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Foreclosed and Repossessed Single Family Homes Up in Oklahoma



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By : John Cutts    99 or more times read
The number of repossessed single family homes and other foreclosed properties increased in several areas of Oklahoma last year compared with 2009 levels. Both Tulsa and Oklahoma City posted increases in foreclosure numbers and both were ranked inside the top 150 metro areas with the highest foreclosure rates.

Distressed homes in Oklahoma City totaled 6,354 last year, which meant that one household out of every 83 housing unit in the city was under some stage of foreclosure last year. The figure also represents a rise of 38.7% compared with 2009 and was 27.7% higher than figures recorded in 2008. Oklahoma City was ranked 139th among all U.S. metro areas in terms of foreclosure rate in 2010.

The number of foreclosed and distressed homes in Oklahoma also rose in other metro areas in the region, including Tulsa. The metropolitan area posted a total of 8,040 foreclosures in 2010, representing a jump of 37.6% compared with 2009 and up 68.3% when compared with 2008. One household out of every 50 housing units was under foreclosure last year in Tulsa, ranking the city 83rd nationwide in terms of rate of foreclosure.

Although the number of foreclosed and repossessed single family homes and other residential properties increased in both key metros of Oklahoma, the state still recorded a respectable percentage of distressed property sales as shown in December nationwide housing figures. Based on data for December 2010, a big number of U.S. states experienced higher distressed property sales, with foreclosures accounting for a huge percentage of various regions' total housing unit sales for the month.

However, in oil industry-focused regions like Oklahoma, Louisiana, and Texas, properties under distressed property listings accounted for less than 30% of total residential property sales for December 2010, giving the states strong dollar equivalents for these sales. Because of the lower percentage of sales accounted for by distressed homes, the states' home prices are relatively stable compared with areas like California, Nevada, and Arizona.

Analysts have stated, however, that sales of single family homes, both foreclosed and non-foreclosed, will likely decline in the first quarter of 2011 as the first three months are typically slow periods for the home buying market. They added that prices are also likely to dip because of the foreclosed properties stuck in the pipeline.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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