Welcome!

News Feed Item

Oklahoma City 2014 Foreclosure Activity Down 19 Percent One Year After Moore Tornado Hit the Region

Bank Repossessions Pull Back After 58 Percent Spike in Four Months Following Tornado; Median Sale Prices Down Annually in Oklahoma City

IRVINE, CA -- (Marketwired) -- 05/20/14 -- RealtyTrac® (www.realtytrac.com), the nation's leading source for comprehensive housing data, today released a housing market update on the Oklahoma City, Okla., area exactly one year after the Moore tornado hit the city.

Foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 898 properties in Oklahoma City in the first four months of this year (January to April 2014), a decrease of 19 percent compared to the first four months of last year (the previous year January to April 2013) prior to the tornado.

"The decrease of overall foreclosure activity in Oklahoma City is economically driven by the growth and expansion of the city since the tornado hit," said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty, covering the Oklahoma City and Tulsa, Okla. markets. "Unemployment is down resembling pre-recession levels and Boeing just completed its move into Oklahoma City, which has helped elevate the economy in the city and its surrounding communities."

"A year after the Moore tornado devastated the southern part of Oklahoma City, we are starting to exceed pre-recession levels in all categories of the market," Detrick added.

The Oklahoma City market continues to show improvement with more equity rich homes than seriously underwater homes. Out of all properties with loans 14 percent are equity rich while 10 percent are considered seriously underwater.

Bank repossessions spike immediately following tornado
In the four months following the tornado (June to September 2013), 458 properties in the Oklahoma City area were foreclosed on and repossessed by the lender (REO), a 58 percent increase from the four months before the tornado (January to April 2013).

"These properties were being held off the market by banks and lenders to keep from further devastating the market with an influx of defaulted properties," said Detrick. "This created a large backlog of REO and foreclosure auction properties. As the market continues to get stronger these properties are being released, which explains the fluctuation and large increase in REO properties following the tornado."

In the first four months of this year, 323 properties were repossessed by lenders, a 12 percent increase from the first four months of 2013 -- before the tornado hit.

11 percent of all foreclosures in Oklahoma City vacant
As of Q1 2014, 11 percent of the 1,267 properties actively in the foreclosure process in Oklahoma City had been vacated by the owner -- compared 21 percent of all foreclosures that are vacant nationwide.

"Vacant foreclosures pose a threat to the housing market in Oklahoma City because neither the distressed homeowner or the foreclosing lender are taking responsibility for maintenance and upkeep of the home -- or at the very least facilitating a sale to a new homeowner more likely to perform needed upkeep and maintenance," said Daren Blomquist, vice president at RealtyTrac. "These properties drag down home values in the surrounding neighborhood and contribute to a climate of uncertainty."

Median home sale price continues to fall in Oklahoma City
The median price of residential properties sold in Oklahoma City in March 2014 was $119,250, down 1 percent from a year ago. March marked the sixth consecutive month where Oklahoma City median home prices decreased on a year-over-year basis.

"The drop in median sale price is due to Fannie Mae's unloading of housing inventory during the months of December, January and February," explained Detrick. "Small, less expensive homes tend to have Fannie Mae FHA loans, so when Fannie Mae released big chunks of its inventory into the market it caused home prices in the area to decline."

   ------------------- --------------------------------- ----------------
      Oklahoma City,                                        Median Sale
          Okla.               Foreclosure Activity             Price
                       ---------------------------------
                        Default   Auction   REO   Total
   ------------------- --------- --------- ----- ------- ----------------
      Jan. - Apr. 2013    220       598     289    1107      $123,000
   ------------------- --------- --------- ----- ------- ----------------
      June - Sep. 2013     83       362     458    903       $130,000
   ------------------- --------- --------- ----- ------- ----------------
      Jan. - Apr. 2014    154       421     323    898           -
   ------------------- --------- --------- ----- ------- ----------------

Report License
This 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
RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 125 million U.S. parcels that include property characteristics, tax assessor data, sales and mortgage deed records, Automated Valuation Models (AVMs) and 20 million active and historical default, foreclosure auction and bank-owned properties. RealtyTrac's housing data and foreclosure reports are relied on by many federal government agencies, 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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The dynamic nature of the cloud means that change is a constant when it comes to modern cloud-based infrastructure. Delivering modern applications to end users, therefore, is a constantly shifting challenge. Delivery automation helps IT Ops teams ensure that apps are providing an optimal end user experience over hybrid-cloud and multi-cloud environments, no matter what the current state of the infrastructure is. To employ a delivery automation strategy that reflects your business rules, making r...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
Kubernetes is an open source system for automating deployment, scaling, and management of containerized applications. Kubernetes was originally built by Google, leveraging years of experience with managing container workloads, and is now a Cloud Native Compute Foundation (CNCF) project. Kubernetes has been widely adopted by the community, supported on all major public and private cloud providers, and is gaining rapid adoption in enterprises. However, Kubernetes may seem intimidating and complex ...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
In his session at 21st Cloud Expo, Michael Burley, a Senior Business Development Executive in IT Services at NetApp, described how NetApp designed a three-year program of work to migrate 25PB of a major telco's enterprise data to a new STaaS platform, and then secured a long-term contract to manage and operate the platform. This significant program blended the best of NetApp’s solutions and services capabilities to enable this telco’s successful adoption of private cloud storage and launching ...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
The past few years have brought a sea change in the way applications are architected, developed, and consumed—increasing both the complexity of testing and the business impact of software failures. How can software testing professionals keep pace with modern application delivery, given the trends that impact both architectures (cloud, microservices, and APIs) and processes (DevOps, agile, and continuous delivery)? This is where continuous testing comes in. D
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone in...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, discussed how given the magnitude of today's application ...