|By Marketwired .||
|May 20, 2014 06:00 AM EDT||
IRVINE, CA -- (Marketwired) -- 05/20/14 -- RealtyTrac® (www.realtytrac.com), the nation's leading source for comprehensive housing data, today released a housing market update on the Oklahoma City, Okla., area exactly one year after the Moore tornado hit the city.
Foreclosure filings -- default notices, scheduled auctions and bank repossessions -- were reported on 898 properties in Oklahoma City in the first four months of this year (January to April 2014), a decrease of 19 percent compared to the first four months of last year (the previous year January to April 2013) prior to the tornado.
"The decrease of overall foreclosure activity in Oklahoma City is economically driven by the growth and expansion of the city since the tornado hit," said Sheldon Detrick, CEO of Prudential Detrick/Alliance Realty, covering the Oklahoma City and Tulsa, Okla. markets. "Unemployment is down resembling pre-recession levels and Boeing just completed its move into Oklahoma City, which has helped elevate the economy in the city and its surrounding communities."
"A year after the Moore tornado devastated the southern part of Oklahoma City, we are starting to exceed pre-recession levels in all categories of the market," Detrick added.
The Oklahoma City market continues to show improvement with more equity rich homes than seriously underwater homes. Out of all properties with loans 14 percent are equity rich while 10 percent are considered seriously underwater.
Bank repossessions spike immediately following tornado
In the four months following the tornado (June to September 2013), 458 properties in the Oklahoma City area were foreclosed on and repossessed by the lender (REO), a 58 percent increase from the four months before the tornado (January to April 2013).
"These properties were being held off the market by banks and lenders to keep from further devastating the market with an influx of defaulted properties," said Detrick. "This created a large backlog of REO and foreclosure auction properties. As the market continues to get stronger these properties are being released, which explains the fluctuation and large increase in REO properties following the tornado."
In the first four months of this year, 323 properties were repossessed by lenders, a 12 percent increase from the first four months of 2013 -- before the tornado hit.
11 percent of all foreclosures in Oklahoma City vacant
As of Q1 2014, 11 percent of the 1,267 properties actively in the foreclosure process in Oklahoma City had been vacated by the owner -- compared 21 percent of all foreclosures that are vacant nationwide.
"Vacant foreclosures pose a threat to the housing market in Oklahoma City because neither the distressed homeowner or the foreclosing lender are taking responsibility for maintenance and upkeep of the home -- or at the very least facilitating a sale to a new homeowner more likely to perform needed upkeep and maintenance," said Daren Blomquist, vice president at RealtyTrac. "These properties drag down home values in the surrounding neighborhood and contribute to a climate of uncertainty."
Median home sale price continues to fall in Oklahoma City
The median price of residential properties sold in Oklahoma City in March 2014 was $119,250, down 1 percent from a year ago. March marked the sixth consecutive month where Oklahoma City median home prices decreased on a year-over-year basis.
"The drop in median sale price is due to Fannie Mae's unloading of housing inventory during the months of December, January and February," explained Detrick. "Small, less expensive homes tend to have Fannie Mae FHA loans, so when Fannie Mae released big chunks of its inventory into the market it caused home prices in the area to decline."
------------------- --------------------------------- ---------------- Oklahoma City, Median Sale Okla. Foreclosure Activity Price --------------------------------- Default Auction REO Total ------------------- --------- --------- ----- ------- ---------------- Jan. - Apr. 2013 220 598 289 1107 $123,000 ------------------- --------- --------- ----- ------- ---------------- June - Sep. 2013 83 362 458 903 $130,000 ------------------- --------- --------- ----- ------- ---------------- Jan. - Apr. 2014 154 421 323 898 - ------------------- --------- --------- ----- ------- ----------------
This report is the result of a proprietary evaluation of information compiled by RealtyTrac; the report and any of the information in whole or in part can only be quoted, copied, published, re-published, distributed and/or re-distributed or used in any manner if the user specifically references RealtyTrac as the source for said report and/or any of the information set forth within the report.
Data Licensing and Custom Report Order
Investors, businesses and government institutions can contact RealtyTrac to license bulk foreclosure and neighborhood data or purchase customized reports. For more information contact our Data Licensing Department at 800.462.5193 or [email protected].
RealtyTrac is a leading supplier of U.S. real estate data, with nationwide parcel-level records for more than 125 million U.S. parcels that include property characteristics, tax assessor data, sales and mortgage deed records, Automated Valuation Models (AVMs) and 20 million active and historical default, foreclosure auction and bank-owned properties. RealtyTrac's housing data and foreclosure reports are relied on by many federal government agencies, numerous state housing and banking departments, investment funds as well as millions of real estate professionals and consumers, to help evaluate housing trends and make informed decisions about real estate.
"We help companies that are using a lot of Software as a Service. We help companies manage and gain visibility into what people are using inside the company and decide to secure them or use standards to lock down or to embrace the adoption of SaaS inside the company," explained Scott Kriz, Co-founder and CEO of Bitium, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nov. 27, 2014 07:00 PM EST Reads: 1,301
15th Cloud Expo, which took place Nov. 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA, expanded the conference content of @ThingsExpo, Big Data Expo, and DevOps Summit to include two developer events. IBM held a Bluemix Developer Playground on November 5 and ElasticBox held a Hackathon on November 6. Both events took place on the expo floor. The Bluemix Developer Playground, for developers of all levels, highlighted the ease of use of Bluemix, its services and functionalit...
Nov. 27, 2014 07:00 PM EST Reads: 1,154
The 4th International DevOps Summit, co-located with16th International Cloud Expo – being held June 9-11, 2015, at the Javits Center in New York City, NY – announces that its Call for Papers is now open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's large...
Nov. 27, 2014 06:00 PM EST Reads: 1,698
Some developers believe that monitoring is a function of the operations team. Some operations teams firmly believe that monitoring the systems they maintain is sufficient to run the business successfully. Most of them are wrong. The complexity of today's applications have gone far and beyond the capabilities of "traditional" system-level monitoring tools and approaches and requires much broader knowledge of business and applications as a whole. The goal of DevOps is to connect all aspects of app...
Nov. 27, 2014 06:00 PM EST Reads: 1,003
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Nov. 27, 2014 05:00 PM EST Reads: 1,279
When an enterprise builds a hybrid IaaS cloud connecting its data center to one or more public clouds, security is often a major topic along with the other challenges involved. Security is closely intertwined with the networking choices made for the hybrid cloud. Traditional networking approaches for building a hybrid cloud try to kludge together the enterprise infrastructure with the public cloud. Consequently this approach requires risky, deep "surgery" including changes to firewalls, subnets...
Nov. 27, 2014 04:45 PM EST Reads: 1,139
Want to enable self-service provisioning of application environments in minutes that mirror production? Can you automatically provide rich data with code-level detail back to the developers when issues occur in production? In his session at DevOps Summit, David Tesar, Microsoft Technical Evangelist on Microsoft Azure and DevOps, will discuss how to accomplish this and more utilizing technologies such as Microsoft Azure, Visual Studio online, and Application Insights in this demo-heavy session.
Nov. 27, 2014 04:45 PM EST Reads: 1,075
DevOps is all about agility. However, you don't want to be on a high-speed bus to nowhere. The right DevOps approach controls velocity with a tight feedback loop that not only consists of operational data but also incorporates business context. With a business context in the decision making, the right business priorities are incorporated, which results in a higher value creation. In his session at DevOps Summit, Todd Rader, Solutions Architect at AppDynamics, discussed key monitoring techniques...
Nov. 27, 2014 04:30 PM EST Reads: 1,132
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water,...
Nov. 27, 2014 04:00 PM EST Reads: 1,210
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
Nov. 27, 2014 04:00 PM EST Reads: 1,596
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
Nov. 27, 2014 03:00 PM EST Reads: 1,241
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Nov. 27, 2014 03:00 PM EST Reads: 882
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, discussed single-value, geo-spatial, and log time series dat...
Nov. 27, 2014 03:00 PM EST Reads: 1,425
An entirely new security model is needed for the Internet of Things, or is it? Can we save some old and tested controls for this new and different environment? In his session at @ThingsExpo, New York's at the Javits Center, Davi Ottenheimer, EMC Senior Director of Trust, reviewed hands-on lessons with IoT devices and reveal a new risk balance you might not expect. Davi Ottenheimer, EMC Senior Director of Trust, has more than nineteen years' experience managing global security operations and asse...
Nov. 27, 2014 01:00 PM EST Reads: 1,623
The Internet of Things will greatly expand the opportunities for data collection and new business models driven off of that data. In her session at @ThingsExpo, Esmeralda Swartz, CMO of MetraTech, discussed how for this to be effective you not only need to have infrastructure and operational models capable of utilizing this new phenomenon, but increasingly service providers will need to convince a skeptical public to participate. Get ready to show them the money!
Nov. 27, 2014 11:00 AM EST Reads: 1,230