Oklahoma Foreclosures Head Downward in August

Oklahoma foreclosure activity fell in August, down to 1,302 properties with foreclosure filings for the month, a 15 percent decrease from the previous month and 5 percent below the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“After increasing for two months, Oklahoma foreclosures fell in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “This is no surprise as the state currently holds one of the lowest unemployment rates. Home sales have also picked up dramatically this year, giving distressed homeowners more options.”

 

Oklahoma ranked 32nd in the country in total foreclosures reported for the month. With one in every 1,247 housing units receiving a foreclosure filing, its foreclosure rate ranked 38th among the 50 states.

 

Rogers County posts state’s top foreclosure rate in August

Rogers County posted the highest county foreclosure rate in the state for August, with one in every 428 housing units receiving a foreclosure filing — 2.9 times the state average. Tulsa County had the second highest foreclosure rate, with one in every 454 housing units receiving a foreclosure filing during the month – 2.7 times the state average. Canadian County posted the third highest foreclosure rate, where one in every 455 housing units received a foreclosure filing — 2.7 times the state average.

 

Five counties accounted for 78 percent of state’s foreclosure activity for August

Tulsa County led the way, tallying 577 properties with foreclosure filings for the month. Oklahoma County reported the second highest foreclosure total, documenting 187 properties with foreclosure filings. Reporting 95 properties with foreclosure filings for the month, Cleveland County posted the third highest total in the state. Canadian County was fourth highest, reporting 89 properties with foreclosure filings, while the fifth highest total was in Rogers, where 73 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in August

Oklahoma accounted for less than one percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units received a foreclosure filing during the month.

 

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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Oklahoma

321

112

242

243

384

1,302

1,247

0.29

n/a

 

 

 

 

 

 

 

 

 

 

Rogers

24

0

9

23

17

73

428

0.83

2.91

Tulsa

109

85

88

130

165

577

454

0.79

2.74

Canadian

0

11

34

2

42

89

455

0.78

2.74

Lincoln

0

0

0

0

28

28

509

0.70

2.45

Okmulgee

0

0

18

0

8

26

538

0.66

2.32

 

 

Oklahoma Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Oklahoma

321

112

242

243

384

1,302

1,247

-15.29

-4.96

 

 

 

 

 

 

 

 

 

 

Tulsa

109

85

88

130

165

577

454

-10.96

2.85

Oklahoma

43

1

83

46

14

187

1,711

-46.11

-49.18

Cleveland

86

0

1

6

2

95

1,040

111.11

-13.64

Canadian

0

11

34

2

42

89

455

117.07

147.22

Rogers

24

0

9

23

17

73

428

-26.26

40.38

 

 

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