ST. LOUIS, Mo. (KMOX) – It’s been a busy fall for banks in the St. Louis area taking away the homes of people in foreclosure.
Bank repossessions of homes in St. Louis shot up 30 percent last month, while nationwide they fell one percent. Breaking that down further 637 St. Louis families had their house foreclosed on in October, according to Realtytrac.
Why the jump?
“Now that the market is beginning to recover [banks] can sell these properties much more easily and for a higher prices,” said Realtytrac Vice President Daren Blomquist. “That gives them more motivation to go ahead and complete the foreclosure.”
The trend isn’t just happening here. Bank repossessions increased from a year ago in 15 states, including Oklahoma (up 59 percent), Maryland (up 54 percent), Virginia (up 47 percent), Ohio (up 30 percent), and Washington (up 30 percent).
“People who defaulted three years ago are just now beginning the rest of the foreclosure process, which explains the recent rise in bank repossessions,” said Sheldon Detrick, CEO of Prudential Detrick/Prudential Alliance Realty covering the Oklahoma City and Tulsa markets.