Oklahoma Foreclosure Activity Rises in Third Quarter

Total foreclosure filings up 2 percent statewide from the second quarter

Default notices down, auctions and REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 5,806 Oklahoma properties during the third quarter, a 2 percent increase from the previous quarter and up 15 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Oklahoma ranked 30th in the nation with 2,061 properties with foreclosure filings, a 4 percent increase from the previous month but 32 percent below the level reported for the same month last year. One in every 794 Oklahoma housing units received a foreclosure filing in September, ranking the 29th highest foreclosure rate among the 50 states.

 

Oklahoma foreclosures were up slightly for the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 15 percent during the quarter. Even so, the state’s home value appreciation and home sales were higher than the national average earlier this year, and unemployment is lower here than most states. If these trends persist, we may see foreclosures start to come down here in the near future.”

Oklahoma ranked 29th in the nation in total foreclosures reported for the quarter. Its foreclosure rate of one in every 282 housing units receiving a foreclosure filing during the quarter, ranked it 31st among the 50 states.

Tulsa County led state with top foreclosure rate in third quarter

Tulsa County posted the highest foreclosure rate in Oklahoma during the third quarter of 2010, where one in every 120 housing units received a foreclosure filing — 2.3 times the state average. Wagoner County posted the second highest foreclosure rate, where one in every 130 housing units received a foreclosure filing during the period — 2.2 times the state average. Canadian County documented the third highest foreclosure rate, where one in every 144 housing units received a foreclosure filing — twice the state average.

 

Tulsa County posts state’s top foreclosure total for third quarter

Tulsa County dominated, reporting 2,207 properties with foreclosure filings for the quarter. Oklahoma County was second, reporting 1,143 properties with foreclosure filings. Cleveland County was third, tallying 418 properties with foreclosure filings. Canadian County was fourth highest, reporting 288 properties with foreclosure filings. Wagoner County came in last for the state’s top five, reporting 228 properties with foreclosure filings for the quarter.

 

State contributes less than 1 percent to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Oklahoma. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Oklahoma

0

1,956

9

2,233

1,608

5,806

282

0

n/a

 

 

 

 

 

 

 

 

 

 

Tulsa

0

978

4

684

541

2,207

120

1.16

2.35

Wagoner

0

86

0

86

56

228

130

1.07

2.17

Canadian

0

114

0

100

74

288

144

0.97

1.96

Grady

0

36

0

41

35

112

184

0.75

1.53

Rogers

0

48

0

80

37

165

193

0.72

1.46

 

 

Oklahoma Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Oklahoma

0

1,956

9

2,233

1,608

5,806

282

2.27

15.38

 

 

 

 

 

 

 

 

 

 

Tulsa

0

978

4

684

541

2,207

120

9.31

-3.75

Oklahoma

0

155

1

789

198

1,143

282

14.64

12.83

Cleveland

0

184

1

204

29

418

240

19.43

88.29

Canadian

0

114

0

100

74

288

144

-20.22

31.51

Wagoner

0

86

0

86

56

228

130

21.93

150.55

 

 

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