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Lis Pendens Foreclosure Status in Saint Louis Mirrors National Trend

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By : John Cutts    99 or more times read
The path traversed by lis pendens foreclosure figures in Saint Louis, Missouri, is showing the same road that the national housing market is traveling. In the past few months, foreclosures are increasingly being caused by unemployment rather than bad loans. Areas of the metro region that used to be immune from the foreclosure crisis are starting to record higher distressed property numbers.

Saint Louis foreclosures increased by around 12% in 2010 when compared with the previous period. It also broke the highest foreclosure record posted by the metro area in 2008. However, housing market analysts have found out that distressed and foreclosed properties are now more spread out than the previous years, with figures affecting smaller areas that were practically immune from the housing market crisis a few years ago.

Missouri foreclosure homes are not as high in number as in other hard-hit areas like Nevada, Arizona, and California, but the state did have its share of housing industry problems. Last year's housing data for Saint Louis showed that foreclosures are found mostly in bigger and highly populated areas like St. Louis County and St. Louis City. Smaller regions like Calhoun and Crawford, on the other hand, have less than 20 properties under foreclosure in 2010.

Looking at lis pendens foreclosure data since the start of the housing industry crisis, local market analysts revealed that although bigger areas like St. Louis City, St. Clair County and St. Louis County had the biggest foreclosure rates, their foreclosure totals between 2008 and 2010 have actually gone down. Meanwhile, smaller regions like Jefferson and St. Charles are recording increasing filings since 2008.

According to real estate experts, this is the same thing that is happening at the national level, with areas that previously had the highest number of house foreclosures starting to record declining numbers, while areas that have not been bothered much by the housing crisis before are now starting to record higher number of distressed properties.

They explained that lis pendens foreclosure cases due to bad loans, which have affected bigger metro areas a few years ago, have worked their way out of the industry system and are starting to wane. They are now being replaced by foreclosures, which are due to job loss or income reduction.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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