Oklahoma City Foreclosures on the rise

The first few months of 2009 have been tough in the Oklahoma Real estate market. Oklahoma City Foreclosures have been on the increase.

Residential apartment foreclosures are on the rise in Oklahoma. Apartment owners are suffering for acquiring high priced and unproductive properties with strict loans. But the persons who suffer most from these foreclosure are the tenants. Oklahoma City Foreclosures especially in the case of apartments have left a community from a handful to over 400 tenants per apartment complex facing eviction and dismal living conditions.

Reports recently focused on the case of a foreclosure in Phoenix, Arizona, where a private investor faced foreclosure of an apartment complex and left its tenants in despair with utilities cut off due to non-payment. Oklahoma has yet to witness such severe conditions but there is the case of a few apartment complexes in Del City where owners stopped making payments resulting in decay and stagnation.

 There has been an up trend in Oklahoma City Foreclosures. In particular, there has been a constant increase in commercial properties ready for foreclosure in the last quarter. In the case of commercial buildings, the recent Oklahoma City Foreclosures that captured most publicity were the case of Cross Roads Mall and Timber wood apartments. But on the bright side, there are unique reasons for the Oklahoma City Foreclosures. An example is Cross Roads Mall. It has faced adverse circumstances such as loss of its main tenants. It also faced many internal and external problems, which are totally unconnected to the current recession. It can be concluded that foreclosures are not because of any down trend in the apartment market, which is on the other hand very robust and active.

 The Center for Responsible lending and Trans Union a credit-analyzing agency has announced the dismal statistics-

•    One million new foreclosures have already been filed this year, nation wide.
•    This includes an increase in states like Oklahoma where they were few.
•    2.4 million foreclosure expected  in 2009
•    It will cost neighboring communities a loss of $502 billion in declined property value.
•    The rate of foreclosure is 1 every 13 seconds.
•    The amount of delinquencies in mortgage payments went up dramatically in the first quarter of 2009. This is leading to rise in foreclosure rates.
•     Oklahoma City Foreclosures are also reflecting the national trend.