Oklahoma Foreclosure Rate on the Rise

Posted in General, August 31st, 2006 |

New statistics have showed that Oklahoma foreclosures have increased 45 percent over the past year to a rate that is more than two-and-a-half times the national average. The new figures place Oklahoma’s foreclosure rate as the thirteenth highest in the nation.

As in other sectors of the country, the rising rate of foreclosure is attributed to rising interest rates nationwide, and especially their effect on Adjustable Rate Mortgages. In other states, the key to avoiding a skyrocketing foreclosure rate has been an increased economy where people can earn enough and afford to keep up with their loan payments. However, with interest rates rising as quickly as they are, it will be very hard for more and more people to make payments as time goes on.

If you’re looking to buy in Oklahoma, finding a foreclosure or pre-foreclosure home could be your best bet at a time like this. Not only will you be able to buy for a discounted price, you will also be helping someone who can no longer afford their mortgage payments by buying them out of debt.