Metro Tulsa Home and Apartment Foreclosures Decline Sharply

by on Foreclosures

Last February, there were only 550 home and apartment foreclosures recorded in Tulsa, OK. This translates to one filing per 738 homes. The latest figure is actually 29.3 percent lower than January figures and 40.6 percent lower than February last year.

The rate of foreclosures for sale in Tulsa may have been affected by the cold winter weather. There were even blizzards during the said month, in which a lot of offices were shut down. It can be assumed that because of this, there were delays in the completion and filing of foreclosure-related documents.

Meanwhile, the number of foreclosures in Oklahoma dropped during the same period. There was a 31.63 decline from January this year and a 38.98 decline from February last year. The decline is also attributed to the overall bad weather experienced for the said month. The state now holds the 35th position in the list of states with the highest foreclosures rate.

Nationally, there were a total of 225,101 home and apartment foreclosures recorded for the same month, which is also equal to one filing for every 577 homes. Compared to January, the latest data is 13.86 percent fewer and 27.04 less than February 2010 numbers. Nevada topped the list, in terms of foreclosure frequency, with one filing for every 117 households. It is the 50th straight month the state has held the said position.

Another reason for the decline of in the number of foreclosed homes for sale, aside from the snowstorms, is the way homeowners are now becoming more responsible with their debt-paying and are more careful with how they manage their finances. The foreclosure crisis, which crippled the mortgage industry, has always been seen as a consequence of financing giants practicing predatory lending practices. It did not help that many of the borrowers were approved for loans they could not afford.

Experts also believe that declines observed in most states can be attributed to the conscious efforts of lenders to check if there are any irregularities in their foreclosure process. There were claims of this nature last year, including accusations that lenders used rob-signers. Some lenders even decided to declare a foreclosure moratorium. Obviously, their decision affected foreclosure rates all over the nation.

February’s national home and apartment foreclosures filings figure was actually the lowest recorded rate in the past 36 months. The industry’s efforts to improve both lending and foreclosure practices seem to be paying off.