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Home foreclosures in Oklahoma increase by 7 percent, as rates climb nationally

 New housing development on the border of Coweta and Broken Arrow, OK.
Tyler Fulk
A housing development between Coweta and Broken Arrow.

Attom’s Mid-Year 2023 U.S. Foreclosure Market Report shows that there were more than 185,000 properties with foreclosure filings. The number of filings from this report compared to last year’s shows that figure is up 13%.

Foreclosure filings can include default notices, schedule auctions or bank repossessions.

In Oklahoma, 1 in every 766 households are facing foreclosure — ranking the state 15th in the country for homes that could be impacted in the near future. Data also shows foreclosures in Oklahoma are up 7% in 2023 compared to 2022.

That trend is playing out nationally as well. The states with the greatest increase in foreclosure rates include Maryland, Oregon, Alaska, West Virginia and Arkansas. This compared to in 2021, when foreclosures were rare amid low interest rates and pandemic-era protections for mortgages.

Some are anticipating foreclosures to continue its upward trend.

“Similar to the first half of 2022, foreclosure activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023,” Rob Barber, CEO for ATTOM, said in a news release. “Although overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years.”

The market report also shows that lenders completed the foreclosure process on 3,215 U.S. properties in June, which was down 20% from May’s numbers.

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Kateleigh Mills is the Special Projects reporter for KOSU.
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