Archive for May, 2010

Saint Louis real estate market

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737 days
by in Real Estate
St. Louis on the Mississippi river by night. J...
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The Saint Louis real estate market is staying relatively steady even as much of the rest of the country remains enveloped in financial crisis. According to an April 30, 2010 article in the Saint Louis Business Journal, “Missouri has managed to avoid the worst of the residential mortgage debacle, with loan delinquency and foreclosure rates substantially lower than the national averages. That’s not the case in Illinois. ‘In Missouri, we haven’t had the serious highs or the serious lows that the ‘sand states’ and states with really big cities have had,’ said Dough Schukar, president of USA Mortgage in Creve Coeur, which closed $1.2 billion in mortgages in 2009.” The article, composed by Greg Edwards, continued to find that “The overall residential foreclosure rates – encompassing prime, subprime, FHA and VA loans – were 2.1 percent in Missouri and 5.62 percent in Illinois at the end of 2009. The national average was 4.58 percent.”

A bit of positive news for Saint Louis homes for sale was reported in an April 22, 2010 article from the Saint Louis Post-Dispatch. This piece found that “Home sales surged 22 percent in the St. Louis-area in March, powered by low interest rates and prices an $8,000 tax credit that’s due to end next week. There were 2,620 single-family homes sold in the 11-county region, according to data compiled by the Post-Dispatch from local real estate services. Sales grew in every county from last March, and the median price increased across much of the region.” The article, composed by Tim Logan, continued to say that “The gains echo national figures released this morning by the National Association of Realtors, which reported a 16.1 percent bump in sales nationwide from last March, and a 6.8 percent increase from February.”

The same good news for Saint Louis real estate was echoed by a May 2, 2010 article from the Globe-Democrat. This piece, written by Joan Tabash-Cubow, found that “Existing home sales are showing a real fervor in March, year-over-year growth on a national level is roughly 15 percent. Tax credits and low interest rates are driving the strong sales.”

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Anaheim real estate market

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739 days
by in Real Estate
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The Anaheim real estate market, which depends heavily on and reflects the larger Orange County real estate market, continued to improve slightly in recent months. According to an April 13, 2010 article in OCLNN, “The Orange County housing market continues to slowly improve, with an increase in prices and sales volume reported for March. According to numbers released Tuesday by DataQuick, the median sales prices for an OC home was $432,000 in March, up 12.2 percent from March 2009 and 3 percent from February 2010. Sales, meanwhile, also increased in OC: There were 2,652 sales in March, up 9 percent from March 2009.” The piece, written by Mike Reicher, continued to note that “An uptick in sales volume is common from February to March. This is the 20th gain in sales compared to the previous year during the last 21 months. The sales volume, however, is still below the historical average.”

The same general picture regarding the cost of an Anaheim home for sale was reported in an April 13, 2010 article from the OC Metro. This piece noted that “Orange County’s median home price shot up 12.2 percent in March, compared to the same time last year, according to a new report released by DataQuick. The number hit $432,000 in the period, up from $385,000 at the same time last year.” The article, written by Kristen Schott, continued to say that “The price also increased over February, when the region’s median came in at $417,000. The news points to a continued steady improvement in O.C.’s and Southern California’s residential real estate industry, according to DataQuick.”

Still, the Anaheim real estate market continued to face some serious problems, according to a May 2, 2010 article in OC Metro, which found that “Orange County’s housing market is among the riskiest in the nation, according to a new study from Walnut Creek-based PMI Group.” The piece, composed by Kristen Schott, continued to say that “The second-quarter U.S. Market Risk Index, which bases its statistics on fourth-quarter data, shows that there’s a 99.8 percent chance that home prices will decline in the Santa Ana-Anaheim-Irvine metropolitan area over the next two years.”

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