before showing that home Continue Reading →
According to a study, the Community Preference Survey, conducted for the National Association of Realtors®, Americans favor walkable, mixed-use neighborhoods, with 56 percent of respondents preferring smart growth neighborhoods over neighborhoods that require more driving between home, work and recreation.
Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market Continue Reading →
Weekly I produce a short (roughly 5 minute) video update on the St. Louis Real Estate Market that is published on various web sites. I do a quick recap of the news in the St Louis real estate market for the week, then an overview of the St Louis housing market itself. The update includes charts with up to the date data on the St Louis housing market including St Louis home prices, average time to sell a home in the St Louis area as well as other data and charts to show where the St Louis real estate market Continue Reading →
More than half a million vacation homes were purchased last year, fueled by low real estate prices, attractive mortgage rates and the potential for price appreciation according to research done by the National Association of REALTORS for HomeAway.
A report released this morning by CoreLogic shows that the current residential “shadow” inventory as of January 2011 declined to 1.8 million units, down slightly from 2.0 million units a year ago. This current shadow inventory represents a 9 month supply, same as the suply a year ago.
Dennis Norman
When I take my kids out for an ice cream cone it’s pointless to ask if they want one or two dips, they always go for the double dip! What’s good for ice cream sales is not good for home prices though…..and, unfortunately, it appears that home prices are choosing to go for the double dip as well…
Today the S&P/Case-Shiller Index report for January was released showing home prices are off to a dismal start in 2011 and further proof that the housing market is headed toward a double-dip in home prices. The report shows Continue Reading →
RPX Composite Home Price Fell to Lowest Level since April 2003
Radar Logic published it’s Housing Market Report for January showing that it’s “RPX Composite Price” fell 3.8 percent from December and 3.4 percent from the year before.
Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for February 2011 showing a decrease of 16.9 percent from the month before, and a decrease of 28.0 percent from a year ago.
The seasonally-adjusted new home sales rate for February was 250,000 homes. The supply of new homes on the market increased from an adjusted 7.4 month supply the month before to a 8.9 month supply in February. The median new home price decreased for the month to $202,100, a 13.9 percent decrease from a revised median price of $234,800 the Continue Reading →
Radar Logic published it’s “RPX Year in Review 2010” for the U.S. real housing market which illustrates the significant negative impact distressed sales have on home prices and the real estate market as a whole. The report reveals that “motivated sales” (sales that include REO’s, sales by financial institutions, short-sales, etc) made up less than 5 percent of the home sales in the 25 major metropolitan areas covered by the report until 2007 when the rate rose above 5 percent, ultimately peaked in 2009 at around 38 percent and then last year settled in around the 31 percent mark.
Today’s existing home sales report from the National Association of REALTORS® shows mixed signals for the St. Louis Real Estate market as our rate of existing home sales is down 8.6 percent from a year ago, significantly higher than the 2.8 decline for home sales nationwide, however, on a positive note, St. Louis home prices were up 8.2 percent in February from a year ago, the highest increase of the 20 major metro markets covered by the report and much better than the 5.2 percent DECREASE in home prices for the U.S. as a whole!
The Insurance Information Institute (I.I.I.) just published the results of a survey of homeowners that showed almost half of the homeowners surveyed believe that coverage limits of their homeowners insurance policy are linked to the value of their home. However, this is not the case according to the I.I.I. “The real estate value of a home, that is the price you can buy or sell it for, has absolutely nothing to with the amount of insurance needed to financially protect the homeowner in the event of a fire or other disaster,” said Jeanne M. Salvatore, senior vice president and consumer Continue Reading →
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 →
A report released this morning by CoreLogic shows negative equity, after decreasing for the three prior quarters, increased in the fourth quarter of 2010 for residential properties. The CoreLogic reports that 11.1 million, or 23.1 percent, of all residential properties with mortgages were in negative equity at the end of the fourth quarter of 2010, up from 10.8 million and 22.5 percent in the prior quarter.
Radar Logic is a company that publishes a home price index (the RPX Index) that is based upon the price per foot homes are selling for, versus actual sale prices of homes. RPX publishes a daily RPX Composite price index for 25 major metropolitan areas in the U.S. based upon this square foot methodology and this morning the RPX Index, based upon sales that closed in the 28 day period ending January 3, 2011, came in at $183.18 per square foot, which is 34 percent lower than when it peaked during the boom at $278.32 per foot, and is the Continue Reading →
The Fannie Mae Fourth Quarter National Housing Survey polled homeowners and renters alike to assess their confidence in homeownership as an investment as well as their views on housing finance and the overall economy. The survey revealed that Americans are more confident about the stability of home prices than they were at the beginning of 2010, although they aren’t so confident about the strength of the overall US economy.
Today, the U.S. Department of Housing and Urban Development and U.S. Census Bureau released new home sales data for January 2011 showing a decrease of 12.6 percent from the month before, and a decrease of 18.6 percent from a year ago.
The seasonally-adjusted new home sales rate for January was 284,000 homes. The supply of new homes on the market increased from an adjusted 7.0 month supply in December to a 7.9 month supply in January. The median new home price decreased for the month to $230,600 a 1.8 percent decrease from a revised median price of $235,000 the month Continue Reading →