Detrick said the decrease in May foreclosure activity was largely due to the tornado's aftereffects, which are creating an inventory imbalance that's being exasperated by the destruction of so many homes. That combined with rising costs for building supplies will likely lead to an unprecedented period of home price appreciation in the Oklahoma City market over the next five years, he said.
“I see probably the most prosperous time and the greatest appreciation in real estate may be on record over the next 18 months,” Detrick said, noting that he's been involved in the real estate business for 53 years. “We have pent-up buyer demand. Our listings are down 22 percent from a year ago. We have a significant imbalance of buyers in versus moving out, and that again affects the inventory.”
In Tulsa, scheduled foreclosure auctions dropped 52 percent from the previous month and were down 42 percent annually. Foreclosure starts decreased 34 percent annually while bank repos increased 16 percent during the same time period — corresponding to a recent jump in scheduled foreclosure auctions.
One in every 743 Tulsa housing units had a foreclosure filing in May — above the national average and ranked 68th out of metros nationwide.