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People Travel to Inspect Foreclosure Homes in Tulsa



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By : John Cutts    99 or more times read
A lot of people did not mind the travel to inspect foreclosure homes in Tulsa, Oklahoma, as sales and prices both increased in the city in January 2011 compared with January 2010. Nationwide housing sales actually posted its first increase in six months, spearheaded by cities that posted double digit gains in sales during the month.

Non-foreclosed and foreclosed homes in Tulsa increased in sales in January compared with a year ago. However, the more significant figure is in prices. While majority of housing markets in the U.S. experienced declining home prices last month, Tulsa was one of the few that posted a higher year-over-year median selling price.

Foreclosures for sale in Oklahoma and other residential properties inched their way up last month to make it three months in a row that national housing sales have shown an improvement. In terms of prices, Tulsa posted a 5.9% increase in median rates of houses sold in January 2011, making it the fourth metro area with the highest increase in median home price for the month. However, nationwide prices covering 54 of the biggest metropolitan regions of the U.S. dropped during the month by 6.6% compared with December 2010 and declined by 4.6% compared with January 2010.

The good news is that more people travel to inspect foreclosure homes in various areas of the country, bringing nationwide housing unit sales up from year-ago levels. January sales posted a 0.7% increase last month over the January 2010 period. Most of the areas that posted higher sales in January were regions that have been hit the hardest by the foreclosure crisis, including Miami and Tampa, Florida, and Phoenix, Arizona.

Meanwhile, foreclosures continue to account for a big percentage of unsold properties in the U.S. market, but the inventory of unsold residential properties showed some signs of easing down. In January, nationwide inventory was down by 5.6% compared with a year ago.

For this year, analysts are hoping that more people will travel to inspect foreclosure homes and also enter purchase agreements. The improving economy and increased number of new jobs are making most analysts optimistic about the full-year outlook for the nation's housing industry.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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