Foreclosure Help in Oklahoma
In Oklahoma the housing market is reportedly promising for both buyer’s and sellers, although the figures do not necessarily reflect this. With a substantial difference between the value of homes and the current listing prices, it seems to be more of a buyer’s market. With the average median sales price for a family home in Oklahoma just over the one hundred thousand point ($123,500), what does this mean for home ownership in Oklahoma? Just how many homeowners are facing foreclosure in the area? Let’s examine the figures and find out.
Housing Market On The Rise?
It is expected that mortgage rates will rise beside house prices, meaning that the current median average home value of $189,900. There is a disparity already between the average home value and the average market value, with the market value sitting around the $151,700 mark. This shows how stagnant the market has become. In this climate the average new home sits on the market for 66 days before it is sold. Although home values have risen by a reported 3.7% in the last year; this value is not reflected in the buyer’s market – although it is reported that certain months of the year see a boost in home buying in Oklahoma.
Some 22.3% of Oklahoma homes have negative value, higher than the national average of 8.7%. Between March and May around 20-40% of homes sell for more than the listing price. The average mortgage rates in Oklahoma are 3.742% over thirty years, and 3.293% over fifteen years. This is only slightly higher than the national average.
Have a specific question about Avoiding Foreclosure in Oklahoma? Check out our Foreclosure FAQ’s section.
Income and Housing Prices
The median rent in Oklahoma is $250 less than the national average, making it slightly easier to afford than many states. With median rent at $775 per month, a full-time worker earning the federal minimum wage would be able to afford housing with limited funds remaining. With regards home ownership; the market is currently very hot, having risen 3.8% in the last year with an expected 1.7% rise still to come. Of all homes in the state, 11.3% of homes have negative equity and 1.4% are delinquent on at least one mortgage payment. The most expensive areas to buy a home in Oklahoma are Edmond, Yukon and Broken Arrow.
Foreclosure in Oklahoma
Now there has been a 22% fall in the rate of foreclosures in Oklahoma City. The city is also experiencing a 20% drop in foreclosures overall compared to this time in 2018. If you are facing foreclosure in Oklahoma then remember that you still have rights. The HUD can give you help and advice on what to do next, as can the Home Relief Program.
You should also familiarize yourself with foreclosure law specific to your state. Get help early and you will have the best chances of fighting off foreclosure on your Oklahoma property.