ST. LOUIS (KMOX) – Are foreclosure rates in St. Louis back to normal?
May numbers from RealtyTrac show nationally, foreclosures are down 5 percent.
In St. Louis, they’re down 55 percent.
RealtyTrac vice president Daren Blomquist says that’s not a typo.
“This is not just a one-month anomaly, actually,” he says. “We’ve been seeing this downward trend in St. Louis for several months.”
Blomquist says it’s because home values are recovering, so even those who are having trouble have a better shot at refinancing or selling.
But, still, he says 23 percent of homeowners with a mortgage are underwater on their loan.
He notes that St. Louis City’s foreclosure rate is about half that of the county. He says the county within St. Louis with the highest foreclosure rate is Jefferson County. The second highest is Madison County, Ill., and the third is St. Louis County.
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