Foreclosures surge in St. Louis in April
Foreclosure activity in the St. Louis region spiked in April as banks pulled the trigger on more repossessions after several months of delay.
The number of houses either set for a foreclosure sale or actually taken back hit its highest level since September, according to data from RealtyTrac, and jumped 21 percent from the same month last year. In all, 1,090 houses were given an auction date and 789 repossessed in the 17-county metro area.
It’s a troubling sign after several quieter months on the foreclosure front but one that housing advocates have been warning about. Banks have been delaying foreclosures and offering trial modifications, with mixed results. And stubbornly high unemployment means more borrowers are strapped for cash to pay their mortgages, regardless of interest rates.
The rough month for St. Louis comes as national foreclosure rates appear to be plateauing. RealtyTrac reported that foreclosure activity nationwide fell 2 percent from last April, its first year-over-year decline on record.