While the tales of woe and "buyer beware" stem from disconcerting foreclosure rates on the East and West coasts, those same numbers mean very little in our own back yard. That's because Oklahoma's markets are poised to be comparatively healthy in 2008, with Tulsa serving as a leader in housing affordability.

According to numbers provided by the Greater Tulsa Association of Realtors, Tulsa's average home price of $153,750 is much lower than the national average of $422,343.

Our city also consistently ranks high in national publications. In 2007, the National Home Builders Association listed Tulsa 14th regionally and 60th nationally in its annual rankings of affordability.

Those numbers also reflect the Tulsa market's continuing increase in housing value. Home sales in 2007 were only 3 percent behind the record-setting numbers of 2006. We seldom see out-of-control appreciation in Oklahoma, nor do we see across-the-board depreciation. While there are a few select areas that have recorded a flattening in appreciation with minor depreciation, it is not to the degree that's being reported on the national front.

As most people know by now, the national crisis, which became a full-scale, downward spiral in the summer of 2007, began in the subprime mortgage lending industry. The economy was on a high -- the cost of fuel and goods remained moderate and home prices were soaring. Many found that they could buy a home and, after a short period, "flip it" and make a substantial amount of money. Lenders in the subprime industry recognized this trend and would qualify credit- or income-challenged consumers for subprime loans with adjustment features you wouldn't wish on your worst enemy.

But when the cost of fuel went up and the adjustable rates adjusted, the bubble burst and certain areas of the nation found their real estate investments sliding backward. It's similar to what happened to the dot-com bubble in 2000. The sharp increase in home appreciation, coupled with shoddy lending practices, has resulted in the high foreclosure rate in those affected markets.

A person watching the national crisis might wonder why our region and state have managed to escape the effects of those "at-risk" markets. There are several reasons why we continue to weather the storm.

Much of Oklahoma's market stability is the result of the people who live in this wonderful state -- residents who are not nearly as transient. People buy homes with the idea that they are going to settle down and raise a family.

This also is one of the few places where homes consistently appreciate. For example, the average sales price in the Tulsa area during November was 5.3 percent higher than a year earlier, while the median price of $125,500 was up 2.5 percent from November 2006, when it was $122,400.

The tide in many of our local communities has turned from a seller's market to a buyer's market, and now is an excellent time to be looking for a new home. Interest rates are nearing an all-time low -- almost as low as early 2003 and the spring of 2004.

Properties that are sitting on the market longer might seem to confirm the dire perceptions perpetuated by the 24/7 national media. But in reality there are amazing purchase opportunities that, as a consumer, you normally don't see.

Typically, a buyer's options are limited to low interest rates with higher sales prices, or vice versa. Today's market boasts low interest rates coupled with great buys. When was the last time home buyers had the best of both worlds staring them in the face?

So next time you hear a round of horrifying statistics lamenting the mortgage crisis and our bleak future, just take a deep breath and relax. Remember -- you're in Oklahoma.

Terry Chase is president of First Fidelity Mortgage.

The views expressed here are those of the author and not the Tulsa World. To inquire about writing a Business Viewpoint column, e-mail a short outline of the article to Business Editor John Stancavage at john.stancavage@tulsaworld.com.

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