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Sales of bank foreclosure properties and other residential real estate have stalled in Missouri as the cold weather forced potential buyers to stay indoors. According to a report from the Federal Reserve, consumer spending has stalled in Missouri and in other U.S. areas as winter storms hammer various regions.
Local realtors have reported that a big number of Saint Louis foreclosures, as well as houses in Kansas and in the rest of the state have remained unsold as February ends. They reported that the residential property market has come to an almost standstill. As the weather gets worse, realtors revealed that housing prices further declined and sales continued to tank for both new houses and existing dwellings. However, most of them are optimistic that home buying activities will pick up come spring.
With Missouri foreclosures piling up as buyers stay away from the market, the home building sector is also affected, realtors have added. They reported that housing starts have remained flat in Kansas City and in most Missouri markets, although house builders are reporting higher traffic, with more people inquiring about properties for sale. While the residential property market is barely moving, commercial real estate is reportedly showing some signs of life.
As bank foreclosure properties remain unnoticed, commercial properties are reportedly catching the eye of more investors. The segment has posted increasing sales since January and leasing activities are also said to be picking up. Vacancy rates among commercial structures in the state have gone down, although most commercial property owners are unable to initiate expansions and take advantage of the high activities mainly because of continuous increases in the prices of raw materials.
Analysts revealed that it is not only the market for real estate owned homes and newly built houses that have been affected by the cold weather, but also the retail sector. In Missouri and in neighboring states like Kansas, Colorado and Wyoming, retail sales have gone down. This forced a lot of retailers to cut down store hours and temporary layoff some of their workers. Sales of automobiles also declined as buyers stay indoors. Despite a slowdown in retail sales and house buying activities, both industries are confident that they will surge once the weather gets better.
Real estate experts are predicting huge improvements in buying activities involving bank foreclosure properties and newly-built houses in the coming spring as pent up demand makes up for the slow first two months. They also predict higher sales for the retail sector in a couple of months or so.