ST. LOUIS, Mo. (KMOX) – The number of homes being foreclosed on in the St. Louis area are down, with one exception: those in the final stage of foreclosure.
Daren Blomquist, Vice President of RealtyTrac says despite 491 bank repossessions in the final stages the St. Louis housing market is rolling along at a healthy pace.
“The market is really well positioned to absorb these additional foreclosures at this point,” Blomquist says.
From August to September homes in the final stages of repossession jumped by 48 percent. Something that Blomquist says was not unexpected. He says as banks try to clear out distressed inventory more homes will end up in the finals stages.
Blomquist says the overall foreclosure rate has been down year after year in St. Louis.
St. Louis is ahead of the nation when it comes to the time a home spends in the foreclosure process: 318 days. The national average is 551.