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Bank Owned Foreclosures Declined in Tulsa in January

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By : Clark Raitz    99 or more times read
The number of bank owned foreclosures and properties repossessed by lenders in Tulsa, Oklahoma, declined last month compared with December 2010. However, compared to the same 2010 month, the number showed an increase.

Tulsa foreclosure listings added another 778 properties in January 2011. The total represents a 9.6% decline from December of last year and a 2.9% increase when compared to January 2010. The metro area had one household in every 522 housing units under foreclosure last month. Meanwhile, statewide figures showed a monthly increase, while yearly figures showed a decline.

Oklahoma foreclosure listings had 1,685 properties that came in last month. The total represents an increase of 11.7% compared with December of last year, but was down by 5% when compared with January 2010. One household out of every 979 housing units was under some form of foreclosure last month in the whole state. This gave Oklahoma a nationwide ranking of 30th in terms of states with the highest foreclosure rates.

Meanwhile, bank owned foreclosures nationwide increased by less than 1.5% in January from December 2010. However, a decrease of over 17% was recorded when figures are compared with January 2010. Last month was also the third successive month that nationwide foreclosure figures totaled fewer than 300,000. Nationwide ratio was one household out of every 497, with more than 260,000 properties falling into foreclosure in January in the whole U.S.

Despite declining number of properties entering free bank foreclosures listings in the country, analysts stated this might just be due to a slowdown in processing at the part of the lenders. They stated that it will be a mistake to declare that the housing market is already on its way towards a recovery. They stated that the continuous decline in prices and the huge amount of underwater mortgages will still play their roles in the coming months and will likely tip the balance in the residential property market.

Meanwhile, conflicting monthly and yearly bank owned foreclosures numbers in Tulsa made it harder to gauge where the local market is going in 2011. However, the metro area remained at a much better position than majority of metropolitan areas in the U.S., with the whole state also at a relatively good position in terms of foreclosures., your source of real estate foreclosures.

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