Oklahoma Foreclosure Activity Decreases in May

Statewide foreclosure filings fell 9 percent from April; Up 107 percent from 2009

 

Foreclosure activity in Oklahoma fell 9 percent in May to 1,811 properties with foreclosure filings but rose 107 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Oklahoma foreclosures were down in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in default notices, which fell 24 percent for the month. The state’s unemployment rate is currently 3 percent below the national average. This is definitely contributing to the recent decline.”

 

Oklahoma ranked 31st in the country in total foreclosures reported for the month. With one in every 904 housing units receiving a foreclosure filing, its foreclosure rate ranked 30th among the 50 states.

 

Washington County dominates foreclosure rate in May

Washington County posted the highest foreclosure rate in Oklahoma for May, with one in every 200 housing units receiving a foreclosure filing — 4.5 times the state average. Wagoner County came in second, with one in every 309 housing units receiving a foreclosure filing —2.9 times the state average. Rogers County posted the third highest foreclosure rate, with one in every 342 housing units receiving a foreclosure filing — 2.6 times the state average. Tulsa County documented the fourth highest foreclosure rate, with one in every 396 housing units receiving a foreclosure filing — 2.3 times the state average.

 

Tulsa County tops in foreclosure total for May

Tulsa County came out on top, reporting 670 properties with foreclosure filings for the month. Oklahoma County followed in second, documenting 326 properties with foreclosure filings. Reporting 147 properties with foreclosure filings for the month, Cleveland County reported the third highest ranking. Washington County was fourth highest, reporting 116 properties with foreclosure filings.

 

State contributes 1 percent to nation’s monthly foreclosure total in May

Oklahoma accounted for 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

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 by state, county and metropolitan statistical area. 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 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 received for a property during the month, 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Oklahoma

0

677

0

720

414

1,811

904

0.44

n/a

 

 

 

 

 

 

 

 

 

 

Washington

0

77

0

0

39

116

200

2.00

4.53

Wagoner

0

56

0

24

16

96

309

1.29

2.93

Rogers

0

47

0

21

25

93

342

1.17

2.64

Tulsa

0

258

0

271

141

670

396

1.01

2.29

Canadian

0

42

0

43

14

99

418

0.96

2.16

 

Oklahoma Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Oklahoma

0

677

0

720

414

1,811

904

-9.09

106.50

 

 

 

 

 

 

 

 

 

 

Tulsa

0

258

0

271

141

670

396

-9.95

79.14

Oklahoma

0

38

0

216

72

326

990

-4.68

84.18

Cleveland

0

68

0

74

5

147

682

47.00

4,800.00

Washington

0

77

0

0

39

116

200

-9.38

5,700.00

Canadian

0

42

0

43

14

99

418

-26.67

450.00

 

 

 

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