More properties ended in foreclosure list and homes listings from VA in Oklahoma during the third quarter of the current year. According to the latest housing industry data, foreclosure-related filings in the state rise for the July-September 2010 period when compared with last year.
The number of residential properties under Oklahoma City foreclosure listings and other distressed home listings in various local markets of the state recorded a higher total for the quarter. Between July and September, 5,806 filings were posted in the whole state. The figure is 2% higher than the total number of filings recorded in the 2010 second quarter. It is also 15% higher than the number posted in the 2009 third quarter.
Home foreclosures in Oklahoma just started to rise in 2010. The state is one of the few U.S. regions that avoided the housing market crisis prior to the current year. However, the state's foreclosure totals seemed to be catching up with the rest of the country as it posted a ratio of one household under foreclosure for every 282 residential units.
Despite the increase, the state remains at the lower part of the nationwide foreclosure ranking at 31st. In addition, Oklahoma's foreclosure rate is twice lower than the countrywide average. Analysts have stated though, that there is no stopping the state from recording a higher foreclosure total in 2010 compared with 2009. They added that more homes are expected to end up in bank foreclosure listings, government listings and home listings from VA before the end of the current year, albeit at a slower pace than the nationwide average.
Housing experts have explained that one can find foreclosed home listings to be fewer in Oklahoma during the first three years of the housing crisis mainly because of its lower unemployment rate. They stated that compared with other regions, not a lot of people lost their jobs in Oklahoma, thereby increasing the state's protection against mass foreclosures.
In addition, fewer residential properties ended in bank foreclosure listings and home listings from VA in the state because speculative buying of properties did not catch on here as much as it did in other places in the U.S. Low costs of living also protected the region from the worst of the housing crisis.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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