OKLAHOMA FORECLOSURE ACTIVITY UP 51 PERCENT IN 2008

More than 12,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 12,465 Oklahoma properties in 2008, an increase of 51 percent from 2007 and an increase of 33 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Sooner State reported 1,270 properties with foreclosure filings in December, a 25 percent increase from the previous month and a 37 percent increase over December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Although Oklahoma foreclosures increased in 2008, they are still below the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate remained 2 percent lower than most states, and its home value appreciation rate is still stronger than most regions. These factors are likely keeping foreclosures from skyrocketing here as they have in many other places.”

 

Oklahoma ranked 29th in the country in total foreclosures reported for the year. With one in every 129 housing units receiving a foreclosure filing, its foreclosure rate ranked 29th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five Oklahoma counties accounted for 71 percent of all foreclosure activity in the state for 2008. Tulsa County led all others, reporting 3,920 properties with foreclosure filings for the year. Oklahoma County came in a close second, reporting 3,580 properties with foreclosure filings. Cleveland County registered the third highest total, reporting 643 properties with foreclosure filings. Canadian County documented the fourth highest foreclosure total, reporting 388 properties with foreclosure filings. Comanche County came in fifth, documenting 363 properties with foreclosure filings.

 

Greer County posts top foreclosure rate for 2008

Three Oklahoma counties led the state in foreclosure rate for 2008. Greer County topped the list, with 5.30 percent of its housing units receiving at least one foreclosure filing during the year. Tulsa County came in second, with 1.51 percent of its housing units receiving at least one foreclosure filing. Oklahoma County posted the third highest foreclosure rate, where 1.13 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Garfield County (1.13 percent) and Rogers County (1 percent).

 

State contributes 1 percent to nation’s foreclosure total for 2008

Oklahoma accounted for 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Oklahoma

12,465

0.78

50.98

 

 

 

 

 

70

Adair

4

0.05

n/a

54

Alfalfa

4

0.14

300.00

74

Atoka

1

0.02

0.00

63

Beaver

3

0.11

n/a

35

Beckham

25

0.27

n/a

43

Blaine

11

0.21

450.00

51

Bryan

27

0.15

800.00

71

Caddo

6

0.04

0.00

6

Canadian

388

0.98

0.52

27

Carter

81

0.38

710.00

29

Cherokee

76

0.36

58.33

67

Choctaw

5

0.06

400.00

57

Cimarron

2

0.13

n/a

14

Cleveland

643

0.66

25.83

52

Coal

4

0.14

n/a

9

Comanche

363

0.78

2320.00

75

Cotton

0

0.00

-100.00

41

Craig

15

0.23

87.50

10

Creek

211

0.72

185.14

57

Custer

15

0.13

650.00

24

Delaware

101

0.43

146.34

59

Dewey

3

0.12

n/a

65

Ellis

2

0.09

n/a

4

Garfield

302

1.13

5940.00

62

Garvin

14

0.11

180.00

13

Grady

141

0.69

-2.08

11

Grant

19

0.72

n/a

1

Greer

149

5.30

14800.00

39

Harmon

4

0.24

n/a

28

Harper

7

0.37

n/a

33

Haskell

19

0.33

1800.00

53

Hughes

9

0.14

n/a

31

Jackson

43

0.34

616.67

68

Jefferson

2

0.06

n/a

42

Johnston

11

0.22

n/a

20

Kay

116

0.53

954.55

30

Kingfisher

21

0.35

61.54

16

Kiowa

34

0.64

n/a

34

Latimer

14

0.29

n/a

26

Le Flore

80

0.38

3900.00

60

Lincoln

17

0.12

n/a

7

Logan

141

0.98

38.24

25

Love

18

0.43

n/a

37

Major

9

0.25

n/a

61

Marshall

10

0.11

n/a

21

Mayes

95

0.52

-31.16

19

McClain

67

0.54

52.27

55

McCurtain

22

0.14

2100.00

47

McIntosh

24

0.18

n/a

36

Murray

17

0.25

466.67

18

Muskogee

167

0.54

1092.86

50

Noble

8

0.15

n/a

40

Nowata

11

0.23

450.00

75

Okfuskee

0

0.00

n/a

3

Oklahoma

3,580

1.13

25.22

32

Okmulgee

60

0.34

5900.00

56

Osage

27

0.14

35.00

17

Ottawa

83

0.55

260.87

49

Pawnee

12

0.16

-40.00

23

Payne

146

0.45

151.72

73

Pittsburg

7

0.03

133.33

46

Pontotoc

30

0.19

900.00

12

Pottawatomie

200

0.70

50.38

69

Pushmataha

3

0.05

n/a

75

Roger Mills

0

0.00

n/a

5

Rogers

308

1.00

58.76

64

Seminole

12

0.10

n/a

45

Sequoyah

34

0.19

466.67

72

Stephens

8

0.04

700.00

48

Texas

15

0.18

n/a

44

Tillman

9

0.21

n/a

2

Tulsa

3,920

1.51

31.02

8

Wagoner

239

0.85

2.14

15

Washington

146

0.64

37.74

22

Washita

28

0.51

n/a

38

Woods

11

0.24

n/a

66

Woodward

6

0.07

500.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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