Total foreclosure filings up 65 percent from Q2, Up 22 percent from Q3 2008.

Oklahoma reported 5,032 properties with foreclosure filings in the third quarter of 2009, an increase of 65 percent from the previous quarter and 22 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac^® U.S. Foreclosure Market Report.

“Oklahoma foreclosures were up during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed 70 percent for the quarter. Oklahoma’s 6.7 percent unemployment rate is still below the national average of 9.8 percent, and home sales have picked up this year. The increase in foreclosure activity in Oklahoma is the result of the overall recession.”

Oklahoma ranked 31^st in the country in total foreclosures reported for the third quarter. With one in every 322 housing units receiving a foreclosure filing, its foreclosure rate ranked 29^th among the 50 states.

Foreclosure activity in the Sooner State was up 131 percent in September from the previous month to 3,013 properties with foreclosure filings, and elevated on a yearly basis, up 136 percent from September 2008. The state’s foreclosure rate was 16^th highest in the nation for the month — with one in every 539 housing units receiving a foreclosure filing.

Tulsa County posts state’s top foreclosure rate in the third quarter

Tulsa County posted the highest county foreclosure rate in the state for the third quarter, with one in every 114 housing units receiving a foreclosure filing — 2.8 times the state average. Rogers County was second, with one in every 151 housing units receiving a foreclosure filing during the quarter — 2.1 times the state average. Canadian County posted the third highest foreclosure rate, where one in every 185 housing units received a foreclosure filing — 1.7 times the state average.

Five counties accounted for 79 percent of foreclosure activity in the third quarter

Tulsa County led the way, tallying 2,293 properties with foreclosure filings for the quarter. Oklahoma County came in second highest, reporting 1,013 properties with foreclosure filings. Cleveland County came in third, tallying 222 properties with foreclosure filings. Canadian County posted the fourth highest foreclosure activity for the quarter, reporting 219 properties with foreclosure filings. Rogers County documented 207 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

State contributes 1 percent to nation’s foreclosure activity for quarter and month

Oklahoma accounted for 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

Oklahoma Top Foreclosure Rates by County – Q3 2009

Oklahoma Top Foreclosure Totals by County – Q3 2009

Oklahoma Top Foreclosure Rates by County – Sept 2009

Oklahoma Top Foreclosure Totals by County – Sept 2009