Foreclosures in Tulsa decline 35 percent from last year
BY ROBERT EVATT World Staff Writer
Thursday, November 15, 2012
11/15/12 at 2:45 AM
Despite an uptick in October, Tulsa-area home repossessions were still significantly less common through the first 10 months of this year compared with 2011.
Real estate data service RealtyTrac Inc reports that 577 foreclosures were filed last month, resulting in a foreclosure rate of one for every 710 households across metro Tulsa. That's up 6.5 percent from September, but this year's pace is down 35.6 percent through 10 months.
Tulsa-area foreclosures compare to a national average of one for every 706 households, which was up 3.3 percent from September. But foreclosures were down 19.2 percent for the year so far.
Margo Mitchell, CEO of Consumer Credit Counseling Centers of Oklahoma, said her organization has been seeing fewer people in danger of losing their homes.
"From our side, we haven't seen as many people seeking foreclosure prevention counseling," she said. "I'm hoping that's a sign the housing market is beginning to right itself after all these years."
However, the people who do come in to Consumer Credit Counseling Centers are having a difficult time getting banks to help them out with their mortgages, Mitchell said.
"It can take months upon months to get loan modifications resolved," she said.
Foreclosures across Oklahoma have declined 43.9 percent from last year, resulting in a rate of one for every 1,440 households. The state now has the 31st highest foreclosure rate in the nation.
Daren Blomquist, vice president of Irvine, Calif.-based RealtyTrac, said in a news release that foreclosure trends continue to vary widely from state to state, and this autumn's weather could add a new wrinkle.
"Unfortunately, the three states dealing with the biggest rebound in deferred foreclosure activity - New Jersey, New York and Connecticut - also had to deal with the devastation to homes inflicted by superstorm Sandy," he said. "The foreclosure moratoriums being put into effect as a result of the storm will likely extend the already-lengthy time to foreclose in these states, further prolonging a fundamentally sound housing recovery."
Florida had the highest foreclosure rate in the nation last month with one for every 312 households. Nevada rebounded to No. 2, followed by Illinois, California and Arizona.
Original Print Headline: Foreclosures decline 35 percent from last year
Robert Evatt 918-581-8447