Number of Underwater St Louis Homeowners Falls To Lowest Level Since Last Year

During the 3rd quarter of this year, 14.4% of the homeowners in St Louis with a mortgage were “seriously underwater”, meaning they owe at least 25 percent more than the estimated value of their home, according to a report just released by ATTOM Data Solutions. This is the lowest rate this year, down from 15.6% in the 2nd quarter and down from 14.7% in the first quarter of 2018.  For the last quarter of 2017, St Louis homeowners that were seriously underwater had fallen to 13.8%.

Kansas City and Chicago have fared better over the past 5 years…

As the table below illustrates, our neighbors to the west and northeast, Kansas City, MO and Chicago, IL, have both seen a greater margin of improvement in their underwater homeowners over the past 5 years.  Kansas City went from 23.1% of their homeowners with a mortgage being seriously underwater in the 3rd quarter of 2013 to 9.8% during the 3rd quarter of this year, a reduction of 58% in the rate of underwater homeowners.  Chicago, during the same period, went from 35.8% to 13.2%, a reduction of 68%. Meanwhile, here in St Louis, the rate went from 25.4% to 14.4%, a reduction of 40%.

St Louis Seriously Underwater Homeowners – 3rd Quarter 2018

St Louis Seriously Underwater Homeowners - 3rd Quarter 2018

 

 

Percentage of Underwater Homeowners Increases For First Time In Nearly Three Years

Seriously underwater homeowners, those people whose mortgage debt is 125 percent or more of their current home’s value, increased to 13.2% of all home loans during the 1st quarter of 2015, marking the first increase in rate from the prior quarter since February 2012, according to a report released this morning from RealtyTrac.  As the chart below shows, the percentage of homeowners that are seriously underwater, peaked during the 2nd quarter of 2012 at 28.6% and has decreased every quarter until reaching the most recent low of 12.7% during the 4th quarter of last year.

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St Louis Homeowners with Negative Equity Improves by Over 20 Percent in 4th Quarter of 2014

There were 119,936 St Louis homeowners with negative equity, or in a seriously underwater condition on their mortgage meaning they owe more than the current value of their home, in the St Louis MSA during the 4th quarter of 2014 which is a 21% improvement from the prior quarter when there were 152,025 St Louis homeowners seriously underwater, according to a report just released today by RealtyTrac.

As the table below shows, for the immediate St Louis, MO area, the city and county of St Louis had the highest percentage of underwater homeowners at 22% and St Charles county had the lowest percentage at 6%.

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