Oklahoma Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings increase from last year

March numbers up from a month earlier and a year ago

 

Foreclosure activity in Oklahoma rose 15 percent during the first quarter of 2010, and was up 95 percent from the same period last year. In all, the state reported 5,686 properties with foreclosure filings during the quarter.

 

For March, the state reported 2,117 properties with foreclosure filings, a 12 percent increase from the previous month, and 89 percent above the level reported in March 2009. One in every 773 Oklahoma housing units received a foreclosure filing during the month, the 29th highest state foreclosure rate in the nation.

 

“After dropping during the previous quarter, Oklahoma foreclosures were up during the first quarter of this year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed 47 percent for the month. While the state’s unemployment rate remains well below the national average, home sales have not picked up as much as they have in most other states. This may be contributing to the rise in foreclosure activity we are now seeing.”

 

Oklahoma ranked 31st in the country in total foreclosures for the first quarter. With one in every 288 housing units receiving a foreclosure filing, its foreclosure rate ranked 29th among the 50 states.

 

Canadian County posts top foreclosure rate for the first quarter

Canadian County posted the highest county foreclosure rate in the state during the first quarter, as one in every 85 housing units received a foreclosure filing — 1.6 times the national average and 3.4 times the state average. Tulsa County came in second, with one in every 123 housing units receiving a foreclosure filing — 1.1 times the national average and 2.3 times the state average. With one in every 170 housing units receiving a foreclosure filing — 1.7 times the state average — Cleveland County had the third highest foreclosure rate in the state.

 

Tulsa County led state in total foreclosures for the first quarter

Tulsa County documented 2,159 properties with foreclosure filings, the highest foreclosure activity of any county in the state for the quarter. Oklahoma County was second, reporting 1,059 properties with foreclosure filings. Reporting 591 properties with foreclosure filings, Cleveland County came in third. Canadian County was fourth, reporting 484 properties with foreclosure filings, followed by fifth place Wagoner County, where 167 properties with foreclosure filings were reported during the quarter.

 

State a minor contributor to the nation’s quarterly foreclosure total

Oklahoma accounted for less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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: DefaultNotice 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl.

Avg.

/State

Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Oklahoma

0

2,559

0

1,988

1,139

5,686

288

0.48

n/a

 

 

 

 

 

 

 

 

 

 

Canadian

0

298

0

86

100

484

85

1.62

3.37

Tulsa

0

1,058

0

650

451

2,159

123

1.13

2.35

Cleveland

0

359

0

208

24

591

170

0.82

1.70

Wagoner

0

105

0

0

62

167

178

0.78

1.62

Grady

0

40

0

40

22

102

202

0.68

1.42

 

 

 

Oklahoma Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Q4 2009

% Chg

Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Oklahoma

0

2,559

0

1,988

1,139

5,686

288

14.98

95.26

 

 

 

 

 

 

 

 

 

 

Tulsa

0

1,058

0

650

451

2,159

123

29.59

68.02

Oklahoma

0

240

0

745

74

1,059

305

21.03

81.65

Cleveland

0

359

0

208

24

591

170

88.82

3840.00

Canadian

0

298

0

86

100

484

85

-12.79

426.09

Wagoner

0

105

0

0

62

167

178

114.10

142.03

 

 

 

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