Bank Foreclosures Blog

According to a report released by RealtyTrac Inc. the foreclosure activity in Missouri State continued to rise in February and almost 3,500 homes were added to foreclosure listings, which is a 47% hike from the same month in 2007. Currently, Missouri is 18th on the Foreclosures by State Ranking and has one per 747 households in foreclosure.

The CEO of RealtyTrac, James Saccacio is of the opinion that, the reason for Missouri foreclosures to have been up in February this year, besides having risen from same time last year, is due to the unemployment rate in the state which is quite high as compared to the national average. With an unemployment rate of 5.3%, Missouri is ranked 9th lowest on the national level and a good half point over the national rate.

Some of the highest number of Missouri foreclosed homes can be found concentrated in the St. Louis County (1,186), St. Louis City (679) besides the Kansas City regions.

In May, the number of foreclosed homes for sale increased by 34% from April last year. Despite the month of April showing promising signs of a downward trend from March, the state was perched at the 20th spot for highest rate of foreclosure, and one household out of every 860 households filed for foreclosure. With a total of 3,051 foreclosures in May, the state witnessed a 9.4% decrease from the month of March, but a 34% hike from the month of April 2007.

As less and less residents of Missouri can live The American dream, more and more investors are spoilt for choice with Missouri foreclosure sales seeing significant activity. Of course, for those who want to retain the roof over their head, contacting the lender as soon as they sense trouble can be of great help!

There’s good news for Missouri residents. The Missouri foreclosure homes rate fell down in March as compared to February even as the nation witnessed an increase of 5% in foreclosure filings. RealtyTrac Inc’s March 2008 U.S. Foreclosure Market Report has disclosed that March foreclosure filings for Missouri decreased by 3%, with one foreclosure filing per 779 Missouri households and by virtue of this rate, the state is now ranked 19th on the foreclosures by state list out of 50 states. Unfortunately, this rate has increased by 5% from same month in 2007. Around 3,400 filings were made in March for Mo.

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Although market conditions may look grim, there is no better time to purchase one of these Missouri bank foreclosures. True, the high interest rates and slow home value appreciation are causing sellers a lot of problems, but these factors also result in more golden opportunities for first-time buyers and real estate investors. With so many bank foreclosures for sale to choose from with prices that are too good to pass up, these properties will offer much return potential if you are smart enough.

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St Louis bank foreclosures are real estate properties that have been repossessed, often because the last owner has not paid their home loan. St Louis bank foreclosures are offered for sale to the public by lenders or by the government agencies who insured the last home loan. These properties are sold at well below market value in some cases, because the sellers want to get rid of these properties to make back the money from the bad loans.

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