Archive for November, 2006

Following the nationwide trend, foreclosures in Oklahoma have taken an upward turn, rising almost 14% between the second and third quarters of this year. Homeowners across the state seem to be unable to keep up with their monthly mortgage payments, especially in the urban area of Omaha. This is seen as a result of rising interest rates and a sluggish economy, in which homeowners are finding it harder and harder to allocate enough money for common expenses and their mortgage.

[via BuilderOnline]

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Officials in Lucas County, which surrounds Toledo in southern Ohio, have proposed a task force to fight the soaring foreclosure rates in the area. With a bad job market and more and more homes going into foreclosure and bankruptcies being declared, the task force will seek to educate homeowners on their options to avoid foreclosure and home loss in an effort to curb the trend.

Ohio as a whole has one of the highest foreclosure rates in the nation, and state officials are growing more concerned as the rate continues to rise.

[via Toledo Blade]

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Despite the national trend in rising foreclosure rates, Tennessee’s rate has actually fallen 7.5% from where it was at this time last year. However, the state still boasts the nation’s 13th highest foreclosure rate. This could mean that the market for foreclosures is slowing in the area, due to people being able to afford their mortgage payments because of a good economy and high job presence. The growing city of Nashville has one of the lower rates of foreclosure, while Memphis has a rate that is slightly higher.

[via Nashville Business Journal]

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