Tulsa Foreclosure Report for 2012

While the economy at large and the nationwide housing market continues to improve, there are still some places where large numbers of home owners owe more than their homes are worth. Fewer and fewer foreclosure stories are being told by the national news, but here in Tulsa, foreclosures are still very real. Here’s the Tulsa foreclosure report for 2012.

According to data service RealtyTrac Inc., 5,656 foreclosures were filed in metro Tulsa last year That is a foreclosure rate of one for every 72 households, which is 3.8% higher than 2011. Still, it’s a precipitous drop from 2010, and equates to a 29.6% decline from two years ago. Additionally, the number of foreclosures in the Metro Tulsa area is exactly the same as the yearly national average. One reason for the large number of foreclosures is the massive amount that the banks have been trying to process for the past few years. The backlog has slowed down the process considerably, but it’s starting to flow once again.

Adds Margo Mitchell, president and CEO of Consumer Credit Counseling Centers of Oklahoma, “We’re seeing improvement, but it’s not a quick turnaround. It’ll take us a while to work through the entire process.” The number of people visiting her organization for assistance has dropped somewhat, but there is still work to be done.  She notes, “We’re not seeing many banks taking a long time to take action. It’s sped up.”

The foremost cause of area foreclosures continues to be a sudden loss of income due to job loss or an unexpected cutback in hours. And those facing foreclosure can expect the process to take awhile despite the banks speeding things up. Mitchell said,
“When we’re working with a family trying to prevent foreclosure, it’s an extremely time-consuming process. It’s not that someone can get an answer in 30 days; it usually takes six to 12 months.”

Interested in learning more about the Tulsa real estate market? Please contact our local team of agents to discuss your unique real estate objectives.

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