St. Louis foreclosures were down last month, according to STLToday.com. The reduction of foreclosures last month may signal the peak of the three-year mortgage mess in the area.
Compared to last May, May 2011 saw a 38 percent drop in homes that were set for auction or repossession by the banks. May also marked the fourth straight month that saw year over year declines in Metro St. Louis foreclosures. Foreclosure filings are down 18 percent total for the year.
Unemployment has taken a dip this year, which helps explain the change in numbers. More people have jobs and are able to pay their mortgages. Some experts believe that another reason for the decline can be due to banks delaying the foreclosure process to avoid selling another house in a weak market.
For more news in the St. Louis real estate market, keep reading Linda Frierdich’s Real Estate Blog.