Foreclosed-home sales rise in Oklahoma
By ROBERT EVATT World Staff Writer on Aug 29, 2013, at 2:28 AM Updated on 8/29/13 at 4:10 AM
Foreclosed homes in Oklahoma that sold in July had a median sales price of $125,000, according to RealtyTrac Inc. Bloomberg file
Real Estate
U.S. homebuilders' confidence in the housing market held this month at its highest level in nearly eight years. But builders are starting to worry that sales may slow if mortgage rates continue to rise.
New home construction in the Tulsa region from January to August is outpacing last year's numbers, a continuation of the upward tick that started in 2012 following a six-year slide.
Sales of foreclosed homes in Oklahoma are on the rise, according to the latest data.
A new report from RealtyTrac says homes repossessed by lenders sold at an annual rate of 60,316 last month, an increase of 3 percent from June and up 17 percent from July 2012.
The homes sold in July had a median sales price of $125,000, up 2 percent for the month and 4 percent from a year earlier, with an estimated discount from non-distressed homes of 46 percent, the report shows. That compares to the median sales price of $145,000 for all homes recorded in June by the Greater Tulsa Association of Realtors.
Sheldon Detrick, CEO of Prudential Detrick/Prudential Alliance Realty in Tulsa, said even with the increase he believes that local real estate professionals need more properties to sell.
"Active residential property sale listings are down 16 percent in the Tulsa and Oklahoma City markets," he said. "I don't think Oklahoma has ever had a shortage of inventory like it does today."
Nationally, repossessed homes sold in July at an annual rate of 5.5 million, up 4 percent from June and 11 percent from July 2012. The national median sales price was $174,500, up 4 percent from the previous month and up 6 percent from a year ago, with a distressed discount of 37 percent.
Daren Blomquist, vice president of Irvine, Calif.-based RealtyTrac Inc., said in a news release that the relatively slow increase in repossessed home sales is contributing to a tight inventory in many markets.
"Home prices are accelerating rapidly in these markets thanks to the combination of low supply and strong demand," he said. "However, counter to the national trend, sales volume in these markets is down even as the percentage of cash sales rises, indicating there is still strong demand but that buyers who need financing to purchase are increasingly left out in the cold."
Robert Evatt 918-581-8447
robert.evatt@tulsaworld.com
Original Print Headline: Repossessed-home sales increase slightly in state
Real Estate
U.S. homebuilders' confidence in the housing market held this month at its highest level in nearly eight years. But builders are starting to worry that sales may slow if mortgage rates continue to rise.
New home construction in the Tulsa region from January to August is outpacing last year's numbers, a continuation of the upward tick that started in 2012 following a six-year slide.
