New filings for foreclosures and foreclosed homes in Tulsa, Oklahoma have gone as high as more than 15,000 to date and in the month of November alone, it has reached up to 1,500. The average foreclosure sale price is $139,000 and sales to date have reached over 2,000.
However, the state of Oklahoma has not been stricken by foreclosures as harshly as other states in the United States because during the housing boom, the price of real estate had not risen as high and outrageous as some other states did. As a consequence, real estate prices in the Tulsa, Oklahoma are at a standstill even though unemployment is increasing.
According to recent analysts, the rise of foreclosures in Tulsa, Oklahoma, will increase due to the failure of real estate investors that come from out of state to purchase cheap rental homes and could not pay their loans because they were unable to get the homes rented. This decline in rent caused the rental homes to go into foreclosure.
The government offered federal tax credit to first time homeowners in Tulsa, Oklahoma and this created a significant hold in home prices. Analysts have made predictions that the city of Tulsa will experience the lowest decline in home prices than the entire state of Oklahoma. This is a good sign for real estate investors and first time home buyers.
In addition, there were a lot less homeowners who got involved with taking out adjustable home mortgage loans and high interest loans. Because of this fact, the foreclosure rate was much less and home prices less high.
There are certain steps that homeowners can take to avoid foreclosure. However, many don’t go that route. Instead, they miss their mortgage payments, refuse to contact the lender and end up on the foreclosure roll call. Seeking the help of a real estate and foreclosure lawyer would be a viable option, but many don’t think it is worth it.
The city of Tulsa, Oklahoma, some years ago, was on the mountain top as they engaged in oil trade that boosts the employment rate. Many people moved from other states to this city to find work and so had to purchase homes to live in. All of this began to slow down as the citizens began to feel the effects of the recession.
The oil production shifted and went to Arabian states outside of the United States and the people of Oklahoma began to experience job lay offs and loss of employment. Their homes became threatened by foreclosure and the rest is history. The notice of repossession began to become stickers on the front door of those same homeowners who lost their jobs. Some had to move out and go live with other family members. Others had to rent apartments and try to remain in it without being evicted.
Many well built homes in the communities of Tulsa, Oklahoma are now sitting there vacant and lifeless without any type of movement of children running in the yard, or mother cooking in the kitchen. The trend is getting more noticeable and no one knows what is going to happen in the near future. However, for now, those that are still living in their homes are trying their best to stay there.