816 Business

Missouri home foreclosures fall sharply

The number of foreclosure filings in Missouri fell more than 42 percent in November from month-earlier totals, a far steeper decline than the national average.

The latest monthly problem-property data from RealtyTrac, a housing research firm based in Irvine, Cal., showed 924 residential properties facing foreclosure actions in Missouri last month. That amounted to one in every 2,933 homes.

Foreclosure actions include default notices, scheduled auctions and bank repossessions.

In the year-over-year comparison, foreclosure activity fell 29 percent last month in Missouri from November 2013.

Nationwide, RealtyTrac said, the number of properties facing foreclosure actions in November fell 9 percent from the previous month. The totals were down 1 percent from November 2013.

It marked the 50th consecutive month with a year-over-year decrease in foreclosures nationally, as the housing market continues to push aside the remaining trouble spots from the recession. However, there are still some problem areas around the country, including Texas, New York, Kentucky, Tennessee and North Carolina.

“The housing market is struggling to find the new normal when it comes to a tolerable level of foreclosure activity in this post-Great Recession economy,” said Daren Blomquist, vice president at RealtyTrac. “Finding that new normal requires striking a balance between too much loan risk, which would result in another housing meltdown, and too little risk, which could result in a stunted recovery.”

In Kansas, the number of foreclosure filings fell more than 25 percent in November from month-earlier totals. There were 366 single-family homes facing foreclosure action last month statewide. or one in every 3,369 residences, RealtyTrac said.

In the year-over-year comparison, November foreclosure activity in Kansas bumped up 14.7 percent from November 2013, the report showed.

To reach Steve Rosen, call 816-234-4879 or send email to srosen@kcstar.com.