Oklahoma Foreclosure Activity Declines in October

Foreclosure filings down 17 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,718 Oklahoma properties during October, a 17 percent decrease from the previous month but up 11 percent from October of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Oklahoma foreclosures were down in October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which fell 30 percent for the month. The state’s unemployment rate remains well below the national average, and home values and sales were above most states. These factors are definitely driving the recent decline.”

Oklahoma ranked 32nd in the nation in total foreclosures reported in October. Its foreclosure rate of one in every 953 housing units receiving a foreclosure filing during the month, ranked it 34th among the 50 states.

Rogers County posts state’s top foreclosure rate for October

Rogers County posted the highest county foreclosure rate in Oklahoma for October, with one in every 349 housing units receiving a foreclosure filing during October — 2.7 times the state average. Tulsa County registered the second highest foreclosure rate, with one in every 418 housing units receiving a foreclosure filing during the month — 2.3 times the state average. Cleveland County was third highest, with one in every 494 housing units receiving a foreclosure filing — 1.9 times the state average.

 

Tulsa County dominates state foreclosure activity in October

Foreclosure activity was heaviest in Tulsa County, which reported 634 properties with foreclosure filings for the month. Oklahoma County tallied the second highest foreclosure level, reporting 327 properties with foreclosure filings. Third highest total was in Cleveland County, where 203 properties with foreclosure filings were reported. Fourth highest was Rogers County, where 91 properties with foreclosure filings were reported. Canadian County filled out the top five for the month, reporting 54 properties with foreclosure filings.

 

State contributes 1 percent to nation’s monthly foreclosure total

Oklahoma accounted for 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

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 Top Foreclosure Rates By County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Oklahoma

0

631

0

640

447

1,718

953

0.41

n/a

 

 

 

 

 

 

 

 

 

 

Rogers

0

46

0

25

20

91

349

1.11

2.73

Tulsa

0

291

0

215

128

634

418

0.93

2.28

Cleveland

0

63

0

40

100

203

494

0.79

1.93

Grady

0

16

0

8

8

32

644

0.60

1.48

Logan

0

12

0

1

9

22

660

0.59

1.44

 

 

Oklahoma Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Oklahoma

0

631

0

640

447

1,718

953

-16.64

10.70

 

 

 

 

 

 

 

 

 

 

Tulsa

0

291

0

215

128

634

418

-24.16

19.17

Oklahoma

0

48

0

231

48

327

987

-33.40

49.32

Cleveland

0

63

0

40

100

203

494

58.59

42.96

Rogers

0

46

0

25

20

91

349

82.00

237.04

Canadian

0

13

0

32

9

54

766

-49.06

-65.82

 

           

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