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Oklahoma Foreclosure Auctions Reach 18-Month High in April, Overall Foreclosure Activity Still Down

Oklahoma City, Tulsa Both Post Increasing Foreclosure Activity From Year Ago

IRVINE, CA -- (Marketwired) -- 05/09/13 -- RealtyTrac® (www.realtytrac.com), the leading online marketplace for comprehensive housing and real estate data, today released its Oklahoma Foreclosure Market Report™ for April 2013, which shows foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 1,258 Oklahoma properties in April, a decrease of 6 percent from the previous month and down 3 percent from April 2012. One in every 1,316 Oklahoma housing units had a foreclosure filing in April, below the national average of one in 905 housing units and ranked No. 26 highest among all states.

The decrease in overall Oklahoma foreclosure activity was driven mostly by a 46 percent annual decrease in foreclosure starts, but scheduled foreclosure auctions and bank repossessions (REO) were both up from a year ago in April. Oklahoma REOs in April increased 19 percent from a year ago while scheduled foreclosure auctions increased 57 percent to an 18-month high.

"The jump in scheduled foreclosure auctions should bring some much needed relief to both the Oklahoma City and Tulsa areas, where inventory is extremely tight, as many of these properties will end up repossessed by lenders and then listed for sale," said Sheldon Detrick, CEO of Prudential Alliance Realty in Oklahoma City and Prudential Detrick Realty in Tulsa. "Local buyers will snap up these properties quickly, whether at the foreclosure auction itself or once a foreclosed home is listed for sale. The economy here is strong and well-priced properties are selling above their asking prices -- most with multiple offers."

Oklahoma City foreclosure activity increases 11 percent from year ago
One in every 1,116 Oklahoma City housing units had a foreclosure filing in April, below the national average and ranking No. 105 nationwide among all metro areas with a population of 200,000 or more (209 total). Oklahoma City documented 480 properties with foreclosure filings in April, down 10 percent from March, but up 11 percent from April 2012.

The annual increase in overall Oklahoma City foreclosure activity was driven largely by an increase in scheduled foreclosure auctions (up 63 percent) and bank repossessions (up 72 percent). Foreclosure starts in Oklahoma City decreased 65 percent during the same time period.

Tulsa foreclosure rate above national average, ranked No. 44 nationwide
One in every 648 Tulsa housing units had a foreclosure filing in April, above the national and state average and ranking ranked No. 44 nationwide among all 209 metro areas tracked by RealtyTrac. Tulsa documented 648 properties with foreclosure filings in April, down 1 percent from March, but up 6 percent from April 2012.

Similar to Oklahoma City, the annual increase in overall Tulsa foreclosure activity was driven by increases in the latter stages of foreclosure. Scheduled foreclosure auctions in Tulsa increased 45 percent year-over-year while bank repossessions were up 22 percent. Foreclosure starts in Tulsa decreased 24 percent year-over-year.

High-level national findings from the report:

  • Nationwide, foreclosure filings were reported on 144,790 U.S. properties in April, a decrease of 5 percent from the previous month and down 23 percent from April 2012. Total foreclosure activity in April was at the lowest level since February 2007, a 74-month low.

  • Scheduled judicial foreclosure auctions (NFS) increased 22 percent from March to April and were up 31 percent from a year ago to the highest level since October 2010 -- a 30-month high.

  • Scheduled foreclosure auctions increased from a year ago in 15 of the 26 judicial or quasi-judicial foreclosure states, including Maryland (199 percent increase), New Jersey (91 percent increase), Ohio (73 percent increase), Oklahoma (57 percent increase), and Florida (55 percent). Scheduled foreclosure auctions reached a 68-month high in Ohio, a 31-month high in Maryland, a 27-month high in New Jersey, and an 18-month high in Oklahoma.

  • Scheduled non-judicial foreclosure auctions (NTS) in April were down 7 percent from March and down 43 percent from April 2012 to the lowest level since December 2005 -- an 88-month low.

  • A total of 70,133 U.S. properties started the foreclosure process in April, down 4 percent from the previous month and down 28 percent from a year ago.

  • Despite the nationwide decline, 22 states reported increasing foreclosure starts from the previous month, including New Jersey (138 percent increase), Connecticut (46 percent increase), Texas (37 percent increase), Georgia (35 percent increase), Oregon (16 percent increase), and California (13 percent increase). Foreclosure starts reached a 36-month high in Connecticut, a 27-month high in New Jersey, and were up on a monthly basis for the third consecutive month in California after hitting a 90-month low in January, when new legislation impacting the foreclosure process took effect.

  • Lenders repossessed 34,997 U.S. properties in April, down 20 percent from March and down 32 percent from April 2012 to the lowest level since July 2007 -- a 69-month low.

  • Lender repossessions (REO) decreased from a year ago in 37 states and the District of Columbia in April, but some notable exceptions where REO activity increased from a year ago included Washington (164 percent increase), Maryland (98 percent increase), Oklahoma (19 percent increase), and Ohio (17 percent increase).

  • Nevada posted the nation's highest state foreclosure rate for the second month in a row despite a 15 percent monthly decrease in foreclosure activity.

  • Akron, Ohio, posted the nation's highest metro foreclosure rate in April thanks in part to a 147 percent annual increase in overall foreclosure activity. One other Ohio city (Columbus), along with five Florida cities, Las Vegas, Myrtle Beach, S.C. and Chicago also registered top 10 metro foreclosure rates in April.

  • As of the beginning of May, A total of 11.3 million mortgages nationwide were seriously underwater, meaning combined amount of mortgages secured by the home was at least 25 percent more than the estimated value of the home. That represented 26 percent of all outstanding mortgages, but was down nearly 1.5 million from the 12.8 million seriously underwater mortgages in May 2012.

Read the full national foreclosure report for April here.

Report methodology
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month -- broken out by type of filing. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee's Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). The report does not count a property again if it receives the same type of foreclosure filing multiple times within the estimated foreclosure timeframe for the state where the property is located.

Report License
The RealtyTrac U.S. Foreclosure Market Report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.

Data Licensing and Custom Report Order
Investors, businesses and government institutions can contact RealtyTrac to license bulk foreclosure and neighborhood data or purchase customized reports. For more information contact our Data Licensing Department at 800.462.5193 or [email protected].

About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading supplier of U.S. real estate data, with more than 1.5 million active default, foreclosure auction and bank-owned properties, and more than 1 million active for-sale listings on its website, which also provides essential housing information for more than 100 million homes nationwide. This information includes property characteristics, tax assessor records, bankruptcy status and sales history, along with 20 categories of key housing-related facts provided by RealtyTrac's wholly-owned subsidiary, Homefacts®. RealtyTrac's foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.

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Media Contacts:
Jennifer von Pohlmann
949.502.8300, ext. 139
[email protected]

Ginny Walker
949.502.8300, ext. 268
[email protected]

Data and Report Licensing:
800.462.5193
[email protected]

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