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Fewer St. Louis homes in foreclosure during September



Foreclosure

Less than 1 percent of homes in Missouri are in foreclosure, according to a new report out from California-based real estate tracker CoreLogic.









Brian Feldt
Reporter- St. Louis Business Journal

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Foreclosures in St. Louis and Missouri were down slightly in September when compared to the same time last year, according to data from California-based real estate tracker CoreLogic.

St. Louis’ foreclosure inventory rate was 0.8 percent in September, down 0.3 percent from September 2013. In all, 6,386 completed foreclosures were reported in the 12 months ended Sept. 30 in St. Louis. That a significant drop from the 9,700 homes that were foreclosed on during the same time period in 2013.

St. Louis’ serious delinquency rate — defined as when a single-family mortgage is 90 days overdue — in September stayed even at 3.3 percent when compared to August figures.

Statewide, foreclosures dropped by 0.2 percent to 0.6 percent in Missouri during September when compared to September 2013. Completed foreclosures for the 12 month period ending September 2014 totaled 12,011, down from the 15,542 completed foreclosures for the 12 months ending September 2013.

Missouri’s serious delinquency rate was 3.1 percent, up slightly from the 3 percent figure for August 2014.

The national average for foreclosure inventory was 1.6 percent in September, down 0.8 percent from a year ago at the same time. More than 4 percent of homes are in serious delinquency, the CoreLogic report showed.

“The level of serious delinquencies has rapidly declined over the last few years, but the pace of improvement is beginning to recede,” said Sam Khater, deputy chief economist at CoreLogic, in a statement.

Other findings from the new data include:

— The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were: New Jersey (5.7 percent), Florida (4.4 percent), New York (4.1 percent), Hawaii (2.9 percent) and Maine (2.7 percent).

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Article source: http://www.bizjournals.com/stlouis/blog/2014/10/fewer-st-louis-homes-in-foreclosure-during.html

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