Foreclosures in Lawton - KSWO 7News | Breaking News, Weather and Sports

Foreclosures in Lawton

Lawton_Home foreclosures are becoming all too familiar to Americans.  Some states are reporting increasing numbers of foreclosures - Nevada reports 1 in 74 homes.  Across the United States, for-sale signs are everywhere, some by the owners' choices, others when the mortgage companies repossessed them. 

Some homeowners will walk up to their front door, reach for the doorknob, and find a problem - there's a lock, and the homeowner doesn't know the combination.  "A lot of them feel humiliated," said Lawton Realtor Paul Durry.  "The reason is a home is one of the greater investments they ever made.  People always have a negative outlook on foreclosures."

Nationally home foreclosures are up 25% from last October at about 1 in 450 homes.  In Oklahoman Foreclosure rates are much lower - and while foreclosure rates nationwide.  In Oklahoma it's about 1 in 2,000.  Across Oklahoma, more than 800 new foreclosures were filed last month - a decrease from September, but an increase from last October.  Realtors say they attribute foreclosure rise and fall rate to the economy. "People in this area are more conservative [with their investments] than some of the east and west coast buyers," said Durry.  "The properties here they are buying for need, or they have thought out."

However, foreclosures are happening in the Sooner State, maybe even in your neighborhood.  "I normally inventory about two or three," said Durry.  "I was working with several lenders.  Now that has jumped in the last two or three weeks - I've been getting assigned probably over 12."  Durry says when purchasing a home, you should know what you can afford, and know the loan amount you will have to pay back.  Don't dig too deep.

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