Foreclosure Industry

Job losses, high medical bills and casualty losses have always been reasons for financial difficulty. But, other factors are causing the rate of foreclosures to increase. Chief among them is risky borrowing practices, which leave homeowners exposed to rising interest rates. Frank Norhaft, chief economist with government-chartered mortgage giant Freddie Mac, estimates one out of every three loans issued in 2005 was an adjustable rate mortgage. He expects $500 billion in such mortgages to reset sometime this year, leaving many with a payment they can no longer afford. Many economists and industry observers expect the pace of foreclosures to accelerate this year.

Our Statistics page shows the high number of foreclosures in Oklahoma County. Not shown is the even higher number of foreclosure lawsuit filings. Review of that page shows that most of the properties listed ultimately sell at auction, and at prices significantly below market value.