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Foreclosed Single Family Home Listings Rise in Tulsa



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By : John Cutts    99 or more times read
The number of foreclosed properties under single family home listings in Tulsa, Oklahoma, increased in 2010 compared with 2009 levels. Despite the big jump in the area's foreclosure numbers, local housing analysts are expecting a stronger housing market this year as available distressed properties get snatched quickly by home buyers and investors.

Foreclosures list in Tulsa jumped by a massive 37% in 2010 from the year before. This resulted in the metro area getting ranked sixth among cities in the U.S. with the fastest rising number of foreclosed properties in 2010. According to housing experts, the considerable increase in distressed properties in the region was the result of job losses and more households getting caught in the housing industry crisis.

The number is set to increase again this year as over 400 residential properties entered the Oklahoma home foreclosure list in January 2011. Despite the continuous rise in foreclosure numbers, most realtors believe that Tulsa is doing much better than other U.S. cities since the increase is being offset by buyers rapidly purchasing these distressed properties. They added that, in terms of absorbing foreclosed properties, Tulsa has shown more resilience than majority of other metro areas.

Single family home listings and other residential property listings are expected to level out this year as more buyers come into the market to take advantage of the bargain deals available. Realtors stated that the projected 3% improvement in employment will help add more buyers to the industry, while low income mortgage rates are also expected to push reluctant buyers into the market.

In addition, realtors are seeing more short sales being completed in the past couple of months, which they expect will help lower the number of properties falling into foreclosure home listings. With the national economy projected to improve this year, most housing industry observers are optimistic that buyers will be able to offset most of the increases in foreclosure supplies.

Most analysts also believe that demand will eventually catch up with the supply of single family home listings and the housing market will attain some balance by the end of 2011. They also expect more short sales this year, which will help alleviate foreclosure burdens.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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