Oklahoma Ranks 1st In Home Equity

May 13, 2010

by Oklahoma RealEstateRama

Category: News || Marketing & Statistics, Mortgage | No Comments

Tulsa, Ok – May 13, 2010 – (RealEstateRama) — The Tulsa World reports Oklahoma has the lowest percentage of upside-down mortgages in the country. The national average is 23.7%. In Oklahoma, only 5.9% of homeowners have negative equity on their homes, according to a recent survey by business data company CoreLogic.

John Hausam, president of ERA John Hausam Realtors in Tulsa, tells the Tulsa World the low rate is likely the result of Oklahoma skipping the last decade’s housing bubble, when prices in many regions skyrocketed, only to plunge.

“We’ve never had the strong appreciation,” Hausam tells the World. “We’ve averaged a 3% increase each year since 1981 up until the last year or so.”

The Greater Tulsa Association of Realtors says the median price of a home was $126,000 in March, an increase of 5% from a year earlier.

Nevada has the highest negative equity rate in the country at 69.9% of all homes.