Oklahoma lenders provide a full line of home loan products to home buyers. These loan products are protected by foreclosure procedures that generally favor the lender. As a result, Oklahoma's foreclosure procedures deserve to be closely studied.
Furthermore, it is also a good idea to know something about Oklahoma’s home values, population trends and mortgage industry. Here is some background information that will give readers some idea about Oklahoma's home values, population trends and mortgage industry.
Oklahoma's median home value prices tend to lag significantly behind the 4th quarter national median home price of $179,900.
To illustrate this point, here are the February, 2010 median home values for three of Oklahoma's most populated cities from lowest to highest:
Oklahoma's median home value prices tend to lag significantly behind the national median price because for two reasons.
First, there are more houses available on the market than what is demanded.
According to Yahoo!'s Oklahoma real estate page, Oklahoma cities have an average of 3,127 units for sale locally. This extra supply of houses on the market has kept statewide median home value prices well below the national median price.
Furthermore, Oklahoma's current low median home values are also seen as a response to a lower cost of living.
Oklahoma has consistently enjoyed a cost of living that indexes well below the national average. This can be explained in large part to its very low housing costs. This is especially true in Oklahoma City. According to www.bestplaces.net, Oklahoma City's housing costs were just 45% of the national average.
As a result, Oklahoma's home values also tend to be a better value for most homebuyers.
Here is a list of Oklahoma’s three largest cities that is based on 2008 US Census estimates:
Here is some background information about these cities:
Oklahoma's largest cities tend to be cities that are the state's economic leaders. For example, Oklahoma City is the state's leading producer of oil, natural gas and other natural resources. It also features one of the world's largest livestock markets. Furthermore, Oklahoma's largest cities also tend be major players in high-tech industries Tulsa and Norman are home to some of the largest high-tech industries in the world. This has created a number of stable, high paying jobs that have kept their economies strong and stable.
Here is a list of the three fastest growing cities in Oklahoma that is based on 2008 US census estimates:
Here are some reasons why these cities are growing faster than other cities in Oklahoma:
Bixby has enjoyed lower than average crime rates. For the past three years, Bixby has seen 2/3rds fewer crimes than other states in Oklahoma. This is one reason why Money.com named Bixby the 67th best place to live in America.
Edmond's growth has been fueled by Oklahoma City residents who want a calmer lifestyle. This is the case because Edmond’s open spaces and easygoing lifestyle have great appeal with urban residents who want a quieter, relaxed lifestyle.
Norman's growth has been fueled by growth in the high-tech sector. Many high-tech firms have moved into the area to take advantage of a lower cost of doing business. As a result, many people from surrounding communities have moved into the area to work for these firms.
Oklahoma's lenders offer the usual types of home loan products. These products include:
These home loans are recognized in Oklahoma as either mortgages or deeds of trust. However, most lenders prefer to use mortgage-type instruments because a power of sale clause can be inserted into the loan's provisions more efficiently.
Furthermore, Oklahoma also recognizes mortgages as liens on tangible property. This recognition makes it easier for lenders to foreclose on properties in Oklahoma. It also makes the foreclosure process more favorable for lenders.
Furthermore, Oklahoma lenders also have nearly full recourse privileges on home loans. This is the case because lenders can sue for a deficiency judgment within 90 days of the sale of a foreclosed home. The only instance when this is impossible is when the foreclosed property is a homestead.
Oklahoma recognizes judicial foreclosures and non-judicial foreclosures. However, most foreclosures executed in Oklahoma are non-judicial foreclosures. This is the case because most loan provisions include a power of sale clause that makes it simpler to use a non-judicial foreclosure procedure.
Furthermore, there are slightly different foreclosure procedures for homesteads. People whose homesteads are being foreclosed upon have extra rights. As a result, a foreclosure involving a homestead can take longer.
Here is how the non-judicial foreclosure process works in Oklahoma:
Whenever there is no clearly defined power of sale clause in a loan's provisions, lenders must execute a judicial foreclosure procedure. Here is how the judicial foreclosure procedure works in Oklahoma: