IRVINE, CA -- (Marketwired) -- 06/13/13 -- RealtyTrac® (www.realtytrac.com), the leading online marketplace for comprehensive housing and real estate data, today released its Oklahoma Foreclosure Market Report for May 2013, which shows foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 1,123 Oklahoma properties in May, a decrease of 11 percent from the previous month and down 13 percent from May 2012. One in every 1,475 Oklahoma housing units had a foreclosure filing in May, below the national average of one in 885 housing units and ranked No. 28 highest among all states.
The decrease in overall Oklahoma foreclosure activity was driven by a sharp drop in scheduled foreclosure auctions, down 47 percent from the previous month and down 26 percent from a year ago in May, following three straight months of annual increases. Foreclosure starts in Oklahoma were down 30 percent year-over-year in May, but bank repossessions (REO) were up 52 percent, the third straight month with an annual increase in REOs.
"The sharp drop in scheduled foreclosure auctions in May is likely the result of a foreclosure moratoria imposed after the devastating tornadoes tore across the region during the month," said Daren Blomquist, vice president of RealtyTrac. "This comes on the heels of an upward trend that resulted in an 18-month high in scheduled foreclosure auctions statewide in April."
The tornadoes are also having a much bigger impact on the area's overall real estate market, according to Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty in Oklahoma City and Tulsa.
"We have 4,000 homes totally destroyed, and another 10,000 homes damaged -- a large part of which are uninhabitable," said Detrick. "We lived -- in May 1999 -- through the previous tornado that struck the area. We know what that was like. And that of course was followed by a construction boom. We had construction crews in here building as fast as they could and we anticipate that trend this time."
"But right now, people can't find a place to live. You can't find a place to rent. Churches are taking in people. People are taking in people. Adversity brings us together, and this is a king-sized adversity. And we are united. We are rebuilding and coming back."
Detrick said the decrease in May foreclosure activity was largely due to the tornado's after affects, which is creating an inventory imbalance that's being exasperated by the destruction of over 14,000 homes. That inventory imbalance, combined with rising costs on building supplies, will likely lead to an unprecedented period of home price appreciation in the Oklahoma City market over the next five years.
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