Sunday, November 16, 2008

Foreclosures in Oklahoma

Foreclosure rate dives in state

Source: RealtyTrac

By ROBERT EVATT World Staff Writer
Last Modified: 11/13/2008 4:27 AM

A new report indicates that home foreclosures in Oklahoma plunged 36 percent from September to October.

The report by real estate data service RealtyTrac estimated that 817 foreclosures were filed for the month, or one for every 1,967 households in the state.

Nationally, foreclosures rose 5.11 percent for the month and 24.55 percent for the year, with a rate now at one foreclosure for every 452 households.

James Saccacio, CEO of RealtyTrac, said in a news release that legislation filed by several states mandating delays in the foreclosure process did not have a significant effect on home loan defaults.

"While the intention behind this legislation — to prevent more foreclosures — is admirable, without a more integrated approach that includes significant loan modifications, the net effect may be merely delaying inevitable foreclosures," he said.

The national rate was above the previous year for the 34th month in a row.

Nevada had the highest state default rate for the 22nd straight month, with one of every 74 homes filing foreclosure during October

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