Home Foreclosures in Wells Fargo and in Other Banks Set to Top 2006

by Simon Lindsay on Foreclosures

Compared with other U.S. states, Oklahoma is considered to be in a good position in terms of foreclosure rate. However, the state's 2010 foreclosure filing totals, including those associated with home foreclosures in Wells Fargo and other banks are projected to surpass the total number recorded in 2006 when the housing market started going downhill.

Tulsa foreclosures for sale and for-sale distressed properties in most parts of the state remain below the national average. However, 2010 is expected to record a higher number of filings than the past four years, with the areas of McClain, Grady, Lincoln, Oklahoma, Logan, Cleveland and Canadian expected to post higher totals by the end of the year.

As of October 2010, foreclosure-related filings in the metro area of Oklahoma City have already reached 7,015. This figure includes notices of default, Oklahoma bank foreclosures scheduled for auction and lender repossessed properties. The figure is almost at par with the total number of foreclosures recorded in January-October 2006 which was 7,082.

For the whole 2006, filings for all types of foreclosures, including home foreclosures in Wells Fargo and other bank-related foreclosures, reached a total of 8,105. This declined in 2007 to 7,042 and declined further to 6,764 by 2008. Last year, the total was even lower at 5,460. In the current year, the total is projected to return to 2006 levels.

According to local realtors, finding foreclosures for sale in the city and the whole state has become much easier compared with the past two years. They stated that in most cases, households get foreclosed on because they seek help when the problem is already in its advance stage and most troubled homeowners do not even consult a realtor to analyze their options.

Most homeowners' refusal to immediately seek help has resulted in more foreclosures this year than ever. According to housing market analysts, around 8% of houses for sale in the area are foreclosed and the percentage is expected to increase further in the next two years. They stated that home foreclosures in Wells Fargo and other bank-related foreclosures will continue to accumulate until 2012 when homeowners with adjustable rate loans will start paying for higher rates.