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Oklahoma Home Foreclosures Continue

Oct 26, 2007
It's an unfortunate reality that home foreclosures all throughout the state of Oklahoma have increased. There doesn't seem to be an end in sight to the foreclosure problem, either, since recent statistics indicate that the rate of foreclosures in the state is only increasing. In fact, it went up 45% between July and August 2007. This is a significantly large jump which warrants the attention of home buyers and those with a vested interest in the Oklahoma real estate market. Foreclosures are often a sign of a struggling market, but they are also often a sign that there are bargains to be had in the market.

Oklahoma may be seeing its share of home foreclosure problems but it's hardly the only state in the nation facing this issue. In fact, Oklahoma is ranked 26th in the nation for states in terms of the highest foreclosure rates, placing it right about in the middle of the list. This is an improvement from July's rankings in which Oklahoma placed 22nd. This means that Oklahoma's foreclosure rates are improving in comparison with other states. Oklahoma's foreclosure rate falls in the middle when compared with other real estate markets.

The state is also well below the national average in terms of foreclosures that were filed. The national average is 1 foreclosure per 510 households whereas Oklahoma sees only 1 foreclosure per 1219 households. This is less than half the rate of foreclosure filed per household. Additionally, when you take into consideration long term numbers, Oklahoma is faring well in comparison with the rest of the nation. Over the course of the last year, home foreclosures in the nation rose over 100% while those in Oklahoma actually went down, albeit only slightly at just over five percent. Nevertheless, this recent jump is notable because it is about ten percent higher than the nationwide jump in home foreclosures during the same month.

So what does this all mean? For home buyers, it could spell trouble since the likelihood of home foreclosure has gone up so quickly in Oklahoma in the last month. However, for those buyers who are responsible with their money and aren't likely to suffer problems like home repossession due to loan defaults, the situation doesn't necessarily spell trouble. In fact, it could be a good thing for those looking to invest in real estate in Oklahoma since these home foreclosures mean that a lot of houses are going to be back on the market.
About the Author
Eric Bramlett is the broker & co-owner of One Source Realty, a Tulsa Oklahoma real estate copmany. All of One Source's Tulsa Oklahoma web design is performed by Winston Web.
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