St Louis Distressed Home Sales Share Of Home Sale Market Declines Over 50 Percent

St Louis distressed home sales share of the St Louis real estate market continues to decline minimizing the negative effect on home prices caused by distressed home sales.  In August, distressed home sales, primarily consisting of foreclosures and REO’s (bank owned properties) at this point as short sales have fallen to the point to be statistically insignificant, accounted for just 6 percent of the overall home sales in the St Louis metro area, according to a report just released this morning by RealtyTrac.  This is a decline of over 50 percent (56.3%) from a year ago when distressed home sales accounted for 13.7 percent of total home sales in St Louis.

St Louis county saw the biggest decline in the distressed home sales share of the market in the past year of the counties that make up the core of our St Louis real estate market and, as the table below shows, the city of St Louis saw the smallest decline and is the only one on the list where distressed home sales share of the market is in the double digits.

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St Louis Distressed Home Sales Decline Dramatically In Past Year

St Louis Distressed Home Sales - St Louis Realtor

St Louis distressed home sales have fallen substantially in the past year with distressed home sales in June making up less than 1 in 5 home sales (18.3 percent) for the 5 county core area of the St Louis MO market (St Louis City and County, St Charles, Jefferson and Franklin Counties), according to the latest data from MORE, REALTORS.  REO sales (bank and government-owned properties) accounted for just 15.8 percent of St Louis home sales in June (5 county core), down from 22.6 percent in June 2012.  Short sales (where sellers sell for less than they owe) accounted for just 2.5 percent of home sales in June 2013, down from 3 percent in June 2012.

Cash home buyers (both investors and owner occupants) remain a strong force in the market with almost 1 in 4 (24.7 percent) home purchases in June 2013 being a cash purchase, down just slightly from 25.7 percent a year ago.

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