Oklahoma Foreclosure Activity Fell in Second Quarter

Activity level fell slightly from Q1

Foreclosure filings increase 12 percent mid-year; up 14 percent in June

 

Oklahoma reported 5,677 properties with foreclosure filings for the second quarter of 2010, a slight drop from the first quarter, but still 86 percent above the level reported in the second quarter of 2009.

 

Activity level in Oklahoma rose during the first half of 2010 as well as for the month of June. For the first six months of the year, Oklahoma reported 10,343 properties with foreclosure filings, a 12 percent rise in activity from the second half of 2009 and 84 percent above the level reported mid-year 2009. In June the state tallied 2,066 properties with foreclosure filings, an increase of 14 percent from the previous month and up 60 percent from June 2009.

 

“Foreclosure activity in Oklahoma fell slightly during the second quarter of 2010, though it hit nearly double the level reported for the same period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Filings were also up for the first half of the year as compared to the last half of 2009, even as the state’s unemployment rate fell below 7 percent and the national average.”

 

One in every 288 Oklahoma housing units received a foreclosure filing during the quarter, giving the state the 30th highest foreclosure rate in the nation.

 

Washington County posts state’s top foreclosure rate for the quarter

Washington County posted the highest county foreclosure rate in Oklahoma during the second quarter, with one in every 82 housing units receiving a foreclosure filing — 3.5 times the state average. Canadian County had the second highest foreclosure rate, with one in every 115 housing units receiving a foreclosure filing — 2.5 times the state average. Tulsa County had the third highest foreclosure rate, with one in every 131 housing units receiving a foreclosure filing — 2.2 times the state average.

 

Tulsa County leads state in total foreclosures for the second quarter

Tulsa County led Oklahoma in total foreclosures, reporting 2,019 properties with foreclosure filings for the quarter. Oklahoma County had the second highest total, reporting 997 properties with foreclosure filings. Reporting 361 properties with foreclosure filings for the quarter, Canadian County came in third. Cleveland County was fourth, reporting 350 properties with foreclosure filings. Fifth highest total was Washington County, where 284 properties with foreclosure filings were reported for the quarter.

 

State a minor contributor to nation’s quarterly total

Foreclosure activity in Oklahoma represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Oklahoma

0

2,236

0

1,943

1,498

5,677

288

0.50

n/a

 

 

 

 

 

 

 

 

 

 

Washington

0

163

0

2

119

284

82

1.77

3.54

Canadian

0

144

0

124

93

361

115

1.26

2.52

Tulsa

0

916

0

564

539

2,019

131

1.10

2.20

Rogers

0

106

0

77

46

229

139

1.04

2.08

Creek

0

39

0

81

75

195

153

0.94

1.88

 

 

Oklahoma Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Oklahoma

0

2,236

0

1,943

1,498

5,677

288

-0.16

85.77

 

 

 

 

 

 

 

 

 

 

Tulsa

0

916

0

564

539

2,019

131

-6.48

44.94

Oklahoma

0

137

0

730

130

997

324

-5.85

46.83

Canadian

0

144

0

124

93

361

115

-25.41

556.36

Cleveland

0

167

0

167

16

350

286

-40.78

438.46

Washington

0

163

0

2

119

284

82

273.68

3,450.00

 

 

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