The foreclosure rate in Oklahoma is down over last year. RealtyTrac reported the number of foreclosure filings in Oklahoma last year was 13,594 – down 12.78 percent compared with 2006.
Oklahoma City’s rate dropped 15.4 percent over 2006 while Tulsa fell 3.6 percent. RealtyTrac said the year-end foreclosure rates in both cities were less than 1 percent, 0.801 percent in Oklahoma City and 0.912 percent in Tulsa.
Compared with much of the rest of the country, Oklahoma is out of step in the foreclosure rates as well as it is with its increase in home values. Homes are slightly losing value on average nationally with some of the major markets depreciating drastically. Oklahoma’s have continued to slowly and steadily rise.
Cities in California and Florida, where housing and credit bubbles have busted, and in Michigan and Ohio, where job losses have hurt the economies, dominated the top 20 metro-area foreclosure rates RealtyTrac reported.
The relative lack of lost home equity and lost jobs are the main reasons why Oklahoma has not experienced the foreclosure increases, said Lyne Tracy, a mortgage banker with BOk Mortgage, a department of Bank of Oklahoma.
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