{"id":499391,"date":"2010-04-01T09:26:33","date_gmt":"2010-04-01T13:26:33","guid":{"rendered":"http:\/\/www.foreclosuredeals.com\/wp\/?p=5906"},"modified":"2010-04-01T09:26:33","modified_gmt":"2010-04-01T13:26:33","slug":"saint-louis-cheap-homes-made-city-8th-most-affordable","status":"publish","type":"post","link":"https:\/\/mereja.media\/index\/499391","title":{"rendered":"Saint Louis Cheap Homes Made City 8th Most Affordable"},"content":{"rendered":"

The availability of Saint Louis cheap homes<\/a> made the city the eighth most affordable metro area to buy a home, according to Forbes.<\/p>\n

\"Saint<\/div>\n

Forbes based its city ranking on the Housing Opportunity Index from Wells Fargo, the National Association of Home Builders, the S&P\/Case-Shiller housing price index and foreclosure numbers from a research firm.<\/p>\n

The housing opportunity index in Saint Louis is 84.5, the percentage of foreclosures<\/a> is 1.58 percent and the predicted home price decline is 0.02 percent. Pittsburgh, the best city to buy a home, has an opportunity index of 85.1, a predicted price increase of 0.03 percent and a foreclosure rate<\/a> of 0.83 percent.<\/p>\n

However, despite the high level of housing affordability, total home sales in February in the Saint Louis area did not surge. Instead, sales of homes fell by 0.8 percent to 1,685 units. So far over the first months of the year, home sales slowed by a total of 1.4 percent.<\/p>\n

With the slowdown in home sales, the inventory of Saint Louis cheap homes is expected to remain flat if there are no significant changes in foreclosure activity and home sales.<\/p>\n

In February, the number of pre-foreclosures<\/a> and properties that entered foreclosure auctions in Saint Louis<\/a> declined by 25 percent from total filings in February last year, but increased by 7 percent compared to filings in January.<\/p>\n

The month-over-month increase in residential units<\/a> entering foreclosure home auctions<\/a> in the Saint Louis area is a sign that homeowners continue to struggle from financial troubles. The delinquency report released last week affirmed continuing financial distress in the area as the percentage of mortgage borrowers in default by more than three months has increased to 6 percent over the past 12 months.<\/p>\n

The number of foreclosure postings reported is also seen by analysts as lower than the actual number of distressed homeowners as more lenders deferred their filings to comply with federal and state programs and to cut down the percentage of distressed properties<\/a> in their books.<\/p>\n

Missouri legislators have also proposed to cut down several of its state tax credits to reduce the expected $500 million state budget shortfall in 2011. Included in this tax credit reduction are tax credits for redevelopment, business development and community assistance.<\/p>\n

With the proposed reduction of the affordable housing tax credits<\/a>, the number of Saint Louis cheap homes could be affected if the housing inventory in the entire metro area is sharply reduced.<\/p>\n","protected":false},"excerpt":{"rendered":"

The availability of Saint Louis cheap homes made the city the eighth most affordable metro area to buy a home, according to Forbes. Forbes based its city ranking on the Housing Opportunity Index from Wells Fargo, the National Association of Home Builders, the S&P\/Case-Shiller housing price index and foreclosure numbers from a research firm. The […]<\/p>\n","protected":false},"author":4632,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-499391","post","type-post","status-publish","format-standard","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/499391","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/users\/4632"}],"replies":[{"embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/comments?post=499391"}],"version-history":[{"count":0,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/posts\/499391\/revisions"}],"wp:attachment":[{"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/media?parent=499391"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/categories?post=499391"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mereja.media\/index\/wp-json\/wp\/v2\/tags?post=499391"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}