Foreclosure rate for metro Tulsa falls in September
BY ROBERT EVATT World Staff Writer
Thursday, October 11, 2012
10/16/12 at 7:39 AM
Last month's rate of Tulsa-area home foreclosures was far below the September 2011 level, according to a new report.
RealtyTrac Inc. says 542 homes in the seven-county metro area entered repossession proceedings last month. The resulting foreclosure rate of one for every 756 homes was a slight 0.18 percent drop from August but was down a hefty 25 percent from September 2011.
Tulsa compared favorably to the state and the national average for the month. Oklahoma's 1,238 foreclosures in September gave the state a rate of one for every 1,344 households.
Oklahoma is now the state with the 31st highest rate of foreclosure.
The national average of one for every 730 homes fell 6.8 percent from August and was down 16 percent from a year ago.
Daren Blomquist, vice president of Irvine, Calif.-based RealtyTrac Inc., said foreclosures had been held back due to banks re-evaluating their practices, although repossession activity isn't flooding back all at once.
"We've been waiting for the other foreclosure shoe to drop since late 2010, when questionable foreclosure practices slowed activity to a crawl in many areas, but that other shoe is instead being carefully lowered to the floor and therefore making little noise in the housing market - at least at a national level," Blomquist said.
Florida had the highest foreclosure activity in the nation last month, with a rate of one for every 117 households, followed by Arizona and California.
Nevada, which was the top spot for foreclosures for many months, now stands at No. 6.
Original Print Headline: Tulsa-area foreclosure rate falls
Robert Evatt 918-581-8447