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St. Louis Home Prices Continue to Increase

St. Louis Housing PricesAccording to the Federal Reserve Bank, St. Louis has some good news in the real estate market.  In the second quarter, growth of home sales, house prices and building permits in the St. Louis metropolitan area outpaced the nation and other areas of the St. Louis Fed district, which includes Arkansas and parts of six other states. Additionally, mortgage loan delinquency rates here fell to the lowest level since 2007.

“Likewise, the St. Louis commercial and industrial office market registered further improvements,” the report said, “though a fair amount of industrial activity was speculative.”

Loan demand improved, according to most bankers surveyed. “In general, Missouri banks registered better asset quality in the second quarter, but southern Illinois banks had higher net interest margins and were more profitable,” the report said.

And almost two-thirds of St. Louis businesses say this year’s economic conditions are better than last year’s. Employment in the area inched up from 0.9 percent in the first quarter to 1 percent in the second quarter. The unemployment rate remained unchanged at 5.7 percent. “The outlook for transportation services employment appears especially bright,” the Fed report, known as the Burgandy Book, said.

Find the full report here.