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Report: State Foreclosure Rate Up As Nation Trends Downward

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A new report out shows problems in Oklahoma’s housing market.

RealtyTrac says while foreclosures dropped thorughout the nation as a whole in 2015, they are on the rise in Oklahoma, according to The Journal Record’s Brian Brus:

Lower oil prices took a toll on housing markets with strong relations to the energy industry, analyst Daren Blomquist said in a prepared statement. Foreclosure activity in Oklahoma increased by 36 percent year-over-year, suggesting a shift of economic scale. “Local economic problems became a larger driver of foreclosure activity in 2015,” Blomquist said. Data suggest the trend will continue into 2016. The nation’s count of foreclosure starts was down 11 percent in 2015, while Oklahoma’s foreclosure starts rose by 92 percent, a rate nearly equal to the high mark in 2009.

Blomquist also said nationally, the price of a bank-owned home is 41-percent below the median price of all homes. He said that demonstrates a healthy market in which foreclosures aren’t mainstream.

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