Oklahoma’s bad loan rate falls 25 percent

Found this article in the Tulsa world and wanted to share it with you.  Finally, some good news that what we’re doing i actually making a difference.  At least here in our beautiful state.

Fewer Oklahomans faced losing their home in May, as the foreclosure rate dropped significantly.Last month 877 foreclosures were filed, down 25.5 percent from April and down 29 percent from May 2008, according to a report from real estate data service RealtyTrac.

Oklahoma’s foreclosure rate of one for every 1,851 home loans was good enough for the state to drop from the 34th highest rate in April to the 39th in May.

Margo Mitchell, executive director of the nonprofit Consumer Credit Counseling Service in Tulsa, said the reduction in foreclosures was overdue good news.

“It’s good for people who are trying to keep their homes, and good for all of us who live around them,” she said.

Mitchell said part of the reason for the drop may be the increased willingness of mortgage companies to help those who are having trouble keeping up with payments.

However, the reduction in RealtyTrac’s numbers hasn’t yet translated into a reduction of Mitchell’s workload…(click here to read more)

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Clarence Fisher
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