Hundreds of Missouri Realtors expected to rally in Kiener Plaza Thursday
Organizers say they hope to promote the importance of homeownership and to raise awareness about legislative and regulatory initiatives affecting the real estate industry.
Organizers say they hope to promote the importance of homeownership and to raise awareness about legislative and regulatory initiatives affecting the real estate industry.
Individual amounts range from $300 to $125,000 in the $3.6 billion settlement between federal regulators and some of the nation’s largest mortgage lenders. One local homeowner called his $2,000 check a “down payment on justice.’’
The first quarter of 2013 recorded the lowest U.S. foreclosure activity since the second quarter of 2007. The first quarter foreclosure rate in Illinois was the nation’s third highest, but Missouri saw a 16 percent decline in activity from the end of 2012.
Foreclosure filings were down 25 percent nationally from a year ago, an indication that the crisis has finally been contained, according to numbers from RealtyTrac, a national foreclosure marketer. Foreclosures dropped 37 percent in Missouri when compared to a year ago. 12,671 properties saw a foreclosure filing in Illinois
Donna Zerega, the new president of the St. Louis Association of Realtors, says the local housing market will continue its recovery -- though it will be slow -- as sales and prices continue their slow climb from the bottom in 2013.
Among the new rules: The Consumer Financial Protection Bureau will restrict dual-tracking -- a race-to-the-finish practice in which servicers move forward with foreclosures, even while working with borrowers to avoid them.
Last year saw a 3 percent decline from 2011 levels nationally and a hefty 36 percent decline from 2010 when foreclosures were at their peak, according to RealtyTrac. Foreclosure filings rose 33 percent in Illinois but just 2 percent in Missouri.
Report finds that sales of pre-foreclosures outnumbered the sales of foreclosed homes in the third quarter of 2012. But the expiration of a debt-relief law could hinder this method of dealing with distressed properties.
After a three-year battle, the Hoffmans of St. Peters are relieved that they were finally able to modify their mortgage and avoid foreclosure. But they have lingering questions about the frustrating, complex process that is supposed to be a lifeline for struggling homeowners. Third of three parts.
The nation’s foreclosure rate rose by 1 percent in August but were down 15 percent from a year ago, according to Thursday’s report. Missouri’s monthly rate edged slightly upward.