Tulsa Both Post Increasing Foreclosure Activity From Year
IRVINE, Calif. – May 9, 2013 —
RealtyTrac® (www.realtytrac.com), the
leading online marketplace for comprehensive housing and real estate data,
today released its Oklahoma Foreclosure Market Report™ for April 2013, which
shows foreclosure filings — default notices, scheduled auctions and bank
repossessions — were reported on 1,258 Oklahoma properties in April,
a decrease of 6 percent from the previous month and down 3 percent from April
2012. One in every 1,316 Oklahoma housing units had a foreclosure filing in
April, below the national average of one in 905 housing units and ranked No. 26
highest among all states.
The decrease in overall Oklahoma
foreclosure activity was driven mostly by a 46 percent annual
decrease in foreclosure starts, but scheduled foreclosure auctions and bank
repossessions (REO) were both up from a year ago in April. Oklahoma REOs in
April increased 19 percent from a year ago while scheduled foreclosure auctions
increased 57 percent to an 18-month high.
“The jump in
scheduled foreclosure auctions should bring some much needed relief to both the
Oklahoma City and Tulsa areas, where inventory is extremely tight, as many of
these properties will end up repossessed by lenders and then listed for sale,” said
Sheldon Detrick, CEO of Prudential
Alliance Realty in Oklahoma City and Prudential
Detrick Realty in Tulsa. “Local buyers will snap these up these
properties quickly, whether at the foreclosure auction itself or once a
foreclosed home is listed for sale. The economy here is strong and well-priced
properties are selling above their asking prices — most with multiple
Oklahoma City foreclosure activity
increases 11 percent from year ago
One in every 1,116
Oklahoma City housing units had a foreclosure filing in April, below the national
average and ranking No. 105 nationwide among all metro areas with a population
of 200,000 or more (209 total). Oklahoma City documented 480
properties with foreclosure filings in April, down 10 percent from March, but
up 11 percent from April 2012.
The annual increase in
City foreclosure activity was driven largely by an increase in
scheduled foreclosure auctions (up 63 percent) and bank repossessions (up 72
percent). Foreclosure starts in Oklahoma City decreased 65 percent during the
same time period.
rate above national average, ranked No. 44
One in every 648 Tulsa housing
units had a foreclosure filing in April, above the national and state average
and ranking ranked No. 44 nationwide among all 209 metro areas tracked by
RealtyTrac. Tulsa documented 648 properties with foreclosure filings in April,
down 1 percent from March, but up 6 percent from April
Similar to Oklahoma City, the annual increase in
foreclosure activity was driven by increases in the latter stages of
foreclosure. Scheduled foreclosure auctions in Tulsa increased 45 percent
year-over-year while bank repossessions were up 22 percent. Foreclosure starts
in Tulsa decreased 24 percent year-over-year.
findings from the report:
Nationwide, foreclosure filings were reported on 144,790 U.S.
properties in April, a decrease of 5 percent from the previous month and down
23 percent from April 2012. Total foreclosure activity in April was at the lowest
level since February 2007, a 74-month low.
judicial foreclosure auctions (NFS) increased 22 percent
from March to April and were up 31 percent from a year ago to the highest level
since October 2010 — a 30-month high.
- Scheduled foreclosure
auctions increased from a year ago in 15 of the 26 judicial or quasi-judicial
foreclosure states, including Maryland (199 percent increase), New Jersey (91
percent increase), Ohio (73 percent increase), Oklahoma (57 percent increase),
and Florida (55 percent). Scheduled foreclosure auctions reached a 68-month
high in Ohio, a 31-month high in Maryland, a 27-month high in New Jersey, and
an 18-month high in Oklahoma.
Scheduled non-judicial foreclosure auctions (NTS) in April
were down 7 percent from March and down 43 percent from April 2012 to the
lowest level since December 2005 — an 88-month low.
- A total of 70,133 U.S.
properties started the foreclosure process in April, down 4 percent from the
previous month and down 28 percent from a year ago.
- Despite the nationwide decline, 22
states reported increasing foreclosure starts from the previous month,
including New Jersey (138 percent increase), Connecticut (46 percent increase),
Texas (37 percent increase), Georgia (35 percent increase), Oregon (16 percent
increase), and California (13 percent increase). Foreclosure starts reached a
36-month high in Connecticut, a 27-month high in New Jersey, and were up on a
monthly basis for the third consecutive month in California after hitting a
90-month low in January, when new legislation impacting the foreclosure process
- Lenders repossessed
34,997 U.S. properties in April, down 20 percent from March and down 32 percent
from April 2012 to the lowest level since July 2007 — a 69-month
- Lender repossessions (REO)
decreased from a year ago in 37 states and the District of Columbia in April,
but some notable exceptions where REO activity increased from a year ago
included Washington (164 percent increase), Maryland (98 percent increase),
Oklahoma (19 percent increase), and Ohio (17 percent increase).
- Nevada posted the nation’s
highest state foreclosure rate for the second month in a row despite a 15
percent monthly decrease in foreclosure
- Akron, Ohio, posted the
nation’s highest metro foreclosure rate in April thanks in part to a 147
percent annual increase in overall foreclosure activity. One other Ohio city
(Columbus), along with five Florida cities, Las Vegas, Myrtle Beach, S.C. and
Chicago also registered top 10 metro foreclosure rates in April.
- As of the beginning of
May, A total of 11.3 million mortgages nationwide were seriously underwater,
meaning combined amount of mortgages secured by the home was at least 25
percent more than the estimated value of the home. That represented 26 percent
of all outstanding mortgages, but was down nearly 1.5 million from the 12.8
million seriously underwater mortgages in May
the full national foreclosure report for April
The RealtyTrac U.S. Foreclosure Market
Report provides a count of the total number of properties with at least one
foreclosure filing entered into the RealtyTrac database during the month —
broken out by type of filing. Some foreclosure filings entered into the
database during the month may have been recorded in previous months. Data is
collected from more than 2,200 counties nationwide, and those counties account
for more than 90 percent of the U.S. population. 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’s 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).
The report does not count a property again if it receives the same type of foreclosure
filing multiple times within the estimated foreclosure timeframe for the state
where the property is located.
The RealtyTrac U.S. Foreclosure
Market Report is the result of a proprietary evaluation of information compiled
by RealtyTrac; the report and any of the information in whole or in part can
only be quoted, copied, published, re-published, distributed and/or
re-distributed or used in any manner if the user specifically references
RealtyTrac as the source for said report and/or any of the information set
forth within the
Licensing and Custom Report Order
and government institutions can contact RealtyTrac to license bulk foreclosure
and neighborhood data or purchase customized reports. For more information
contact our Data Licensing Department at 800.462.5193 or email@example.com.
RealtyTrac (www.realtytrac.com) is the
leading supplier of U.S. real estate data, with more than 1.5 million active
auction and bank-owned
properties, and more than 1 million active for-sale listings on its website,
which also provides essential housing information for more than 100 million
homes nationwide. This information includes property characteristics, tax
assessor records, bankruptcy status and sales history, along with 20 categories
of key housing-related facts provided by RealtyTrac’s wholly-owned subsidiary,
reports and other housing data are relied on by the Federal Reserve,
U.S. Treasury Department, HUD, numerous state housing and banking departments,
investment funds as well as millions of real estate professionals and consumers,
to help evaluate housing trends and make informed decisions about real estate.
Jennifer von Pohlmann
949.502.8300, ext. 268
Data and Report