Oklahoma Foreclosures Rise in November

Foreclosure filings up 10 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,882 Oklahoma properties in November, up 10 percent from the previous month and a 27 percent rise from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

Oklahoma foreclosures were up in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed 47 percent for the month. The state’s home sales were lower than the national average during the third quarter and from this time last year. This trend needs to turn around before we see foreclosures start to come down here.”

Oklahoma ranked 28th in the nation in total foreclosures reported for the month. Its foreclosure rate of one in every 870 housing units receiving a foreclosure filing during the month, ranked it 28th again among the 50 states.

Wagoner County achieves top foreclosure rate in November

Wagoner County posted the highest foreclosure rate in Oklahoma for November, with one in every 243 housing units receiving a foreclosure filing — twice the national average and 3.6 times the state average. Canadian County reported the second highest foreclosure rate, with one in every 313 housing units receiving a foreclosure filing — 1.6 times the national average and 2.8 times the state average. Tulsa County came in third, with one in every 340 housing units receiving a foreclosure filing — 1.4 times the national average and 2.6 state average.

 

Tulsa County dominates state foreclosure activity in November

Foreclosure activity was heaviest in Tulsa County, which reported 779 properties with foreclosure filings for the month. Canadian County tallied the second highest foreclosure level, reporting 132 properties with foreclosure filings. Third highest total was in Oklahoma County, where 125 properties with foreclosure filings were reported. Fourth highest was Wagoner County, where 122 properties with foreclosure filings were reported. Cleveland County filled out the top five for the month, reporting 88 properties with foreclosure filings.

 

State contributes 1 percent to nation’s foreclosure total

Oklahoma accounted for 1 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Oklahoma

0

928

0

404

550

1,882

870

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Wagoner

0

70

0

17

35

122

243

2.02

3.58

Canadian

0

73

0

35

24

132

313

1.57

2.78

Tulsa

0

375

0

169

235

779

340

1.45

2.56

Cherokee

0

39

0

1

17

57

372

1.32

2.34

Rogers

0

31

0

22

23

76

418

1.18

2.08

 

 

Oklahoma Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Oklahoma

0

928

0

404

550

1,882

870

9.55

27.42

 

 

 

 

 

 

 

 

 

 

Tulsa

0

375

0

169

235

779

340

22.87

33.85

Canadian

0

73

0

35

24

132

313

144.44

43.48

Oklahoma

0

18

0

73

34

125

2,583

-61.77

-58.05

Wagoner

0

70

0

17

35

122

243

293.55

320.69

Cleveland

0

61

0

16

11

88

1,139

-56.65

-1.12

 

 

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