Property seizures increase 43 percent in second quarter

Foreclosures in Oklahoma are nowhere near the levels on the coasts and in formerly bubbly housing markets, but they're up and will continue to inch up for years, said a Realtor who specializes in the foreclosure market.

Credit tightening by private lenders, more waves of resetting adjustable-rate mortgages coming and increased down-payment requirements going into place for Federal Housing Administration-backed loans will prolong the national housing crisis, said Mary Berry, broker-owner of Century 21 All Pro Realty in south Oklahoma City.

"I think you're going to be looking at the end of 2011 or the beginning of 2012 before you see this thing level off,” said Berry, who has handled the sale of foreclosed houses for the U.S. Department of Housing and Urban Development since 1999.

Foreclosure rise starts with homes under $100K

Berry is known for a gloomy outlook that isn't surprising considering the kinds of properties she deals with daily. Her dark outlook is based on her own numbers — a 43.5 increase in total foreclosures through June compared with the same period last year.

Oklahoma's economy — mainly the energy business — is shielding the state from the brunt of the national housing crisis, but 48 states, including Oklahoma, and 95 of the top 100 cities in the country, including Oklahoma City and Tulsa, saw significant increases in foreclosure filings in the second quarter, according to RealtyTrac, which tracks U.

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