Foreclosure Filings Remain Steady in Metro-East

According to the Belleville News Democrat, lenders in the metro-east foreclosed on the same amount of homes last month as they did in January 2011. Optimism is in the air for many analysts because of the belief that last year’s drop in foreclosure filings will carry into 2012.

Christopher Mitchell, president of the Realtor Association in Belleville, added that historic low interest rates and unemployment rates are helping the decline in foreclosure filings in the St. Louis area.

Although the interest and unemployment rate decreases are helping the market situation, there are other hurdles that need to be confronted. New home construction seems to be at a standstill and that’s not going to help fuel the economy. Also, new lending regulations that came about after the housing market crash are keeping the banks from being able to circulate much cash into the economy, even though banks have great cash reserves right now.

According to the article, despite the setbacks, we are still in a “buyer’s market.” A national real estate database, RealtyTrac, recorded that in the third quarter of last year, the foreclosed homes in the St. Louis metro area actually provided buyers the second-largest discount in the nation compared to traditional home sales.

In the St. Louis metro area last year, the average price of a local foreclosed home was around $80,545.  That price came out almost 55 percent below the average price of properties that haven’t been foreclosed on.

If you think you are at risk for foreclosure, you can still save your home by filing for Chapter 13 bankruptcy. How do you know how to find the best Missouri Chapter 13 bankruptcy attorney? Download your free copy of my book, “Get out of Debt: Secrets Your Creditors Don’t Want You to Know,” for tips on the process.