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Soaring Sales Great for Saint Louis Foreclosure Investing

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By : John Cutts    99 or more times read
The sharp surge in house sales in March is a great boost for Saint Louis foreclosure investing as more sales mean that the housing market is recovering.

With more people looking for homes to buy, investors have more chances of reselling their investment properties.

In March, total sales of homes climbed up by 22 percent compared to house sales in March last year. Analysts said that lower mortgage rates and the federal tax credits largely drove the increase in sales.

The median price for the homes sold in March also increased by almost 20 percent, reflecting the weakening price impact of lower-priced foreclosure homes. In the first three months of this year, the number of repossessed properties dropped by 15.7 percent year-over-year to 1,367 units, accounting for 29.2 percent of the 4,678 foreclosure filings posted during the quarter.

The first-quarter filings in the Saint Louis region marked the lowest count posted in the area over the past two years.

Despite the decline, however, there are still plenty of distressed properties for people engaged in Saint Louis foreclosure investing.

Total home sales in the region also increased in the first quarter by 5.3 percent compared to sales during the same period last year. Pending sales were also up, giving an early indication of further increases in sales in April.

Sales prices were also higher year-over-year, particularly in Saint Louis County, which was hit hardest by foreclosures during the first months of the crisis among Missouri counties.

For people planning to purchase home foreclosure listings in order to look for lower-priced homes in Saint Louis or in other parts of Missouri, they are expected to find properties as the pace of foreclosure activity surged in the first quarter by 10 percent compared to the previous quarter.

The number of homes bought back by banks through foreclosure auctions in Missouri surged to 3,852 units in the first quarter, representing 42.4 percent of the 9,080 foreclosure actions filed during the quarter. The total REOs in the state accounted for 1.49 percent of total REOs nationwide during the quarter.

Compared to other states, Missouri was 26th in number of foreclosures and 30th in foreclosure rate in the first quarter. The middle ranking of the state can work for ,Saint Louis foreclosure investing as the ranking can mean that the volumes and prices of foreclosures and level of competition in the area are just right for investment activities.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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