"I see probably the most prosperous time and the greatest appreciation in real estate may be on record over the next 18 months," Detrick added, noting he's been involved in the real estate industry for 53 years. "We have pent-up buyer demand. Our listings are down 22 percent from a year ago. We have a significant imbalance of buyers in versus moving out, and that again affects the inventory."
Oklahoma City foreclosure auctions down 45 percent from previous month
In Oklahoma City, scheduled foreclosure auctions dropped 45 percent month-over-month and were down 13 percent from a year ago. Foreclosure starts decreased 40 percent from a year ago, while bank repossessions jumped 150 percent annually -- corresponding to a recent increase in scheduled foreclosure auctions in the metro area. One in every 1,360 Oklahoma City housing units had a foreclosure filing in May, well below the national average and ranked 128th nationwide out of the 209 metro areas nationwide that RealtyTrac ranks each month.
Tulsa foreclosure auctions down 52 percent from previous month
In Tulsa, scheduled foreclosure auctions dropped 52 percent from the previous month and were down 42 percent annually. Foreclosure starts decreased 34 percent annually while REOs increased 16 percent during the same time period -- corresponding to a recent jump in scheduled foreclosure auctions. One in every 743 Tulsa housing units had a foreclosure filing in May -- above the national average and ranked 68th out of metros nationwide.
High-level national findings from the report:
•Foreclosure filings were reported on 148,054 U.S. properties in May, an increase of 2 percent from the 74-month low in April but still down 28 percent from May 2012. One in every 885 U.S. housing units had a foreclosure filing during the month.
•The monthly increase in overall foreclosure activity was caused largely by an 11 percent month-over-month increase in bank repossessions (REOs), although REO activity was still down 29 percent from a year ago.
•U.S. foreclosure starts increased 4 percent from the previous month but were still down 33 percent from a year ago. Foreclosure starts increased from the previous month in 25 states and were up from a year ago in 14 states.
•The foreclosure problem continues to shift away from non-judicial states and toward judicial states. Five of the top six state foreclosure rates in May were in judicial states.
•Among the nation's 20 largest metros, those with the biggest increases in median home prices tended to be in states where a non-judicial foreclosure process has allowed foreclosures to be absorbed by the market more quickly. Seven of the 10 metros with the biggest jumps in median home prices from a year ago were in non-judicial states, while all five metros with flat or declining median prices were in states with a judicial foreclosure process.
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month -- broken out by type of filing. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac's report incorporates documents filed in all three phases of foreclosure: Default -- Notice of Default (NOD) and Lis Pendens (LIS); Auction -- Notice of Trustee's Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). The report does not count a property again if it receives the same type of foreclosure filing multiple times within the estimated foreclosure timeframe for the state where the property is located.
The RealtyTrac U.S. Foreclosure Market 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@example.com.
About RealtyTrac Inc.
RealtyTrac (www.realtytrac.com) is the leading supplier of U.S. real estate data, with more than 1.5 million active default, foreclosure auction and bank-owned properties, and more than 1 million active for-sale listings on its website, which also provides essential housing information for more than 100 million homes nationwide. This information includes property characteristics, tax assessor records, bankruptcy status and sales history, along with 20 categories of key housing-related facts provided by RealtyTrac's wholly-owned subsidiary, Homefacts®. RealtyTrac's foreclosure reports and other housing data are relied on by the Federal Reserve, U.S. Treasury Department, HUD, 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.
Jennifer von Pohlmann
949.502.8300, ext. 139
949.502.8300, ext. 268
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