RealtyTrac reports that nationally, 17 percent of homeowners still owe more than their home is worth. In St. Louis, that number is 23 percent.
An expert says it’s because home values are recovering, so even those who’re having trouble have a better shot at refinancing or selling.
The latest figures from RealtyTrac show a 9 percent drop in underwater homeowners nationally in the last year, but only a two percent drop in St. Louis.
The number of homes being foreclosed on in the St. Louis area are down, with one exception: those in the final stage of foreclosure.
Mortgage rates have risen in the past few months putting a slight crinkle in the slowly improving St. Louis market.
RealtyTrac Vice President Daren Blomquist says that while local sales increased nine percent in June over last year, sale prices here decreased by eight percent.