St. Louis Foreclosures Higher Than National Average

May 6th, 2008

Missouri State has a high rate of unemployment – 5.3% in February, making it the 9th lowest in the national ratings. Without jobs and pressed down by rising interest rates the people are unable to cope with mortgage commitments. The net result is the onward march of foreclosures.

The upward trend of foreclosures in St. Louis city and County in the state of Missouri is causing concern. St. Louis city lies to the River Mississippi while the county of St. Louis surrounds it on the other three sides. From an industrial and manufacturing centre St. Louis won fame for its focus on medicine and biotechnological researches. With the advancement of cities and urban culture many ancient Indian burial mounds were flattened in this city that has otherwise been known as the Mound City.

According to details released by RealtyTrac, St. Louis foreclosure numbers were higher than the national average – albeit slight. During the first quarter of the current year the number of foreclosures across the country rose to 649,917. There was one foreclosure filing per 194 houses in the nation. It was a 23% jump from the first quarter of 2007.

In St. Louis there were 6,625 foreclosure postings during the first quarter of 2008. This meant that out of every 185 houses, one was in foreclosure. This calculates to a jump of 14.5% jump from the last quarter of 2007 and a rise of 79.5% from the first quarter of the previous year – 2007.

During the first quarter, Missouri ranked 20th in the national ratings. There were one out of 297 houses in foreclosure. Missouri registered 8,843 foreclosures during this first quarter – a spike of 46.5% from what it was during the first quarter of 2007.

Illinois ranked 14th in the national survey with one marked with foreclosure out of every 224 houses. This was a rise of 53.5% from the first quarter of 2007.

In the first quarter this year the highest foreclosure postings were in Nevada with one out of 54 houses being served a foreclosure notice. The second rank went to California with one out of 78 houses being in foreclosure. Arizona ranked third with one out of 95 houses in the foreclosure zone.

Foreclosures are affecting all – local, state and federal governments as well as the communities. Desperate measures are being taken to mitigate the crisis but as yet the concentration of foreclosures in St. Louis City, St. Louis County and Kansas City continues unabated.