Oklahoma Foreclosure Activity Up in Third Quarter

Total foreclosure filings up 65 percent from Q2, Up 22 percent from Q3 2008.

 

Oklahoma reported 5,032 properties with foreclosure filings in the third quarter of 2009, an increase of 65 percent from the previous quarter and 22 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Oklahoma foreclosures were up during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed 70 percent for the quarter. Oklahoma’s 6.7 percent unemployment rate is still below the national average of 9.8 percent, and home sales have picked up this year. The increase in foreclosure activity in Oklahoma is the result of the overall recession.”

 

Oklahoma ranked 31st in the country in total foreclosures reported for the third quarter. With one in every 322 housing units receiving a foreclosure filing, its foreclosure rate ranked 29th among the 50 states.

 

Foreclosure activity in the Sooner State was up 131 percent in September from the previous month to 3,013 properties with foreclosure filings, and elevated on a yearly basis, up 136 percent from September 2008. The state’s foreclosure rate was 16th highest in the nation for the month — with one in every 539 housing units receiving a foreclosure filing.

 

Tulsa County posts state’s top foreclosure rate in the third quarter

Tulsa County posted the highest county foreclosure rate in the state for the third quarter, with one in every 114 housing units receiving a foreclosure filing — 2.8 times the state average. Rogers County was second, with one in every 151 housing units receiving a foreclosure filing during the quarter — 2.1 times the state average. Canadian County posted the third highest foreclosure rate, where one in every 185 housing units received a foreclosure filing — 1.7 times the state average.

 

Five counties accounted for 79 percent of foreclosure activity in the third quarter

Tulsa County led the way, tallying 2,293 properties with foreclosure filings for the quarter. Oklahoma County came in second highest, reporting 1,013 properties with foreclosure filings. Cleveland County came in third, tallying 222 properties with foreclosure filings. Canadian County posted the fourth highest foreclosure activity for the quarter, reporting 219 properties with foreclosure filings. Rogers County documented 207 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State contributes 1 percent to nation’s foreclosure activity for quarter and month

Oklahoma accounted for 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 Top Foreclosure Rates by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Oklahoma

744

843

396

1,980

1,069

5,032

322.54

0.42

n/a

 

 

 

 

 

 

 

 

 

 

Tulsa

264

475

27

1,324

203

2,293

114

1.19

2.82

Rogers

52

14

32

38

71

207

151

0.90

2.13

Canadian

0

38

25

87

69

219

185

0.74

1.74

Creek

11

17

0

32

54

114

260

0.53

1.24

Washington

31

6

0

1

48

86

267

0.51

1.21

 

 

Oklahoma Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Oklahoma

744

843

396

1,980

1,069

5,032

322.54

64.66

22.02

 

 

 

 

 

 

 

 

 

 

Tulsa

264

475

27

1,324

203

2,293

114

64.61

56.63

Oklahoma

103

87

259

426

138

1,013

316

49.19

-28.26

Cleveland

112

85

1

5

19

222

445

241.54

0.00

Canadian

0

38

25

87

69

219

185

298.18

88.79

Rogers

52

14

32

38

71

207

151

93.46

71.07

 

 

Oklahoma Top Foreclosure Rates by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Oklahoma

0

734

0

1,739

540

3,013

539

0.69

n/a

 

 

 

 

 

 

 

 

 

 

Tulsa

0

391

0

1,193

100

1,684

156

2.39

3.46

Canadian

0

27

0

84

30

141

287

1.30

1.88

McClain

0

7

0

12

8

27

473

0.79

1.14

Grady

0

13

0

12

14

39

526

0.71

1.02

Logan

0

13

0

0

13

26

556

0.67

0.97

 

 

Oklahoma Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Oklahoma

0

734

0

1,739

540

3,013

539

131.41

135.94

 

 

 

 

 

 

 

 

 

 

Tulsa

0

391

0

1,193

100

1,684

156

191.85

286.24

Oklahoma

0

86

0

381

85

552

580

195.19

49.59

Canadian

0

27

0

84

30

141

287

58.43

370.00

Cleveland

0

85

0

2

16

103

959

8.42

110.20

Rogers

0

14

0

15

24

53

590

-27.40

47.22

 

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