While there was a slight uptick in foreclosures this October, Tulsa home foreclosures are down 35% from last year. The first 10 months of 2012 saw far fewer home?repossessions?as compared to the same time in 2011. RealtyTrac Inc., a real estate data service, says that 577 foreclosures were filed in October,?up 6.5% from September. But overall, 2012 has seen 35.6% fewer foreclosures during the first 10 months.
Margo Mitchell, CEO of Consumer Credit Counseling Centers of Oklahoma, notes,??From our side, we haven?t seen as many people seeking foreclosure prevention counseling. I?m hoping that?s a sign the housing market is beginning to right itself after all these years.? It?s encouraging news because the downturn in foreclosures means fewer people are in danger of losing their Tulsa homes.
According to Mitchell, those who are seeking credit counseling are still having a hard time getting their banks to help them out with mortgages. She says it sometimes take months for banks to get loan modifications resolved. Even still, foreclosures across Oklahoma have declined 43.9% from last year, resulting in a rate of one for every 1,440 households.
Daren Blomquist, vice president of Irvine, Calif.-based RealtyTrac, said that foreclosure trends continue to vary widely from state to state. He adds,??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. 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.?
If you would like more information about becoming a Tulsa home owner, please get in touch with our expert team of real estate agents. We have helped countless buyers find the Tulsa home of their dreams, and we would love to assist you with your home buying needs.
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