Foreclosure Connections Blog

Missouri Foreclosure Rate At 19th Spot Nationwide

There’s good news for Missouri residents. The Missouri foreclosure homes rate fell down in March as compared to February even as the nation witnessed an increase of 5% in foreclosure filings. ForeclosureConnections’ March 2008 U.S. Foreclosure Market Report has disclosed that March foreclosure filings for Missouri decreased by 3%, with one foreclosure filing per 779 Missouri households and by virtue of this rate, the state is now ranked 19th on the foreclosures by state list out of 50 states. Unfortunately, this rate has increased by 5% from same month in 2007. Around 3,400 filings were made in March for Mo.

While Nevada State reported the highest number of foreclosures with one foreclosure filing for every 139 Nevada households, states such as California, Florida, Arizona, and Colorado rounded off the top five.

But the declining count of Missouri foreclosure homes didn’t last too long. May 2008 was a month of reckoning with state witnessing a steep increase in foreclosures for sale by 34%, as compared to April 2007. Having fallen a spot from 19th spot, the state stood at 20th spot in April across the nation and had one foreclosure filing per 860 Missouri households. With more than 3000 foreclosed homes from previous month, which was a 9.4% decrease from March 2008, Missouri’s foreclosure woes seem far from over.

Mounting tension and jagged nerves are driving many Missouri residents to the brink. Adding to their woes are unemployment, inflation, and other issues. Also homeowners who have already lost their houses to foreclosure are finding it difficult to even get loan for a new house!