A report released today indicates an up-turn in foreclosures nationwide from September to October. Although the Boone County Recorder's office reported a slight increase between the months, there is nothing out of the ordinary for the year, and Boone County is still fairing very well when it comes to the number of foreclosures available.
Currently in Missouri about 1 in every 1100 homes is a foreclosure, and in Boone County only 1 in every 2900 homes is a foreclosure. Compare that to the national average of 1 in every 563 homes being a foreclosure and Boone County and Missouri are both doing very well.
In the last year, foreclosures represented about 8% of the sales in the Multiple Listing Service (MLS). The good thing about foreclosures is the rate at which they sell, with an average of 40 days on the market, compared to 85 days on the market for a "normal" listing. This is explained by the bank's need to sell the property quickly, and in turn, they price it usually lower than market value. The average price for a foreclosure is $107,000 and the average price for a "normal" listing is $170,000, a significant difference.
To sum up, while the rest of the nation is still struggling with foreclosure rates, we in central Missouri seem to be recovering quicker and looking toward an up-swing in real estate in 2012.
JK
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