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Foreclosure activity has dropped in Oklahoma

Oklahoma housing market showed improvement in August

Posted on 10/21/13 9:23:00 AM

August marked the 17th straight month the nation has shown an increase in home prices, according to a recent report from RealtyTrac.

Residential real estate around the country showed a median sales price increase of three percent from July to August, and a six percent surge year-over-year in August.

"Seven years after the housing bubble burst, U.S. home prices are clearly on the rise again, up 23 percent from the bottom in March 2012, although still 26 percent below the peak of the housing price bubble in August 2006," said Daren Blomquist, vice president at RealtyTrac.

Is Oklahoma a state on the rise?
One state that showed some particularly promising growth was Oklahoma, which notched its lowest level of foreclosure activity in years.

"The foreclosure problem in the Oklahoma City and Tulsa markets is winding down as evidenced by the fact that total Oklahoma foreclosure activity in August was at its lowest level since June 2007," Sheldon Detrick, CEO of Prudential Alliance Realty, told RealtyTrac. "Of more immediate concern is that buyer activity and open house traffic has dropped significantly for the past three weeks."

Detrick noted a rise in interest rates is starting to have a slow-down impact on some of Oklahoma's major markets. Still, Tulsa has one of the best percentages for homes with resurfacing equity, according to RealtyTrac's U.S. Home Equity & Underwater Report for September 2013.

Homeowners who are recently out from underwater should consider all options. One that might be available to them is a home equity line of credit, which enables cash-strapped homeowners to get a line of credit for major purchases such as home renovations, student loan repayment or a down payment on a car.

RealtyTrac stated that open house traffic is on the rise in Tulsa, while the Oklahoma City market is starting to slow.

"The Oklahoma housing market experienced a large surge of demand from buyers during the past nine months, and now the market is leveling out and entering back into a more normal and sustainable pattern," Detrick added.

Nationally, properties including single-family homes, condos and town-homes sold at an annualized pace forecast of 5.6 million in August, which is up two percent from the 5.5 million rate in July. In August 2012, that pace was just five million.