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According to the St. Louis Post Dispatch the foreclosure activity in the St. Louis region has decreased to its lowest level in almost three years. Tim Logan says, ” Don’t break out the bubbly just yet.” RealtyTrac shows that the paperwork delays and slowdowns in foreclosure process appear to be pushing down the number of repossessions.
In Florida, for instance, the average foreclosure now takes 619 days to complete, according to RealtyTrac, compared to 470 days in the first quarter of 2010 and 169 days in early 2007. Nationwide, this trend drove foreclosures down 34 percent from last year, and down 9 percent from March.In metro St. Louis, RealtyTrac found 1,232 homes that were either set for a foreclosure auction or repossessed in April. That’s the lowest number since July 2008, and 33 percent fewer than the same month last year. April was the third month in a row that foreclosures declined year-over-year in St. Louis, and so far in 2011, foreclosure activity is down 11.3 percent.
Nothing is clear as to what will happen next in the St. Louis Real Estate Market regarding foreclosures and repossessions. People are still falling behind on their loans and the prices of their houses keep declining as well. This is leaving the bank with shadow inventory because they don’t want to take back a house where the mortgage ends up being more than what the bank can collect on the property.
Don’t be afraid of this St. Louis buyers and sellers. For their is hope in the St. Louis residential real estate market. If you look to some of the statistics on houses being sold on the St. Louis residential and luxury market you will see that things are steadily getting better and the “light is shining through at the end of the tunnel”. To hear the latest updates about the St. Louis Real Estate market visit www.topstlouisagent.com. For any questions about your St. Louis property contact Russell Nolting or call at 314-677-6560.
Category : Blog &St. Louis Foreclosures
Here is today’s St. Louis Residential Real Estate Total Market Overview. This gives the people that are entering the St. Louis Real Estate market (whether they are buying or selling) all the statistics of St. Louis residential homes on the market from $100,000 and higher. For more information on your next home call Russell Nolting at 314-677-6560.
Category : Blog &market update &Real Estate Sales in St. Louis &St. Louis Community Resources &St. Louis Real Estate Sales Statistics
This is a weekly update of the St. Louis Luxury Market Overview. The Market Overview gives statistics on St. Louis Luxury Homes $800,00 and higher. To search homes in the St. Louis area please use our St. Louis home buyer search site, or call Russell at 314-677-6560.
Category : Blog &luxury &Luxury Home Statistics St Louis &market update &The Nolting Report
This is a weekly update of the total residential real estate market overview in the Saint Louis Area. This gives statistics on all Saint Louis Residential Real Estate sold, pending, and expired from $100,000 and up. Buyers and sellers can use this resource when taking their next step in obtaining or selling a home in their specific price range.
To search for your next home, please use our St. Louis home buyer search site. Or call Russell Nolting at 314-677-6560.
Category : Blog &listing &Real Estate Sales in St. Louis &St. Louis Community Resources &St. Louis Real Estate Buyers &St. Louis Real Estate Sales Statistics &The Nolting Report
This is today’s update to our St. Louis Luxury Real Estate market report. This information shows the data for homes in the Saint Louis Luxury market listed from $800,000 and up. Not only does this give buyers an actual sense and statistics of homes being sold on today’s market, but it gives sellers a visual of the competition and pricing for their luxury home they are looking to sell.
Category : Blog &Luxury Home Statistics St Louis &market update &Real Estate Sales in St. Louis &St. Louis Real Estate Sales Statistics
Tim Bryant, over at the St. Louis Post-Dispatch recently blogged about the hottest growth areas in St. Louis for residential real estate. According to Joe Zanola (Zanola heads Zanola Co., a housing market research firm), St. Louis has a rising number of younger residents and more “socially vibant retirees who are looking to move into the inner suburbs and even downtown. Many of these St. Louis homebuyers are looking at the St. Louis downtown condo market.
The only catch in owning your next condo in the hottest Saint Louis area is that in order to finance a condo in the St. Louis downtown area you must be able to put 20% down. For sellers, they must find someone who can put 20% down. There may be an easier way to bypass this difficulty of owning/selling a condo in the Saint Louis market. FHA is the solution. FHA continues to loan 96.5% of the purchase price to qualified buyers — even on condos. Here’s the catch: Not every condo complex is FHA approved. FHA loans are only available on select developments. For the other 3.5% there is an answer to your crisis in a portfolio loan. This is a loan from a smaller bank that will keep the loan in house and not sell to Fannie Mae or Freddie Mac. Since they aren’t selling off the loan, it makes the decision theirs on whether or not to loan. With this type of loan typically follows a higher rate and the terms will be less beneficial to the buyer. Do not let this discourage anyone from having your next dream condo in the Saint Louis downtown area.
To search for your next home, please use our St. Louis home buyer search site. Or call Russell Nolting at 314-677-6560.
Category : Blog &Moving to/from St. Louis &Real Estate Sales in St. Louis &Relocation to St. Louis &St. Louis Condos
Each week, we publish an overview of Luxury Real Estate in St. Louis, MO. This report covers all St. Louis county Single Family residences over $800,000. Is it time to begin searching for your next luxury home in St. Louis.
St. Louis Luxury Market Overview — April 26, 2011
Category : Blog &luxury &Luxury Home Statistics St Louis &Real Estate Sales in St. Louis &St. Louis Real Estate Sales Statistics
Each week, our team compiles The Nolting Report — St. Louis’ most comprehensive overview of the real estate market. This week’s report shows that the number of real estate buyers in St. Louis has increased over the past week — The spring real estate market has arrived late, but it is here! Perhaps it’s time for you to begin to search for St. Louis Real Estate.St. Louis Real Estate’s Total Market Overview for April 26, 2011
Category : Blog &St. Louis Real Estate Sales Statistics &The Nolting Report &Uncategorized
If you’ve been watching the news or reading the papers lately, you probably saw the most recent report released by Standard & Poor’s for its S&P/Case-Shiller Home Price Index. The national index is down 4.1% versus fourth quarter 2009.
Category : Blog &Moving to/from St. Louis &Real Estate Sales in St. Louis &St. Louis Real Estate Sales Statistics
St. Louis Luxury Market Overview — February 3, 2011 Compared to 1 month ago, the Luxury home market has added a bit of inventory and lost a few buyers. For the price range above $800,000, we currently have about 300 homes on the market and 45 buyers actively looking for homes. For more information about your neighborhood, please call me at 314.677.6560.
Category : Blog &Real Estate Sales in St. Louis &St. Louis Real Estate Sales Statistics
Nationally, the housing market is recovering. As more home buyers are taking advantage of the improved affordability conditions. With mortgage rates hovering around recent record lows and home prices having generally stabilized, economists are expecting an upward trend to a healthy and sustainable level in 2011.
Encouraging signs are showing up across the economy. Retail sales recently hit their highest level since before the recession. Key measures of small and big businesses’ optimism marched back up to prerecession levels and new claims for jobless benefits are trending lower. Together they bode well for steady job creation and improved consumer confidence which is generally manifested in more spending.
As the economy improves, current stimulus efforts by the government and the Federal Reserve Board are expected to gradually wind down. Meanwhile, serious buyers stand to benefit from historically favorable buying conditions.
Home Sales
Existing home sales resumed on an upward trend since bottoming in July. Sales activity rose to a seasonally adjusted annual rate of 4.68 million in November. This was up 22% from July and 5.6% above the 4.43 million level in October, but remained 27.9% below the 6.49 million tax credit rush a year ago. As steady job creation is expected to continue, industry experts are hopeful for 2011.
Home Price
Home prices continued to stabilize. Median home prices edged up slightly to $170,600, 0.4% above year-ago levels. Distressed homes have accounted for a fairly stable market share, representing 33% of sales in November. This is on par with the 34% in October and 33% in November 2009. Historically favorable interest rates, coupled with stable home prices, continue to offer advantageous buying opportunities .
Inventory
The number of homes on the market continued to decline. Total inventory fell to 3.71 million in November from 3.86 million in October. This reflects the increasing response from buyers to improved affordability conditions. As lending standards return to historical norms and consumers become more confident about their financial situation, more people will be able to buy their first home, move up, or invest.
Affordability
Housing affordability set a new record in November. The relationship between mortgage rates, home prices, and family income is the most favorable on record for buying. The home price-to-income ratio, currently at 13.5%, continues to remain well below the historical standard. Stabilizing home prices and rising interest rates are expected to begin drawing affordability back up toward more normal levels.
Category : Blog &Real Estate Sales in St. Louis &St. Louis Real Estate Sales Statistics
5 Lakeview Court in Lake St. Louis sold in December 2010 for $4.75M. With about 40,000 square feet of living space, the former US Fidelis mansion was the largest home to sell in 2010 in our area. At a construction cost of over $29MM, the purchase of 5 Lakeview Court may represent this year’s best real estate deal.
The home is truly outstanding — $200,000 chandeliers, leather floors, shower heads as
large as a manhole cover. Surprisingly, the home feels very livable. The great room with bulletproof glass overlooking Lake St. Louis is breathtaking.
Category : Blog &luxury &Real Estate Sales in St. Louis
