Foreclosures are down in OklahomaWednesday, August 15th, 2007
The national press reports problems with home foreclosures everyday. It is enough to get one to thinking the sky is falling. Yes if you live in California or Florida or some of the areas of the country that saw home prices go up a $100,000 per year of more and you financed with an adjustable rate mortgage you can be in trouble. Anything that goes straight up has to have a correction one day and is in California and Florida and other areas of the country today. With home values lower today in these areas it is increasing hard to get the adjustable rate mortgages refinanced. With fixed rates higher than the teaser adjustable rates many people are finding themselvas in trouble.
Oklahoma and many of the midwest states have been isolated to this deflation of home values because their values did not go up as fast. Most loans in the midwest have been at fixed rates also.
The Tulsa World newspaper in the August 15, 2007 edition reports foreclosures are down in both Tulsa and Oklahoma City, the only state areas reported on. Tulsa reported one foreclosure for every 143 homes or down 8% from the last six months and 12% from the first half of 2006. The highest levels of foreclosures were reported in Stockton CA which had one foreclosure for every 27 households. Other top cities were Detroit, Las Vegas, Riverside/San Bernardino and Sacramento, CA
If you need to buy a home in Oklahoma, be a prudent buyer by doing your homework on location, condition, and offered price of the home. This is the way it should be done anytime. Next get a fixed rate loan lined up. It is best to have financing lined up before going house shopping.
If you would like to live, retire to, or have a second home on the lake then call us. Grand Lake and the Grove, OK or Monkey Island area of Grand Lake offer excellent values in today’s market. We have a good selection of homes priced on the market to choose from. Waterfront homes or nice tree filled additions in Grove offer many opportunities in different price ranges.
Don’t let national news make you think the sky is falling in on all real estate. Come to Oklahoma and Grand Lake.