Number of homeowners “seriously underwater” rises for first time in three years.
New figures released this morning bring mixed news for the St. Louis housing market.
RealtyTrac reports that nationally, 17 percent of homeowners still owe more than their home is worth. In St. Louis, that number is 23 percent.
Bank repossessions of homes in St. Louis shot up 30 percent last month, while nationwide they fell one percent.
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.
The number of local homeowners who are still underwater on their mortgages remains high, but there is some light at the end of the tunnel.
A new study from RealtyTrac shows 29 percent of mortgage holders here are underwater. That’s higher than the national average of 26 percent.
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.
While the sales of foreclosed upon homes are dropping across the United States just released figures show that Missouri is bucking the trend.