Oklahoma Foreclosure Activity Down in First Quarter

Foreclosure filings slide 11 percent from Q4 2010, drop 24 percent from a year ago

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,313 Oklahoma properties during the first quarter of 2011, down 11 percent from the fourth quarter of 2010 and 24 percent below the level reported for the same quarter last year, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Foreclosure filings were reported on 1,696 Oklahoma properties in March, a 47 percent increase from February but down 20 percent from March 2010. One in every 973 Oklahoma housing units received a foreclosure filing in March, the 30th highest state foreclosure rate in the nation for the month. Oklahoma ranked 31st in the nation in total reported foreclosures for the first quarter of 2011. Its foreclosure rate of one in 383 housing units receiving a foreclosure filing during the quarter, ranked it 32nd among the 50 states.

 

Tulsa County takes top foreclosure rate honors in the first quarter

Tulsa County posted the highest foreclosure rate in Oklahoma during the first quarter of 2011, with one in every 151 housing units receiving a foreclosure filing — 2.5 times the state average. Rogers County reported the second highest foreclosure rate, with 197 properties with a foreclosure filing — 1.9 times the state average. One in every 208 housing units in Canadian County received a foreclosure filing, the third highest foreclosure rate in the state for the quarter — 1.8 times the state average.

 

Tulsa County led the state in foreclosure activity for first quarter

Tulsa County led the way, reporting 1,769 properties with foreclosure filings during the quarter. Oklahoma was second highest in the state, reporting 704 properties with foreclosure filings. Third highest total was tallied in Cleveland County, where 306 properties with foreclosure filings were reported. Reporting 201 properties with foreclosure filings for the quarter, Canadian County registered the fourth highest total in the state. Fifth highest was Rogers County, where 165 properties with foreclosure filings were reported for the quarter.

 

State contributes 1 percent to nation’s foreclosure total in the first quarter

Oklahoma accounted for 1 percent of the 681,153 properties with foreclosure filings reported nationwide for the first quarter of 2011. Total U.S. activity decreased almost 15 percent from the fourth quarter of 2010, and was down 27 percent from the level reported for the same quarter in 2010. One in every 191 U.S. housing units received a foreclosure filing during the quarter.

 

“The nation’s housing market continued to languish in the first quarter, even as foreclosure activity fell to a three-year low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Weak demand, declining home prices and the lack of credit availability are weighing heavily on the market, which is still facing the dual threat of a looming shadow inventory of distressed properties and the probability that foreclosure activity will begin to increase again as lenders and servicers gradually work their way through the backlog of thousands of foreclosures that have been delayed due to improperly processed paperwork.”

 

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 – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

n/a

n/a

Oklahoma

0

1,910

0

1,305

1,098

4,313

383

0.50

n/a

 

 

 

 

 

 

 

 

 

 

Tulsa

0

841

0

500

428

1,769

151

1.26

2.54

Rogers

0

82

0

40

43

165

197

0.97

1.94

Canadian

0

93

0

52

56

201

208

0.92

1.84

Wagoner

0

58

0

34

38

130

232

0.82

1.65

Washington

0

69

0

1

21

91

256

0.74

1.49

 

 

Oklahoma Top Foreclosure Totals by County – Q1 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 10

% Chg Q1 10

 

 

 

 

 

 

 

 

 

 

United States

97,901

99,211

216,867

52,128

215,046

681,153

191

-14.76

-26.93

Oklahoma

0

1,910

0

1,305

1,098

4,313

383

-11.44

-24.15

 

 

 

 

 

 

 

 

 

 

Tulsa

0

841

0

500

428

1,769

151

-8.81

-18.06

Oklahoma

0

117

0

454

133

704

461

18.72

-33.52

Cleveland

0

148

0

107

51

306

331

-14.76

-48.22

Canadian

0

93

0

52

56

201

208

-20.24

-58.47

Rogers

0

82

0

40

43

165

197

-36.54

14.58

 

 

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