Foreclosures in Oklahoma Stay Hidden - 76% Not Yet Listed for Re-Sale

Dec. 7, 2010 - PRLog -- Santa Barbara, CA ----  A market study of Oklahoma County, OK foreclosures performed by RealtyStore (realtystore.com), revealed a large majority of local foreclosures are still pending listing for sale. RealtyStore's study found Oklahoma County foreclosures number 777 in total, however only 182, or 24%, are listed and available for re-sale to the public. The remaining 595, or 76% of REOs recorded in the county have not yet been brought to market.

"Only 2.8% of the 6,299 homes for sale in Oklahoma County are REO foreclosures, meaning these homes are owned free and clear by a bank or government enterprise such as Fannie Mae," noted Peter Ranck, Vice President of RealtyStore."However, if the remaining homes in the REO list are made available for re-sale, foreclosure listings would then jump to 11% of the total current listings in the market. This additional inventory could put significant pressure on home prices in their area."

The unlisted REO properties comprise a portion of Oklahoma County's 'shadow inventory' of distressed and repossessed homes. Shadow inventory has been used in various market studies to include a variety of phases of financially troubled mortgages. Some definitions of shadow inventory include all homes that have been served an initial notice of default, or are set for auction and/or have completed the foreclosure process and are held as REO foreclosures. For the purposes of this study, RealtyStore looked only at records of completed foreclosures to provide a more tangible picture of foreclcosure conditions, opportunities and threats in the area.

An accompanying pricing study revealed a significant difference between foreclosure prices and market averages. The median Oklahoma County foreclosure listing is presently priced at $66,300, while the median home price for the county overall is currently $99,600. As such, on average, local foreclosures are priced 33% below the market median. While variables such as a home's location, condition and amenities will influence prices overall, the 33% foreclosure price discount in Oklahoma is in line with our other recent market studies which found forclosures listed from 20% to 40% below market median prices.

Whether or not listed prices fall further depends on a number of variables, including local economic conditions, the lending environment, and how quickly the looming shadow inventory of REO foreclosures is finally listed for re-sale.

To sample Oklahoma County foreclosure listings, please visit: http://www.realtystore.com/foreclosures/oklahoma-foreclos...

For Oklahoma City foreclosures, see http://www.realtystore.com/foreclosures/oklahoma-foreclos...

More information about RealtyStore is available at http://www.realtystore.com/

Glossary of RealtyStore foreclosure listings terms:
‘REO properties’ = Real Estate Owned, or a property which has been foreclosed upon and had title fully transferred to a lending institution such as a bank or government sponsored enterprise such as Fannie Mae, Freddie Mac, VA, or HUD.

‘Foreclosure re-sale’ = An REO property being actively marketed for sale to third-parties, including the public at large.

‘Shadow inventory’ = For the purposes of this report, shadow inventory includes only those homes which have fully completed the foreclosure process, had title transferred to a lender owner, and are not yet listed for re-sale to third parties, including the public at large.

About RealtyStore
RealtyStore (www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 1 million listings including pre foreclosures, foreclosures, short sales, tax defaults and rent to own or owner financed listings. As the foreclosure listings industry leader, RealtyStore.com is the most visited foreclosure website, averaging over 1.1 million unique visitors per month in Q3, 2010. Realtystore.com is the only specialized foreclosures website to rank in the Hitwise Top 20 Internet Usage Report for the Real Estate Category (October 2010).

Media Contact
Dara Peterson
RealtyStore Media Relations
805-214-6968

Reporting methodology
The RealtyStore County Foreclosures Review provides the total number of REO (real estate owned) foreclosed properties with a recording date on or before the date of this release. REO properties have completed the foreclosure process and have been repossessed by a bank or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders and inventory counts in any area can vary at any time. Counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data is derived from third party and public records offices.

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RealtyStore.com is the leading provider of foreclosure listings and discount property data nationwide. We empower our customers with listings, education and analysis required to identify and potentially maximize profits with undervalued real estate.