Sales of Pre-Foreclosures Dropped in Some Areas of OK

Sales of residential properties, including pre-foreclosures, recorded their lowest totals last year in some areas of Oklahoma in more than a decade. However, analysts did claim that housing sales in the 1980s were even worse than the sales figures recorded in 2010.

Home auctions in Edmond and housing auction sales in various areas of the state failed to attract enough buyers to top 2009 sales figures. In Tulsa, sales declined by 15.6% in 2010 compared with 2009, according to the Greater Tulsa Association of Realtors. A total of 9,464 housing units was sold in the city in 2010, the association also reveals.

According to housing industry experts, the failure of Oklahoma home foreclosure auctions to sell most of their properties was mainly due to the nationwide economic downturn. They explained that buyers, even those with the means to make purchases, were scared of further declines in the economy, and majority opted to hold on to their money instead of putting them down on real estate.

Local realtors reported that the first half of last year showed promise as buyers grabbed residential pre-foreclosures and non-foreclosed residences from the market in a attempt to secure transactions before the tax credit deadline. Most brokers expected home-buying activity to decline after the expiration of the tax credit and to rebound after around three months. However, housing sales remained poor in the city and the whole state for the whole of last year.

In Tulsa, December saw a total of 654 housing units purchased from foreclosed auction sales and from other channels. The number improved slightly from the November sales of 605 units, but remained way below the 760 homes sold during December 2009. Housing industry experts stated that the lack of activity in the home buying sector showed how uncertain people have become about the status of the country's economy. They also stated that it will take a few more years before the housing market can get back to sales levels recorded during the pre-crisis period.

Local analysts also stated that pre-foreclosures and other residential properties in Tulsa will remain unsold while the prices of oil remain low. They stated that the area is highly dependent on the oil industry, even more so than other U.S. markets.

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