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St Louis Real Estate – Home Sales Jump In February

By Dennis Norman, on April 5th, 2010

Dennis Norman

Today the National Association of REALTORS released it’s February Pending Home Sales Index showing a increase of 8.2 percent (seasonally adjusted) in the index for the U.S. from January and a 17.3 percent increase from last year. The Midwsest region had the best results with February home sales increasing 21.8 percent from January.

Here in St. Louis, home sales in February increased at an even greater rate. The City of St. Louis had the largest 1-month increase at 62.6 percent, followed by Jefferson County with an increase in pending sales of 34.1 percent, St. Charles County Continue Reading →

St Louis Real Estate – St Louis Mortgage Interest Rates On The Rise

By Robert Fishel, on March 31st, 2010

NEW FHA Policies Go Into Effect April 5th

Applications for FHA-guaranteed mortgages exceeded an annual rate of 3 million in October; nearly triple the level in 2007. In 2006, when subprime and other Wall Street programs were at full speed, the annual rate for applications was less than 600,000. As a result the Federal Housing Administration (FHA) Commissioner David Stevens recently announced a set of policy changes to strengthen the FHA’s capital reserves. The changes announced are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing Continue Reading →

St Louis Real Estate – St. Louis Mortgage Interest Rates Increase Slightly

By Robert Fishel, on March 24th, 2010

PLASTIC TAKES PRIORITY.

Consumers are paying more attention to their credit card payments and making sure they are current according to a newly released report from TransUnion. The credit information management company analyzed 27 million anonymous consumer records randomly sampled during the six quarters from 2008 to 2009. Their selection criteria included consumers with at least one credit card and a current mortgage. Consumers who are delinquent on their credit cards and current on their mortgages decreased to 3.6% from 4.1% in the time period of the study. However, during the first quarter of 2008 a “flip” occurred where the Continue Reading →

St Louis Real Estate – Bellefontaine Neighbors Lawsuit Update

By Dennis Norman, on March 12th, 2010

Dennis Norman

Appellant Says Bellefontaine Ordinance is Unconstitutional but City Inspector Still Enforcing It

Last month I did a post about a decision handed down by the Missouri Court of Appeals-Eastern District that was a significant victory for St. Louis property owners by striking down part of an ordinance that violates our property rights as well as our First Amendment Rights to free speech.

Unfortunately, it appears no one told the City of Bellefontaine Neighbors they lost the case, or if they did, some may be choosing to ignore the court’s decision. I say this because I heard Continue Reading →

St Louis Real Estate – City of St Louis Vacant Property Bill Update

By Dennis Norman, on March 12th, 2010

Dennis Norman

Update: March 23, 2010: In spite of the concern of many organizations including the St. Louis Association of REALTORS, the Mortgage Bankers Association and the Title Insurance folks, the Board of Alderman passed the vacant property ordinance on March 12th – Now that lenders and title companies are aware of potential title and lien issues with this bill I have no doubt investors, and even homeowners, are going to run into some roadblocks when trying to finance property in the City of St. Louis – 2/3 of the Alderman voted in favor of the bill:

The Continue Reading →

St Louis Real Estate – St Louis Mortgage Rates still low; higher rates coming though?

By Robert Fishel, on March 10th, 2010

Last Friday’s suprisingly strong payroll figures likely reinforced for many investors that the next time the Fed makes a change to their monetary policy strategy-it will likely to raise short-term interest rates. The actual date of such an event may be months away-but an increasing number of “stronger than expected” economic reports are making it difficult for mortgage interest rates to move lower. A growing number of business economists believe the U.S. central bank’s policy’s are too stimulative and expect the Federal Reserve to raise benchmark interest rates within six months. The Fed has said continued high rates of Continue Reading →

St Louis Real Estate – What happened to property rights?

By Dennis Norman, on March 9th, 2010

Dennis Norman

This story is part of my ongoing series on how local laws negatively impact the property rights of property owners in the St. Louis area

Unfortunately I don’t have to try too hard to find examples of local laws that seriously impact the rights of property owners in the St. Louis area, particularly those property owners that are landlords or other investors.

My story today comes from a friend of mine, a St. Louis REALTOR(R) that buys homes for his rental portfolio. For the sake of the article, and to help him avoid Continue Reading →

St Louis Real Estate – St Louis Foreclosure Rates Still on the Rise

By Dennis Norman, on March 5th, 2010

Dennis Norman

St. Louis Mortgage Delinquencies and St. Louis Foreclosure Rate hit Record Highs

A report released by First American CoreLogic showed the St. Louis metro area to have a foreclosure rate in January of 1.42 percent up slightly from December’s rate of 1.36 percent and an increase of 46.39 percent from the year prior when the rate was 0.97 percent.

The national foreclosure rate for January remains over twice the rate of St. Louis at 3.19 percent and was an increase of 60.3 percent from a year ago when the national Continue Reading →

St Louis Real Estate – Mortgage Rates Hold Steady In the Country’s 8th most affordable city

By Robert Fishel, on March 3rd, 2010

Low foreclosures, stable home prices and affordability make eighth-ranked St. Louis a good bet for home buyers, according to a report released by Forbes.com last Friday. Forbes gathered data from the National Association of Home Builders and Wells Fargo’s Housing Opportunity Index (HOI). The index measures median home prices against median incomes. Additional data overlays included Moody’s one-year forecast for the Case-Shiller Home Price Index of home prices and RealtyTrac’s 2009 foreclosure report. Rankings from all of these data sources were considered in determining the overall score. The top ten best housing metro areas: Pittsburgh, PA Louisville – Jefferson Continue Reading →

St Louis Real Estate – Vacant Property Bill and It’s Affect on Property Rights

By Dennis Norman, on February 26th, 2010

Dennis Norman

What do sex offenders and owners of vacant property have in common?

UPDATE: March 8, 2010 – I found out today the bill that was actually perfected last Friday was a floor substitute…Unfortunately the changes made to the bill were minor- they changed the public data base so that you have to enter a property address in order to look up the owners personal information (including phone number and email address) and they changed the wording to no longer make real estate agents and property managers responsible for property they don’t own. So basically, just a little Continue Reading →

St Louis Real Estate – St Louis Home Prices Increased 1.32 Percent in 2009

By Dennis Norman, on February 25th, 2010

Dennis Norman

According to a report issued this morning by the the Federal Housing Finance Agency (FHFA) St. Louis area home prices increased by 1.32 percent in 2009. Granted that’s not much but, hey, after what we’ve seen the last couple of years in the housing market I think this is very good news.

This information comes for the FHFA’s purchase-only price index which is based upon repeat sales of the same single-family properties therefore making it a much more accurate barometer of the market than just looking at median prices of homes sold as many reports do. Continue Reading →

St Louis Real Estate – Mortgate Rates Hold Steady But Expected to Rise

By Robert Fishel, on February 24th, 2010

When considering historically low interest rates, competitive home values along with the $8,000 First-Time Homebuyer and $6,500 Repeat Homebuyer Tax Credits, potential homebuyers still have a great opportunity.

THE TIME TO ACT IS NOW.

The Federal Reserve indicates it will stop buying mortgage-backed securities toward the end of the first quarter. Most mortgage experts believe that mortgage interest rates will rise when mortgages go off “Fed support” as private investors require higher rates to compensate for the risk.

The deadline for the First Time/Repeat Homebuyer Tax Credits is an executed contract by April 30, 2010 with a Continue Reading →

St Louis Real Estate – Report Shows Market Stalled out In December

By Dennis Norman, on February 18th, 2010

Dennis Norman

Radarlogic Housing Market Report Shows First November-December Increase in Home Prices Since 2004 For the US – However It shows a Decrease For December for St. Louis –

When I received the Housing Market Report from Radarlogic, I was happy to see some good news; home prices increased in December from November and a 44 percent increase in the number of homes sold in December versus a year before. Unfortunately those numbers were based upon Radarlogic‘s RPX Composite Price, which tracks home prices in 25 major metropolitan areas (including St. Louis) and when I drilled down to Continue Reading →

St Louis Real Estate – Interest Rates Hold Steady – Paramount Celebrates 40 Years

By Robert Fishel, on February 17th, 2010

More than 380 mortgage lending operations nationwide have ceased operation since 2006, according to the Mortgage Lender Implode-O-Meter website.

However in spite of a tough and demanding economic market, Paramount Mortgage this week celebrated it’s 40 year anniversary!

“Expect Excellence” has been our corporate motto and the driving force in our philosophy of providing exemplary customer service,” states H. John Frank, Jr., President of Paramount Mortgage Company. “We have never forgotten that this is a people business and we treat our clients with respect. We take the time to get to know their home purchasing goals and communicate with Continue Reading →

St Louis Real Estate – 2009 Ends with St Louis Foreclosure Rate at Record Levels

By Dennis Norman, on February 12th, 2010

Dennis Norman

St. Louis ended 2009 With The Highest Foreclosure Rate and Mortgage Delinquency Rates On Record For the St. Louis Area

According to date from First American CoreLogic, St Louis finished 2009 with 1.43 percent of the homes in St. Louis with a mortgage in some stage of the foreclosure process and 5.73 percent of the mortgages in St. Louis seriously delinquent (90+ days past due).

The St. Louis area has seen increases in the foreclosure rate every month since August, 2008 and the the December 2009 rate is the highest rate recorded since First American Continue Reading →

St Louis Real Estate – Commercial Real Estate: The Next Shoe to Fall?

By Dennis Norman, on February 11th, 2010

Dennis Norman

Big Losses Are Forecast For Commercial Real Estate and Expected to Crush Some Community Banks-Can the Housing Market Avoid the Fallout?

This morning the Congressional Oversight Panel issued a report, “Commercial Real Estate Losses and the Risk to Financial Stability” which expressed concerns about coming losses in Commercial Real Estate and also described how these losses could affect nearly everyone.

The report states the panel “is deeply concerned that a wave of commercial real estate loan losses over the next four years could jeopardize the stability of many banks, particularly community banks, and prolong an already Continue Reading →

St Louis Real Estate – Interest Rates Hold Steady – Still Time for Tax Credit

By Robert Fishel, on February 10th, 2010

There is time left for qualified buyers to take advantage of the 2009 First-Time Home Buyer’s $8,000 Tax Credit & Repeat Home Buyer’s $6,500 Tax Credit. Binding sales contract must be executed by April 30, 2010, the closing can be extended until June 30, 2010. The newly expanded first-time homebuyer and repeat homebuyer tax credit was signed into law a few months ago, but many married, unmarried, or soon to be married tax filers, are confused about claiming these credits. Understandably so. There are numerous scenarios that can come up, e.g. “I am a long-time principal homeowner but my Continue Reading →

St Louis Real Estate-Appellant Court Decision Huge Victory for Property Owners

By Dennis Norman, on February 9th, 2010

Dennis Norman

Appeals Court Strikes Down Bellefontaine’s Ordinance Affecting Real Estate For Sale Signs

At the end of January the Missouri Court of Appeals-Eastern District handed down a decision on a case that I think is a significant victory for St. Louis property owners and strikes down part of an ordinance that violates our property rights as well as our First Amendment Rights to free speech.

The case involves Mark Scatizzi, a local REALTOR® who, after listing a home for sale at 1027 Addision, in the City of Bellefontaine Neighbors, advertised the property for sale and posted a Continue Reading →

St Louis Real Estate – Foreclosure Rates in St Louis Increase Again

By Dennis Norman, on February 5th, 2010

Dennis Norman

In spite of what is being said in the press about the real estate market improving and the effectiveness of the government’s programs to help keep people in their homes, the rate of foreclosure just keeps increasing.

A report released today by First American CoreLogic showed the St. Louis metro area to have a foreclosure rate of 1.43 percent up slightly from November’s rate of 1.35 percent and an increase of 66.67 percent from the year prior when the rate was 0.87 percent.

The national foreclosure rate for December was again over double the rate Continue Reading →

St Louis Real Estate – Mortgage Rates Hold Steady-FHA Makes Changes

By Robert Fishel, on February 3rd, 2010

FHA loans gained in popularity for borrowers as applications for FHA-guaranteed mortgages exceeded an annual rate of 3 million in October; nearly triple the level in 2007. In 2006, when subprime and other Wall Street programs were at full speed, the annual rate for applications was less than 600,000.

As a result the Federal Housing Administration (FHA) Commissioner David Stevens recently announced a set of policy changes to strengthen the FHA’s capital reserves. The changes announced are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk Continue Reading →

St Louis Real Estate – New Home Sales Fall again in December

By Dennis Norman, on February 1st, 2010

Dennis Norman

The U.S. Department of Commerce released a report showing the sale of New Homes in December were at a seasonally adjusted annual rate of 342,000, a 7.6 percent decrease from the revised November rate of 370,000 and is 8.6 percent below a year ago.

My Mantra

As has been my long-running mantra, I don’t like “seasonally adjusted” numbers and “rate” of sales. Why, for one I can’t figure out how in the world they compute the numbers. Second, I just don’t think discussing the “rate” of new home sales paints a realistic picture of the market. I Continue Reading →

St Louis Real Estate – Permanent Loan Modifications under HAMP triples in December

By Dennis Norman, on January 28th, 2010

Dennis Norman

This week the Treasury Department issed a report which included stats on the Home Affordable Modification Program (HAMP) which is part of the Obama administrations’ Making Home Affordable Program and “is a loan modification program designed to reduce delinquent and at-risk borrowers’ monthly mortgage payments”. The HAMP program got underway around March of this year and is set to expire December 31, 2012. According to the government website HAMP is intended to help keep “3 to 4 million Americans in their homes by preventing avoidable foreclosures.”

Permanent modifications triple in December from November:

According to the Continue Reading →

St. Louis Real Estate News St. Louis Real Estate Market Update

By Dennis Norman, on November 18th, 2009

Dennis Norman

Home sales in the St.Louis area through October 31st are down 4.8 percent from the same period a year ago, however this is a decrease of almost 40 percent from the month before when sales were down 7.9 percent from the same period the year before. St. Louis area median home prices for the period are down 6.5 percent from a year before however this is also an improvement from the 7.1 percent decrease for the month before. The average time it takes to sell a home in the St. Louis area is 2.2 percent less Continue Reading →

St Louis Real Estate News: Foreclosures in the St Louis metro area decrease over 29 percent in October

By Dennis Norman, on November 12th, 2009

Dennis Norman

Monroe and Jefferson County saw sharp increases however.

RealtyTrac® released its Foreclosure Market Reporttmfor October showing that foreclosure filings (default notices, scheduled auctions and bank repossessions) were down 3.3 percent in October from the month before in the US and up 18.86 percent from the year before.

Here in St Louis, overall the picture is much better. For the 16 counties and 1 city included in the RealtyTrac® report for the St Louis metro area foreclosure filings in October were down 29.47 percent from the month before and down 30.39 percent from the year before. Included Continue Reading →

St Louis Real Estate News: St. Louis foreclosure rate increases, again

By Dennis Norman, on November 10th, 2009

Dennis Norman

Foreclosure rates in St. Louis increased for the month of September over the same period last year according to a report released by First American CoreLogic. The report showed the St. Louis metro area to have a foreclosure rate of 1.26 percent in September, up just slightly from August’s rate of 1.24 percent, but up over 59 percent from a year ago when the rate was 0.79 percent.

The national foreclosure rate for September was over double the rate of St. Louis at 2.93 percent and was an increase of 75 percent from a year Continue Reading →

St. Louis Real Estate – St. Charles County home price declines vs assessors property values; Update

By Dennis Norman, on October 26th, 2009

Dennis Norman

Last week I did a post after reading an article on StlToday.com about the change in property values being made by St Louis area assessors from 2007 to 2009. As I pointed out in my article I assumed the values shown by the assessors including ALL types of property and not just homes, however my analysis was based only upon the sale prices of homes.

Prior to doing the post I had requested just the residential data from the assessor’s office for the area counties but had not been able to obtain that data. Subsequently I Continue Reading →

St. Louis Real Estate Market Update – 3rd Quarter Report

By Dennis Norman, on October 23rd, 2009

Dennis Norman

Due to the overwhelming demand for up to date information on the St. Louis housing market, as well as the positive response to our prior reports we have published, at St. Louis Real Estate News we will now be publishing “St Louis Real Estate Market Update Reports on a regular basis. We hope that you enjoy the information and we certainly hope the reports start having more positive news in them soon. If there is any data we are not including that you would like to see please let us know in a comment.

Continue Reading →

St. Louis Real Estate – St Louis area home price declines vs assessors property values

By Dennis Norman, on October 22nd, 2009

Dennis Norman

In an article this morning on StlToday.com I saw where property values, as determined by the St. Louis CountyAssessors office, declined 6.1 percent from 2007 to 2009. Hmm, I thought, that sounds pretty good actually, I think the St. Louis housing market would be doing great if that was close to reality. To see how the actual St. Louis housing market did during the same period I researched the sales prices of homes sold in the St. Louis metro area in 2007 and 2009 then computed the change in value during the period. Continue Reading →

St Louis Real Estate – Reverse mortgages pave the way to financial freedom for many St Louis seniors

By Dennis Norman, on October 21st, 2009

By: Dennis Norman

Many seniors find themselves in a situation where there are struggling to keep up with rising costs of gasoline, utilities, property taxes and insurance but yet they own a home that is either paid for or has a significant amount of equity. Since, in many cases, they have been in their homes for years, raised families and have a lifetime of memories in their home selling it to realize the equity out of it is usually not something they would consider.

A “reverse mortgage” may be a “best of both worlds” alternative: A chance to get Continue Reading →

Over 30 percent of St. Louis homes for sale have had price cut

By Dennis Norman, on October 15th, 2009

Dennis Norman

Last week I did a post on another blog about a report that had just been released by Trulia indicating that over 25 percent of the homes listed for sale in the U.S. had experienced a price reduction in the 5-month period from June 1 through October 1st and that the average price reduction was about 10 percent.

In an effort to see how things here in St. Louis were stacking up to the national numbers from Trulia, I wanted to assemble the same data, for the same period that Trulia did and see how we Continue Reading →