Foreclosure Activity in Oklahoma Down for First Half of 2011

Statewide foreclosure filings slide 12 percent from second half of 2010

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 8,586 Oklahoma properties during the first six months of 2011, a 12 percent drop from the second half of 2010 and 17 percent below the level reported for the first half of last year, according to the Midyear 2011 Foreclosure Market Report just released by RealtyTrac®.

 

One in every 192 Oklahoma housing units received a foreclosure filing during the half, the nation’s 28th highest foreclosure rate in the first half of 2011.

 

Foreclosure filings were reported on 1,959 Oklahoma properties in June, down 3 percent from May and down 5 percent from June 2010. One in every 842 Oklahoma housing units received a foreclosure filing in June, the 21st highest state foreclosure rate in the nation.

 

Tulsa County posts top foreclosure rate at midyear

Tulsa County posted the top county foreclosure rate in Oklahoma for the first half of 2011, with one in every 82 housing units receiving a foreclosure filing — 2.4 times the state average. Canadian County had the second highest foreclosure rate for the six-month period, with one in every 97 housing units receiving a foreclosure filing — twice the state average. Rogers County had the third highest rate, with one in every 103 housing units receiving a foreclosure filing –1.9 times the state average.

 

Tulsa County also has state’s highest foreclosure total

Tulsa County also had the highest foreclosure total, reporting 3,263 properties with foreclosure filings for the period. Oklahoma County had the second highest total, reporting 1,435 properties with foreclosure filings. Cleveland County came in third, tallying 619 properties with foreclosure filings. Fourth highest was Canadian County, where 429 properties with foreclosure filings were reported. Rogers County was fifth, reporting 316 properties with foreclosure filings for the first half of the year.

 

State a minor contributor to nation’s foreclosure total in first half of 2011

Oklahoma accounted for just under 1 percent of the 1,170,402 properties with foreclosure filings reported nationwide for the first half of 2011. Total U.S. activity decreased 25 percent from the second half of 2010, and was down 29 percent from the level reported for the first half of 2010. One in every 111 U.S. housing units received a foreclosure filing during the first six months of the year.

 

“It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn’t appear to be the case.

 

“Processing and procedural delays are pushing foreclosures further and further out – we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later. This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number.”

 

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 Market Data By County – Midyear 2011

 

County

Total Properties with Filings

% Housing Units

1 every X HU

% Chg July-Dec 10

% Chg Jan-June 2010

 

United States

1,170,402

0.90

111

-25.49

-29.27

Oklahoma

8,586

0.52

192

-12.08

-16.99

 

Tulsa

3,263

1.22

82

-11.43

-10.16

Oklahoma

1,435

0.44

226

-13.03

-26.22

Cleveland

619

0.61

164

-8.70

-27.77

Canadian

429

1.03

97

-11.18

-41.55

Rogers

316

0.97

103

-19.59

-7.87

 

 

Oklahoma Market Data by County – June 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg May 11

% Chg June 10

 

 

United States

30,202

33,661

68,023

22,003

68,851

222,740

584

3.64

-29.03

Oklahoma

0

698

0

596

665

1,959

842

-2.54

-5.18

 

 

Tulsa

0

300

0

211

283

794

336

37.13

14.41

Oklahoma

0

38

0

194

66

298

1,088

-27.32

-11.57

Cleveland

0

51

0

35

64

150

675

-31.19

33.93

Canadian

0

45

0

15

25

85

492

-39.29

-39.29

Rogers

0

38

0

15

25

78

417

11.43

5.41

 

 

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