Missouri saw a 19 percent decline in foreclosures for the 12 months ended March 31. The total number of foreclosures in the state was 14,412, according to a report from data and analytics firm CoreLogic. The St. Louis metro area had a 25 percent drop in the number.
Nationally, the 12-month sum of completed foreclosures has been sliding for the past 27 consecutive months. By March 31, the number touched its lowest point since December 2007. Only 607,416 foreclosures were completed in the past year in the U.S., down 22 percent from a year earlier.
Al Rosen, branch manager for the Coldwell Banker Gundaker, said foreclosures are decreasing as banks sell more homes at prices less than the outstanding mortgage. He predicts that home values are starting to appreciate, and banks are starting to relax mortgage lending.