1 of 4 Home Sales in St. Louis Were in Foreclosure Process
ST. LOUIS (KMOX) – “Unhealthy” is the way Realtytrac labels both the St. Louis and Missouri housing market.
“23% of all sales being foreclosure related is an unhealthy high number.” said Daren Blomquist, Vice President of Realtytrac.
He says a healthy percentage of homes in foreclosure would be below 5%.
In St. Louis, 24% of all homes sales in the first quarter were foreclosure related, a little below the national average.
Short sales, (those sold before the foreclosure process is final) spiked to 68% across the state.
He says lenders have been more willing to short sell a home and that has led to the sharp increase in the number of short sales from the 4th quarter of last year to the 1st quarter this year.
Blomquist says there is still a big back-log of homes in foreclosure that haven’t sold. He thinks it will take a year-and-a-half to work through that backlog.
Blomquist says because of the high rate of homes in foreclosure the average price of a short sale home in St. Louis is now $88,000. That’s compared to $96,000 in the previous quarter and $112,000 a year ago.
Nationwide, he says, there is a 17 month supply of homes in the foreclosure process.