Foreclosures in Tulsa drop
January 22, 2012
In 2011, fewer foreclosures were seen in the Tulsa area since 2007. As reported by RealtyTrac Inc, which is a real estate service, 5,543 repossession proceedings were noted in 2010, which was a drop of 32%.
That may sound great, however, that is still 1 in 74 Tulsa homes in the metro area due to homeowners stressed to keep up with mortgage payments along with a slow job market and a sluggish real estate market.
CEO of Consumer Credit Counseling Service of Oklahoma, Margo Mitchell stated, “It did seem a little bit easier to sell homes last year, and that may be what caused the drop in foreclosures.”
Margo went on to explain that the Consumer Credit Counseling Service of Oklahoma worked with more troubled mortgages in 2011 than any prior year and that homeowners in the area are having problems paying their home mortgages.
“There are a lot of contributing causes,” she stated. “Some people have lost their job or their hours have been cut back. Medical expense or divorce or a mortgage that is too big for their income” are among the factors.
In the meantime, foreclosures declined 32% across the state with less homes going into foreclosure since 2008. Oklahoma was ranked at 32nd for the most foreclosures in 2011 on a nationwide survey.
In the Tulsa area in December of 2011, 722 foreclosures were reported which was down 29 from November and down 16% from what was seen in December of 2010.
Last month around 1 in 563 homes in the area were placed in the foreclosure process.
The good news is that foreclosures declined across the nation 34% with the best numbers seen since 2007.
CEO of RealtyTrac, Brandon Moore, explained the decline in foreclosures could be due to paperwork issues at the lending companies.
“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” Moore stated in a news release. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages - particularly in states with a judicial foreclosure process.”
He went on to explain that this issues with paperwork may result in an increase of foreclosures this year when problems are solved with documentation.
One Comment to Foreclosures in Tulsa drop
Comments
Glad to hear foreclosures are dropping. I am sure that is the first step in the overall market improving.
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