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Oklahoma City Foreclosures Drop 19 Percent

Foreclosure filings – such as default notices, scheduled auctions and bank repossessions — were reported on 898 properties in Oklahoma City in the first four months of this year (January to April 2014), which marks a decrease of 19 percent compared to the first four months of last year (the previous year January to April 2013) prior to the tornado that hit Moore one year ago. For the four months following the tornado, there was a 58 percent spike in foreclosures and the annual median sale price dropped in Oklahoma City. As of Q1 2014, 11 percent of the 1,267 properties classified as Oklahoma City foreclosures had been vacated by the owner — compared 21 percent of all foreclosures that are vacant nationwide. Vacant foreclosures are susceptible to falling into severe dilapidation and further property value decline. Vacant homes like these are not only eyesores within neighborhoods, but they bring down the overall value of the city’s real estate. <p>
<p>The Oklahoma City market continues to show improvement with more equity rich homes than seriously underwater homes. Out of all properties with loans 14 percent are equity rich while 10 percent are considered seriously underwater. Moving to Oklahoma City is still a wise decision for many people as properties are still plentiful and the economy continues to strengthen. <p>

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