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Doug; I think your comments on the St Louis real estate market are correct and I agree....However I do feel we have an "800 lb gorilla"lurkingin the shadows; record breaking numbers of people seriously delinquent on their loan. I wrote a post about this at www.StLouisRealEstateNews.com that included the following:
"At the end of this week the Mortgage Bankers Association reported that serious mortgage delinquencies (homeowners that are 90 or more days past due on their house payments or are already in foreclosure proceedings) reached record levels in the 2nd quarter of 2009 and surpassing the record set in the prior quarter. According to the Mortgage Bankers Association statistics over 13 percent of all loans are now past due and 1 in 12 borrowers is seriously delinquent on their mortgage. This is a 45 percent increase from a year ago when 1 in 22 borrowers were seriously delinquent and a whopping 70 percent increase from two years ago when only it was 1 in 40." Here is the link for the entire story: http://stlouisrealestatenews.com/real-estate-market/one-in-twelve-borrowers-seriously-delinquent-on-their-mortgage/
Keep up the good work Doug