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Rate of Loan Delinquencies Decline in St. Louis District

St. Louis, MO - The Post-Dispatch reported this week that the loan delinquency rate is less in the St. Louis metro area than in other parts of the country.

A new study released by the Federal Reserve Bank of St. Louis indicates that the rate of delinquent loans in the Fed's 8th district, which encompasses Missouri counties as far west as Lawrence and all the southern Illinois counties to the east, was lower and grew slower than the nation as a whole.

The report produced by a team of St. Louis Fed researchers revealed that foreclosures in the district were at their peak by the end of the year in 2007. Foreclosure rates at that time were 0.78 percent, compared to 0.71 percent for the entire country.

The rate of foreclosures increased throughout 2008 as the broader economy produced more job losses and delinquency rates spread beyond borrowers with risky subprime loans.

At the end of 2008, 1.52 percent of mortgage loans were at least 90 days overdue in the 8th district states of Missouri and Illinois. The national average had climbed to 1.81 percent. The St. Louis region has been spared the worst of the manufacturing crunch that affected states like Ohio and Michigan and the devastating housing bubbles in California and Florida.

Lake St. Louis Makes List of Top Ten Towns

Money Magazine's annual listing of the 100 best towns in the U.S. has given the residents of Lake St. Louis a reason to be proud. Coming in at number nine, the city beat out a few other Missouri cities including Ellisville at 25, Liberty at 29, and Jackson at 59. Glen Carbon, at 91, made the list as the nearest Illinois town.

The list of best towns is published in the August issue of Money Magazine where it described Lake St. Louis as a "friendly town" with parks, lakes and golf courses as some of its best amenities.

Employment opportunities weighed heavily in this year's contest. The magazine noted that recent layoffs at the General Motors assembly plant in nearby Wentzville could make the employment market tougher in the near future lessening Lake St. Louis' chances to make the list in 2010.

Last year the Missouri towns of St. Peters, O'Fallon and St. Charles made the list, but were no shows this year as the August issue of the magazine went to press.
Posted by Customer Service on July 20th, 2009 9:15 AMPost a Comment (0)
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