Tulsa bank foreclosures: Take Advantage of the Crisis

by Donald Hanz on cities, Foreclosure Crisis

There has been a rise in the foreclosure rate across the country and somewhere it is an impact of the foreclosure rates in various counties and states. There has also been an increase in the number of Tulsa bank foreclosures since the beginning of 2007.

According to several reports, there has been a rapid increase in Oklahoma bank foreclosures and it is faster than the national average. The state has seen the filing of almost 899 foreclosures last month. The foreclosure rate in Tulsa is one per 1,767 homes, which is 17.67% higher than in June but it is also 34.38% less than what it was in July 2006.

The mortgage foreclosure rate in Oklahoma has put the state in the 22nd position. The national average has also increased by 9.08% since June and has gone up by almost 93.44% since July. Oklahoma recorded 179,599 filings last month, which is one per 693 households. This means there are more bank foreclosures available for purchase.

If you are an investor, then you can check the foreclosure listings and purchase the best from all the Tulsa bank foreclosures mentioned in the list. Once you buy the home you want whether it is a condo or a single family or multi family home then you can renovate it and put it up for rent or sell it for a higher price. Either ways, you will be generating revenue from this fixed asset.

If you are a first time homebuyer, then be very careful while bidding. Check the home before you bid because some of the foreclosure homes look great from the outside but may need repairs on the inside. In such a case, it is best to avoid them. There has been an considerable increase in Tulsa foreclosures as the first half of the year saw 2,712 homes being filed.