Real Estate Pro Articles

Oklahoma Bank Foreclosures and VA Foreclosed Homes Up By 37%

[Valid RSS feed]  Category Rss Feed -
By : John Cutts    99 or more times read
In a report released last week, it was revealed that the number of foreclosure filings, which include bank foreclosures and VA foreclosed homes as well as scheduled auctions and default notices, reached as many as 17, 718 houses. This means there is one filing out of every 92 homes in the state.

Such figure represents a 37 percent increase from the 2009 levels and 42.1 percent from 2008. The report came with a concession that the data released is not yet final since the firm is till gathering more data.

In the past, the said firmís decision to contract data providers has resulted to increases in the volume of foreclosure filings being reported. In addition, data gathered usually just include 33 Oklahoma counties out of the 77. For the last quarter of 2010, there were 4,879 foreclosure filings in the state, including VA foreclosed homes and others properties, such as bargain foreclosed homes in Oklahoma City. This figure is actually 16.1 percent below the figures recorded during the third quarter and 1.5 percent lower than that of the fourth quarter of 2009.

Meanwhile, the number of bargain foreclosure homes in Oklahoma declined by 19.9 percent in December 2010 as compared to November of the same year. In Tulsa, the number of foreclosures rose by about 38 percent giving buyers plenty of bargain homes to choose from, including the very affordable VA foreclosed homes.

As for the situation in other parts of the nation, the picture still looks grim. Lenders are actually expecting to repossess more homes in 2011 since the housing crisis started in 2006. There are approximately 5 million American homeowners who are at least 60 days late on their mortgage payments. Experts even believe that more people will likely to default on their mortgages, considering the declining home values and continuous loss of employment opportunities.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles