Oklahoma Foreclosure Activity Rises in February

Statewide filings increase 6 percent from January

 

Foreclosure activity in Oklahoma rose in February to 1,888 properties with foreclosure filings, up 6 percent from the previous month and 83 percent ahead of the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Oklahoma reported another hike in foreclosure filings in February, bringing the state’s activity to nearly twice the level it was at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment recently dropped to 6.7 percent in the Sooner State, well below the national average and possibly enough to see some relief in terms of foreclosure activity in the coming months should this trend continue.”

 

One in every 867 Oklahoma housing units received a foreclosure filing in February, the 29th highest rate in the nation.

 

Canadian County posts top foreclosure rate in the state for February

Canadian County posted the state’s highest county foreclosure rate in February, with one in every 336 housing units receiving a foreclosure filing — 2.6 times the state average. Tulsa County was second, with one in every 357 housing units receiving a foreclosure filing — 2.4 times the state average. Rogers County came in third highest, with one in every 482 housing units receiving a foreclosure filing — 1.8 times the state average.

 

Tulsa County led the state in total foreclosures in February

Tulsa County led the way, totaling 743 properties with foreclosure filings for the month. Oklahoma County was second, documenting 311 properties with foreclosure filings. Cleveland County ranked third highest, reporting 178 properties with foreclosure filings for the month. Canadian County came in fourth place, reporting 123 properties with foreclosure filings, while the fifth highest total was in Payne County, where 68 properties with foreclosure filings were reported for the month.

 

State a moderate contributor to nation’s month foreclosure total

Oklahoma accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Oklahoma

0

803

0

724

361

1,888

867

0.48

n/a

 

 

 

 

 

 

 

 

 

 

Canadian

0

74

0

18

31

123

336

1.24

2.58

Tulsa

0

310

0

293

140

743

357

1.17

2.43

Rogers

0

25

0

22

19

66

482

0.87

1.80

Creek

0

11

0

33

17

61

489

0.85

1.77

Payne

0

24

0

31

13

68

489

0.85

1.77

 

 

Oklahoma Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Oklahoma

0

803

0

724

361

1,888

867

6.49

83.30

 

 

 

 

 

 

 

 

 

 

Tulsa

0

310

0

293

140

743

357

11.56

38.36

Oklahoma

0

90

0

209

12

311

1,038

-12.89

52.45

Cleveland

0

90

0

78

10

178

563

-19.46

5,833.33

Canadian

0

74

0

18

31

123

336

-51.95

355.56

Payne

0

24

0

31

13

68

489

1260.00

151.85

 

 

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