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More Opportunities for Buying Residential Foreclosures in Tulsa

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By : John Cutts    99 or more times read
For people interested in buying residential foreclosures, Tulsa, Oklahoma might be a profitable destination. Recent statistics show that the number of foreclosed houses in the city has increased considerably, with almost 5,000 houses being put under foreclosure during the first six months of the current year.

Properties being sold in Tulsa foreclosure auctions have risen in number when compared to 2009 figures. Overall foreclosure rates rose by 11% for the first half of 2010 when compared with previous year's numbers. A total of 4,715 houses were put under foreclosure from January to June 2010.

Meanwhile, homes sold in foreclosure auctions in Oklahoma and through other foreclosure-selling channels also increased. Statewide numbers showed a 12.4% increase during the first half of the current year when compared to the latter part of 2009. This translates to one home getting foreclosed for every 158 dwellings in the whole state.

The increase in the number of residences under foreclosures listing has put Oklahoma in the 31st position in terms of highest foreclosure rates by state for the first half of 2010. U.S.-wide numbers showed that foreclosures declined by five percent when compared with the latter part of 2009. In simpler terms, nationwide foreclosure is at one home for every 78 households.

The month of June presented the biggest opportunity to people who are into buying residential foreclosures in Tulsa. June saw the city having more than 1,000 homes under foreclosure which effectively pushed the half-year number beyond analysts' projections. June numbers represent a 10.8% increase compared with May.

When compared with statewide numbers, Tulsa's June foreclosure rate is in a relatively better shape, with Oklahoma recording a 14% rise in foreclosures for June compared with May. The statewide increase in June means that one home per 792 houses was foreclosed during the month. However, the city did poorly when compared with nationwide numbers. U.S. foreclosure rate declined by almost three percent during the month, with one home getting foreclosed for every 411 dwellings.

Based on 2010 first half statistics, Tulsa is one of the best places for investors interested in buying residential foreclosures. For now, real estate experts are unable to pinpoint the exact reason for the sudden increase in the city's foreclosure rate.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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