St. Louis often gets a bad wrap, and while the media tends to love the struggles of our city, ask any St. Louisian and they’ll paint a much brighter picture. The housing market also shows a much brighter future than is often portrayed for our slice of the Midwest.
St. Louis’ housing market has shown extraordinary resilience to not only the social issues affecting our city, but also great strength in its rebound from the 2008 housing crisis. Reports show that the amount of equity home owners in the area have has increased steadily and outpaced other Midwestern cities such as Nashville.
St.Louisrealestatenews.com recently published an article highlighting the changes in homeowners negative equity (or underwater mortgages).
“In the St Louis area during the 2nd quarter of this year, there were 30,407 (5.4 percent of all residential properties) with negative equity, or underwater, according to a report just released by Corelogic. This is a decline of nearly 20 percent (19.89%) from a year ago when there were 37,581 St Louis homeowners in a negative equity position.
In addition to the homeowners that are underwater, or in a negative equity position, during the 2nd quarter of 2017 there were 9.660 homeowners, or another 1.7 percent of all homeowners with a mortgage, that were in a “near-negative” equity position (they have less than 5% equity), according to the report.”
This is great news for many homeowners who previously felt trapped in homes worth less than what they paid for them. This year has shown the strength of the St. Louis housing market as a “red hot market” kept Realtors across the area busy finding homes for a large number of homebuyers, many of them purchasing for the first time.
With the $1.75 billion dollar development for the National Geospatial-Intelligence Agency in North St. Louis City, the redevelopment of the the St. Louis Foundry downtown, and the revitalization of many historic neighborhood such as Tower Grove, Soulard, Lafayette Square and many more, St. Louis has a bright road ahead!
It’s easy to forget some of the amazing things our city has to offer, so if you need a reminder check out some of these amazing events coming up in the area.
If you or someone you know is looking to make a move please give me call, I’d love to help!