'It's very encouraging': Local foreclosure rates continue to drop

News-DemocratMay 27, 2013 

Fewer metro-east residents faced foreclosures last month, continuing a recent decline in local foreclosures.

The latest figures from the Madison County Courthouse reveal that 61 foreclosure were filed last month, the lowest amount since May 2009. In St. Clair County, 88 homes were filed during April. In February, 83 St. Clair County foreclosures were filed, the lowest since April 2011.

In Glen Carbon, Greater Gateway Association of Realtors President and Chief Operating Officer Al Suguitan said the declining rate of foreclosures is a sign of an improving housing market.

"I think that you look at this as one of the indicators," Suguitan said. "Of course, those numbers point to a stronger and growing economy. People are not as afraid. It's very encouraging."

Connie Stellhorn, president of the Realtor Association of Southwestern Illinois in Belleville, is also encouraged by the recent trend.

"The April numbers and sales are up again, and I think that for the most part I hope we're going to see a decline and the economy continues to create jobs," Stellhorn said.

The Illinois Association of Realtors has reported statewide home sales jumped by more than 25 percent last month over April 2012. Illinois home sales in April 2013 totaled 12,621, up from 10,076 in April 2012, the best sales performance for that month in Illinois since 2007. The association also found that median prices --the price at which exactly half sold for more and half sold for less -- increased by 7.7 percent last month.

"The spring numbers are very encouraging, especially as we see substantial tightening of the numbers of homes on the market," said state association President Michael D. Oldenettel, in a released statement. "While prices are inching up slightly due to strong demand, the interest rates continue to be a powerful lure for those who want to own a home and the spring housing market looks to be a strong one."

Suguitan said most of the sales gains are in existing homes while sales for new homes remains sluggish.

"I can tell you that based on the volume of calls I've been getting from agents about contracts to multiple showings," he said. "There has been a general uptick in pre-owned housing."

Home Builders Association of Southwest Illinois Executive Director Tracy Butler said new home construction is slowly improving, but not as well as the pre-existing housing market.

"It's not great, but things are coming back a little bit," Butler said. "There definitely seems to be a good indication from consumers for new homes."

Contact reporter Will Buss at wbuss@bnd.com or 239-2526.

Foreclosures filed in the metro-east

2013 Jan Feb Mar Apr

St. Clair 102 83 96 88

Madison 103 95 70 61

2012 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

St. Clair 128 109 121 126 119 119 135 109 91 85 90 88

Madison 115 130 131 131 112 172 137 134 97 104 106 82

2011 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

St. Clair 132 101 109 81 117 101 87 112 90 91 95 148

Madison 116 109 104 77 90 95 75 91 109 80 86 70

2010 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

St. Clair 159 127 167 146 129 148 137 130 142 145 120 119

Madison 127 114 146 130 135 125 105 143 147 129 99 141

2009 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

St. Clair 122 119 163 39 26 94 97 95 109 157 140 122

Madison 153 130 145 51 41 77 102 94 116 128 146 134

Source: St. Clair County/Madison County

Belleville News-Democrat is pleased to provide this opportunity to share information, experiences and observations about what's in the news. Some of the comments may be reprinted elsewhere in the site or in the newspaper. We encourage lively, open debate on the issues of the day, and ask that you refrain from profanity, hate speech, personal comments and remarks that are off point. Thank you for taking the time to offer your thoughts.

Commenting FAQs | Terms of Service