Defying the trend
Home values in Oklahoma remain strong, campaign claims
Home values in Oklahoma remain strong, campaign claims

By Richard Mize

Published: April 16, 2008

It's an old-fashioned screamer of a headline:

"EXTRA! EXTRA! Oklahoma Home Values on the Rise!”

That last part — "on the Rise!” — is even printed in bright red, on posters, fliers and a Web page, www.DefyTheTrends.com.

It's all meant as an antidote for bad national news that the Oklahoma housing industry sees as poisoning home sales in the state.

The $50,000 marketing campaign, "Defy the Trends,” launched Tuesday as a project of the Central Oklahoma Home Builders Association.

The builders join the Oklahoma Association of Realtors, which launched a similar statewide effort in February, dedicating $200,000 to let home buyers and sellers know: "Good Thing You're in Oklahoma.”

The Realtors' main message is that home values in Oklahoma rose more than 4 percent last year compared with 2006, in stark contrast to other markets where values are plummeting. Lisa Yates, chief executive of the Realtors group, said Realtors were glad to see the builders' campaign, "which reinforces the facts about our solid market.”

Markets hurting now are the ones that were riding high on housing and credit bubbles during the national housing boom from 2002-2005. Oklahoma lenders and borrowers largely avoided the loan mechanisms and speculative frenzy that encouraged bubbles in other places, and so the state is missing the aftermath, Realtors said.

Www.DefyTheTrends.com shows current and former leaders of the Central Association Home Builders Association explaining how Oklahoma's situation differs from the nation as a whole — especially those bubble-busted housing markets.

Choctaw builder Jim McWhirter, association president, talks about the state's strong and rising home values.

"There's something to be said about a slower pace of life in Oklahoma. And there's a lot to be said for a housing market that has been protected from much of the housing value hit reported across the nation. Oklahoma City real estate is making it through the national real estate recession with little damage,” he said.

Oklahoma City builder Jeff Click, first vice president, talks about timing — saying that with mortgage rates still at historic lows, now is the time to buy a new home.

"With all the negative hype in the media about housing values falling around the country, it's no wonder many are skeptical about whether or not now is a good time to buy a new home. The fact is in Oklahoma, the timing to buy a new home really has never been better, Click said.

Edmond builder Caleb McCaleb, past president, talks about the state's economy, which is riding an energy boom with one main drawback: Rising gasoline prices.

But McCaleb asks Web viewers: "Would you seek shelter here in Oklahoma City if there was a tornado warning in California? Precisely. It's an economically bright, sun-shiny day here in Oklahoma.”

South Oklahoma City builder Jim Schuff, vice president-treasurer, talks about how Oklahoma mostly missed the subprime mortgage "meltdown,” since subprime loans were such a small portion of lending.

"Combine Oklahoma City's low cost of living with near-record low interest rates, and that means lower payments when you buy your next new home,” he said on the Web page.

Mike Gilles, an Edmond builder and president of the Oklahoma State Home Builders Association, talks about new energy-efficiency construction and systems in new homes that make them more affordable to heat and cool.

"Save both money and the environment with a new home built with products and techniques that are remarkably efficient, and can help off-set high gas and energy prices,” he said on the Web page.

McWhirter said Oklahoma lenders' general reluctance to make sketchy loans, and most Oklahoma buyers' reluctance to stretch themselves too thin, are serving the state well now.

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