St Louis Short Sales

St Louis short sales are definitely fewer and farther between than they were a couple of years back however, they are still out there and still often offer a great opportunity to a buyer.  A short sale is where a home is being sold by it’s owner at a price less than the current mortgage on it in the hope that the lender will agree to accept the proceeds from the sale and release the loan since the equity is simply not there to sell the home and pay off the loan.  Of course, there has to be some hardship with it as well and the owners have to prove they are in no position to pay the loan off in full otherwise it would not make sense for the lender to accept less than the full balance of the loan.

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St Louis Short Sales Plummet While REO’s on the Rise

St. Louis short sales accounted for just 1 percent of the overall home sales activity during October in the core market of St. Louis (the city of St Louis and counties of St Louis, St Charles, Jefferson and Franklin), according to the latest data from RealtyTrac.  As the table below shows, Jefferson County had the largest percentage of short sales in October at 7% and St Charles and Franklin both the lowest at 0%.  REO sales (prior foreclosures that are now bank owned) on the other hand, made up 7 percent of St Louis area home sales in October, an increase of 33.3% from a year ago.

St Louis has historically not seen much in the way of institutional investors buying homes in the area, however this has changed of late and, in fact, made up 10% of the overall area home sales a year ago.  In St Charles County, 25% of home sales in October 2012 were sales involving institutional investors but this has fallen to 13% last month, a decline of almost 50%.

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Continue reading “St Louis Short Sales Plummet While REO’s on the Rise

Asking prices on homes for sale in St. Louis on the rise

saint-louis-real-estate-dennis-norman

St. Louis sellers and listing agents are showing some modest confidence in the St Louis real estate market as indicated by the increases in the asking prices of homes for sale in St. Louis.  According to data from the St. Louis Home Team, asking prices in the St. Louis metro area rose just a tad (0.3 percent) in August from the month before and were up 2.4 percent from a year ago. Continue reading “Asking prices on homes for sale in St. Louis on the rise

Fannie mae sets new 30 day deadline to respond to short sales

dennis-norman-st-louis-realtor-By now almost everyone has probably heard a story about (or experienced themselves) the laborious, time-consuming and mind numbing process of trying to buy (or sell) a home on a short sale or, in other words, for less than is owed on the home with the lenders blessing. Unfortunately the lenders blessing, in many cases, has taken many weeks or even many months to get causing many buyers and sellers to give up along the way. Now though, thanks to a recent rule change by Fannie Mae, this process will be improved greatly and happen within 30 days in most instances. Continue reading “Fannie mae sets new 30 day deadline to respond to short sales

HAMP loan modifications up 40 percent in September; Serious mortgage delinquencies up 147 percent in past year

Dennis Norman

Dennis Norman

By: Dennis Norman

Yesterday the Federal Housing Finance Agency (FHFA) reported that Fannie Mae and Freddie Mac’s trial mortgage loan modifications under the Obama Administrations Home Affordable Modification Plan (HAMP) were up more than 40 percent in September 2009 from the previous month. According to the report, mortgage loans that are 60-plus-days delinquent increased to 1,401,000 borrowers in July, up a whopping 147 percent from July, 2008 when there were 566,000 borrowers 60 plus days delinquent.

Here are highlights from the report (all the data, unless noted otherwise is from July 31, 2009): Continue reading “HAMP loan modifications up 40 percent in September; Serious mortgage delinquencies up 147 percent in past year