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Sales of Residential Pre-Foreclosures Up in Some Missouri Areas

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By : John Cutts    99 or more times read
Sales of residential properties, including pre-foreclosures and non-foreclosures, were up in December 2010 in some areas of Missouri. However, sales figures for the whole year showed a decline when compared with one year ago. Meanwhile, price movements differ from one county to another.

Foreclosed homes in Kansas City and in other key areas of Missouri remained high last year, creating a sluggish home market that recorded declines in both prices and sales. In the metro area of St. Louis, sales in December picked up, but not enough to pull up the full year data, which showed another decline when compared with the previous year. Single family dwelling sales for the metro increased by 5% last month compared with December 2009, with St. Charles County contributing the highest sales total for the month.

In terms of sales of foreclosed homes in Missouri, the whole St. Paul metro region posted a full year sales total of 26,243. The total represents an 11% drop compared with the number of existing houses sold during 2009. According to local realtors, the number might have been much lower if not for the federal government tax credit initiative that boosted sales during the first half of 2010.

Meanwhile, foreclosed and pre-foreclosures sales also cut down prices in the metro region last year. During December, the prices of houses sold in Madison and Jefferson counties both declined when compared with the same 2009 month. St. Louis County, however, posted an increase in housing prices for the month, with the area recording a 5.5% surge from the same 2009 month.

Nationwide, sales of both non-foreclosed and foreclosed house for sale were poor last year, making 2010 the slowest period since 1997 in terms of housing unit sales. Despite dismal sales figures last year, housing industry analysts believe that sales will start improving this year. They stated that both the job market and the overall economy are showing signs of improvement, which will help buoy housing sales.

However, the oversupply of foreclosed houses and pre-foreclosures will continue to drag the market down, particularly in the area of prices. Analysts stated that any improvement in 2011 will be minimal and will occur in a slow pace.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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