Tulsa-area home foreclosures continuing to decline
BY ROBERT EVATT World Staff Writer
Saturday, August 11, 2012
8/11/12 at 6:06 AM
Tulsa-area home repossessions became less common in July, continuing a general downward trend.
Approximately 572 foreclosures were recorded in the metro area last month, according to real estate data service RealtyTrac.
The resulting foreclosure rate of one for every 716 households is 3.5 percent below June and 28.2 percent below July 2011.
By comparison, the foreclosure rate for the state of Oklahoma was one for every 1,369 households, an increase of 5.8 percent for the month but down 32 percent from a year ago.
The monthly increase was enough to bump up Oklahoma's position to the state with the 27th highest rate of foreclosures. The nation as a whole had an average foreclosure rate of one for every 686 households, down 3 percent for the month and 9.8 percent for the year.
RealtyTrac noted the decline represented the 22nd straight year-over-year drop it has recorded.
However, Daren Blomquist, vice president of RealtyTrac, said in a release that national foreclosure starts have increased for the third straight month, though the number can vary greatly from state to state.
"Recent foreclosure activity patterns vary significantly from state to state, often hinging on the level of dysfunction that exists in each state's foreclosure process," he said.
California had the highest rate of foreclosure in the nation, with one out of every 325 households there facing foreclosure.
Arizona and Florida were No. 2 and 3, respectively. Nevada, the state hardest hit by the foreclosure crisis and the long-time national leader in foreclosures, dropped to No. 6 with a rate of one out of every 415 households.
Original Print Headline: Area home foreclosures continuing to decline
Robert Evatt 918-581-8447