Missouri foreclosure Rate Continues To Rise
June 18th, 2008According to a report released by RealtyTrac Inc. the foreclosure activity in Missouri State continued to rise in February and almost 3,500 homes were added to foreclosure lists, which is a 47% hike from the same month in 2007. Currently, Missouri is 18th on the Foreclosures by State Ranking and has one per 747 households in foreclosure.
The CEO of RealtyTrac, James Saccacio is of the opinion that, the reason for Missouri foreclosures to have been up in February this year, besides having risen from same time last year, is due to the unemployment rate in the state which is quite high as compared to the national average. With an unemployment rate of 5.3%, Missouri is ranked 9th lowest on the national level and a good half point over the national rate.
Some of the highest number of Missouri foreclosed homes can be found concentrated in the St. Louis County (1,186), St. Louis City (679) besides the Kansas City regions.
In May, the number of foreclosed homes for sale increased by 34% from April last year. Despite the month of April showing promising signs of a downward trend from March, the state was perched at the 20th spot for highest rate of foreclosure, and one household out of every 860 households filed for foreclosure. With a total of 3,051 foreclosures in May, the state witnessed a 9.4% decrease from the month of March, but a 34% hike from the month of April 2007.
As less and less residents of Missouri can live The American dream, more and more investors are spoilt for choice with Missouri foreclosure sales, such as those through foreclosure auctions, seeing significant activity. Of course, for those who want to retain the roof over their head, contacting the lender as soon as they sense trouble can be of great help!
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