St. Louis-area foreclosures on the rise again
BY TIM LOGAN
post-dispatch.com
September 15, 2011
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Foreclosure activity in metro St. Louis ticked up in August after falling for several months, according to new figures out this morning.
The number of homes in the later stages of the foreclosure process climbed 24 percent from July to August, according to data firm RealtyTrac, though it's still running well behind last year's pace. Nationwide, foreclosure activity grew 7 percent.
Foreclosures have slowed for much of the year, as banks work through a glut of paperwork tied to last fall's "robo-signing" scandal. But the August numbers are a sign that glut may be ending, said James Saccacio, RealtyTrac's chief executive. His firm noticed a particularly sharp uptick in default notices - the first stage of the foreclosure process - a sign that the pipeline may be filling up again.
RealtyTrac doesn't count default notices in Missouri, but it found 1,531 homes in metro St. Louis that were either set for auction or repossessed by a lender in August. That's the most since March, though it is still one-third fewer than in August, 2010. Year to date, foreclosure activity is trailing last year's pace by 24 percent.
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