Oklahoma City,Tulsa Both Post Increasing Foreclosure Activity From YearAgo
IRVINE, Calif. – May 9, 2013 —RealtyTrac® (www.realtytrac.com), theleading online marketplace for comprehensive housing and real estate data,today released its Oklahoma Foreclosure Market Report™ for April 2013, whichshows foreclosure filings — default notices, scheduled auctions and bankrepossessions — were reported on 1,258 Oklahoma properties in April,a decrease of 6 percent from the previous month and down 3 percent from April2012. One in every 1,316 Oklahoma housing units had a foreclosure filing inApril, below the national average of one in 905 housing units and ranked No. 26highest among all states.
The decrease in overall Oklahomaforeclosure activity was driven mostly by a 46 percent annualdecrease in foreclosure starts, but scheduled foreclosure auctions and bankrepossessions (REO) were both up from a year ago in April. Oklahoma REOs inApril increased 19 percent from a year ago while scheduled foreclosure auctionsincreased 57 percent to an 18-month high.
“The jump inscheduled foreclosure auctions should bring some much needed relief to both theOklahoma City and Tulsa areas, where inventory is extremely tight, as many ofthese properties will end up repossessed by lenders and then listed for sale,” saidSheldon Detrick, CEO of PrudentialAlliance Realty in Oklahoma City and PrudentialDetrick Realty in Tulsa. “Local buyers will snap these up theseproperties quickly, whether at the foreclosure auction itself or once aforeclosed home is listed for sale. The economy here is strong and well-pricedproperties are selling above their asking prices — most with multipleoffers.”
Oklahoma City foreclosure activityincreases 11 percent from year ago
One in every 1,116Oklahoma City housing units had a foreclosure filing in April, below the nationalaverage and ranking No. 105 nationwide among all metro areas with a populationof 200,000 or more (209 total). Oklahoma City documented 480properties with foreclosure filings in April, down 10 percent from March, butup 11 percent from April 2012.
The annual increase inoverall OklahomaCity foreclosure activity was driven largely by an increase inscheduled foreclosure auctions (up 63 percent) and bank repossessions (up 72percent). Foreclosure starts in Oklahoma City decreased 65 percent during thesame time period.
Tulsa foreclosurerate above national average, ranked No. 44nationwide
One in every 648 Tulsa housingunits had a foreclosure filing in April, above the national and state averageand ranking ranked No. 44 nationwide among all 209 metro areas tracked byRealtyTrac. Tulsa documented 648 properties with foreclosure filings in April,down 1 percent from March, but up 6 percent from April2012.
Similar to Oklahoma City, the annual increase inoverall Tulsaforeclosure activity was driven by increases in the latter stages offoreclosure. Scheduled foreclosure auctions in Tulsa increased 45 percentyear-over-year while bank repossessions were up 22 percent. Foreclosure startsin Tulsa decreased 24 percent year-over-year.
High-level nationalfindings from the report:
- Nationwide, foreclosure filings were reported on 144,790 U.S.properties in April, a decrease of 5 percent from the previous month and down23 percent from April 2012. Total foreclosure activity in April was at the lowestlevel since February 2007, a 74-month low.
- Scheduledjudicial foreclosure auctions (NFS) increased 22 percentfrom March to April and were up 31 percent from a year ago to the highest levelsince October 2010 — a 30-month high.
- Scheduled foreclosureauctions increased from a year ago in 15 of the 26 judicial or quasi-judicialforeclosure states, including Maryland (199 percent increase), New Jersey (91percent increase), Ohio (73 percent increase), Oklahoma (57 percent increase),and Florida (55 percent). Scheduled foreclosure auctions reached a 68-monthhigh in Ohio, a 31-month high in Maryland, a 27-month high in New Jersey, andan 18-month high in Oklahoma.
- Scheduled non-judicial foreclosure auctions (NTS) in Aprilwere down 7 percent from March and down 43 percent from April 2012 to thelowest level since December 2005 — an 88-month low.
- A total of 70,133 U.S.properties started the foreclosure process in April, down 4 percent from theprevious month and down 28 percent from a year ago.
- Despite the nationwide decline, 22states reported increasing foreclosure starts from the previous month,including New Jersey (138 percent increase), Connecticut (46 percent increase),Texas (37 percent increase), Georgia (35 percent increase), Oregon (16 percentincrease), and California (13 percent increase). Foreclosure starts reached a36-month high in Connecticut, a 27-month high in New Jersey, and were up on amonthly basis for the third consecutive month in California after hitting a90-month low in January, when new legislation impacting the foreclosure processtook effect.
- Lenders repossessed34,997 U.S. properties in April, down 20 percent from March and down 32 percentfrom April 2012 to the lowest level since July 2007 — a 69-monthlow.
- Lender repossessions (REO)decreased from a year ago in 37 states and the District of Columbia in April,but some notable exceptions where REO activity increased from a year agoincluded Washington (164 percent increase), Maryland (98 percent increase),Oklahoma (19 percent increase), and Ohio (17 percent increase).
- Nevada posted the nation’shighest state foreclosure rate for the second month in a row despite a 15percent monthly decrease in foreclosureactivity.
- Akron, Ohio, posted thenation’s highest metro foreclosure rate in April thanks in part to a 147percent annual increase in overall foreclosure activity. One other Ohio city(Columbus), along with five Florida cities, Las Vegas, Myrtle Beach, S.C. andChicago also registered top 10 metro foreclosure rates in April.
- As of the beginning ofMay, A total of 11.3 million mortgages nationwide were seriously underwater,meaning combined amount of mortgages secured by the home was at least 25percent more than the estimated value of the home. That represented 26 percentof all outstanding mortgages, but was down nearly 1.5 million from the 12.8million seriously underwater mortgages in May2012.
The RealtyTrac U.S. Foreclosure MarketReport provides a count of the total number of properties with at least oneforeclosure filing entered into the RealtyTrac database during the month –broken out by type of filing. Some foreclosure filings entered into thedatabase during the month may have been recorded in previous months. Data iscollected from more than 2,200 counties nationwide, and those counties accountfor more than 90 percent of the U.S. population. RealtyTrac’s reportincorporates documents filed in all three phases of foreclosure:Default — Noticeof Default (NOD) and LisPendens (LIS); Auction — Notice of Trustee’s Saleand Notice of Foreclosure Sale (NTS and NFS); and RealEstate Owned, or REOproperties (that have been foreclosed on and repurchased by a bank).The report does not count a property again if it receives the same type of foreclosurefiling multiple times within the estimated foreclosure timeframe for the statewhere the property is located.
The RealtyTrac U.S. ForeclosureMarket Report is the result of a proprietary evaluation of information compiledby RealtyTrac; the report and any of the information in whole or in part canonly be quoted, copied, published, re-published, distributed and/orre-distributed or used in any manner if the user specifically referencesRealtyTrac as the source for said report and/or any of the information setforth within thereport.
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RealtyTrac (www.realtytrac.com) is theleading supplier of U.S. real estate data, with more than 1.5 million activedefault, foreclosureauction and bank-ownedproperties, and more than 1 million active for-sale listings on its website,which also provides essential housing information for more than 100 millionhomes nationwide. This information includes property characteristics, taxassessor records, bankruptcy status and sales history, along with 20 categoriesof key housing-related facts provided by RealtyTrac’s wholly-owned subsidiary,Homefacts®.RealtyTrac’s foreclosurereports and other housing data are relied on by the Federal Reserve,U.S. Treasury Department, HUD, numerous state housing and banking departments,investment funds as well as millions of real estate professionals and consumers,to help evaluate housing trends and make informed decisions about real estate.
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