The Enid News and Eagle, Enid, OK

National and world

May 18, 2013

Experts: Foreclosure provides needed properties

OKLAHOMA CITY — A projected increase in scheduled foreclosure auctions in Oklahoma will provide an infusion of much-needed properties in a tight inventory market, according to industry experts.

According to the RealtyTrac data firm’s latest Oklahoma Foreclosure Market Report, foreclosure filings — default notices, scheduled auctions and bank repossessions — in April declined 6 percent compared with the previous month and dropped 3 percent compared with the April 2012.

However, within that data, bank repossessions and scheduled foreclosure auctions were on the rise. Bank repossessions increased 19 percent from a year earlier and auctions increased 57 percent to an 18-month high, RealtyTrac reported. Those rises were balanced by a large decrease in foreclosure starts in the state’s two largest markets.

“This means the banks are getting relief because they’re getting rid of those properties,” said Sheldon Detrick, chief executive of Prudential Detrick/Alliance Realty in Oklahoma City and Tulsa told The Journal Record. “They’ve got to clean out all these bad loans, get them off their desks.”

“What we’ve got right now is a little different from what we’ve had for a long time,” Detrick said. “We don’t have anywhere near the number of houses for sale that we’ve seen for the last six years. The number of current active listings on the market (in Tulsa and Oklahoma City) is down about 25 percent from a year ago. That’s huge. If you wanted to buy a house today, you don’t have anywhere near the selection you used to have. And the real good houses in the real good neighborhoods, priced right, are selling within a week, with multiple offers.”

If the limited resources are driving price competition, then an influx of auctioned properties will help rebalance the equation, he said.

Nationally, home repossessions fell 20 percent in April from the previous month, RealtyTrac reported, and down 32 percent from a year earlier.

Nevada had the highest foreclosure rates with one in every 360 housing units with a foreclosure filing in April, with Florida and Ohio close behind. Total foreclosure activity for the entire country was at the lowest level since early 2007, a 74-month low.

One in every 1,116 Oklahoma City housing units had a foreclosure filing in April, a rate below the national average and ranking No. 105 nationwide among all large metro areas. For the month, 480 properties in the city had foreclosure filings.

In Tulsa, the rate was higher, as one in every 648 Tulsa housing units had a foreclosure filing in April, above the national average and ranking No. 44 nationwide. For the month, 648 properties in Tulsa had foreclosure filings.

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