There is no doubt that the housing market is struggling.
Many parts of the St. Louis region are seeing housing prices that are closer to 2004 or 2005 prices. Condos seem to be particularly hard hit in the our area.
But, the national news continues to push the story about how the sky is falling due to high foreclosure rates. They continue to site numbers that are based on foreclosure filings and not unique properties or REO homes (ones that have actually been taken back by a bank).
Using the same website that everyone is using as their source for statistics, RealtyTrac, but looking just at REO homes…paints a different picture.
Are there people being foreclosed on…absolutely!
But, most people are not losing their homes.
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- Don’t Believe Everything You Hear in the News: Foreclosure Reports Can Be Misleading
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