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Foreclosure Filings on the Rise in Tulsa, Oklahoma

Tulsa, Oklahoma is the 2nd largest city in Oklahoma. It is regarded as the “Oil Capital of the World.” The current recession, though, has put the designation on shaky ground. The city does have an extremely high foreclosure rate, at 1 in 264 homes that received foreclosure filings in August of 2010. There are currently 5,261 foreclosure listings and another 2,153 homes that are in the process of pre-foreclosure and auction. The median sale of a home is up 7.6% over a year ago. Since there are about 163,000 homes within the area, the foreclosure market is very lucrative.