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Sale of Tulsa Distressed Properties and U.S. Foreclosures Rose in 2010

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By : John Cutts    99 or more times read
Sale of Tulsa distressed properties and nationwide foreclosed real estate have risen by almost 50% in February 2010. Based on the statistics released by the Campbell/Inside Mortgage Finance Monthly Survey of Real Estate Market Conditions, 48.1% of residential real estate purchases in the United States were of distressed properties.

The figure is a huge jump from 37.3% percent, the highest before February, recorded in November 2009. The February numbers are also the highest percentage of market share for cheap distressed property since July of 2009.

The escalating count of distressed properties in Oklahoma and in the rest of the U.S. hitting the residential real estate market is creating a weakness in the prices of homes, according to market analysts.

The Campbell Surveys also reported that short sales are the primary category among the distressed homes being sold in the country. During the months of November 2009 to February 2010, figures show that all three categories of distressed properties for sale have risen. These categories are short sales, damaged Real Estate Owned (REO) and REO in the move in the ready category.

Short sales of Tulsa distressed properties and other distressed real estate sold in the rest of the country are being promoted by the government and the lenders simply because, among the three categories of distressed real estate, this is the one with the lowest comparative loss.

However, it has a become a difficult campaign for both authorities and lending companies as a big number of homeowners are opting to let go of their homes and the complicated transactions are quite difficult to process with such developments.

One good thing has come out of this, though. According to survey figures, the month of February has also seen an increase in the number of first time home buyers making a purchase and taking advantage of cheap distressed property. First time buyers accounted for 42.9% of purchases of distressed properties in Oklahoma and the rest of the country for February 2010.

Despite the rise in home buying transactions involving Tulsa distressed properties and other foreclosed real estate in the rest of the country, market observers are looking at the positive aspect of the rising numbers – and that is the increase in the number of first time homebuyers.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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