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Tulsa Bank Owned Homes for Sale and Foreclosures Dominate Sales

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By : Allana Castro    99 or more times read
Recent reports showed that Tulsa bank owned homes for sale and residential property in various stages of foreclosure comprise majority of house sales in the city for the first quarter of 2010. More than 16% of houses sold in the area during the period were in various phases of foreclosure, including missed loan payments, lender repossessions and scheduled auctions.

When it comes to state-wide figures, the number of foreclosure residences and bank owned homes in Oklahoma that account for the whole area's residential sales is almost at 13%. Both Tulsa and Oklahoma figures are doing better than nationwide numbers though, which showed that 31% of all homes sold in the U.S. are foreclosed or in some default stage.

Bank owned foreclosed homes in Tulsa and other foreclosure houses across the state are sold for a slightly lower price than national average prices. Combined figures for the city and the state showed that the area offers buyers an average of a little over 28% of discounts for houses sold, while nationwide prices offer more than 26% of discounts.

Tulsa bank owned homes for sale and distressed residences have an average selling price of over $105,000, while state prices for these types of dwellings have an average selling rate of over $99,000. The figures are slightly better than the country-wide average price of over $170,000.

One good thing that housing market analysts are seeing in these trends is that a lot of home buyers are very interested in purchasing distressed residential properties. Because of their low prices, such properties have become the primary choice for most real estate investors and regular home buyers.

Analysts have also added that the number of residences repossessed by lenders has risen in the first quarter of the year, leading market observers to speculate on how these lenders will manage their inventory levels of foreclosed and distressed residential properties to avoid drastic price deterioration.

Although Tulsa bank owned homes for sale and foreclosed dwellings account for a big percentage of house sales in the area, the city and the whole state of Oklahoma still perform better than most major housing markets in the U.S.
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