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Old 11-30-2007, 12:55 PM
 
Location: Wind comes sweeping down the...
1,591 posts, read 4,520,044 times
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Default Oklahoma House Prices rise as national avg. falls

Oklahoma City, Tulsa home prices rise as national average falls
By Richard Mize
Real Estate Editor (DOK)

Buyer’s market or not, home buyers are still paying more for houses in Oklahoma City and Tulsa, not less, according to the Office of Federal Housing Enterprise Oversight, which reported the state’s two biggest cities as out of step with the country as a whole. Oklahoma is marching to its own drum — one full of oil, thanks to the state’s thriving energy business. It’s good news at a bleak time for the nation’s homeowners and Realtors, lenders, builders and others who make their living in the single-family housing business.

The federal agency reported Thursday that home prices nationally fell for the first time in 13 years — 0.4 percent in the third quarter compared with the second quarter. Nationally, prices continued to inch up year to year — 1.8 percent in the third quarter, the slowest growth since 1995, compared with the third quarter of 2006. Oklahoma City prices increased 2.39 percent quarter to quarter — a pleasant surprise since prices seemed to be trending down at the end of the second quarter, when prices increased a tiny 0.01 percent from the quarter before.

On the year, Oklahoma City prices increased 4.7 percent, from the third quarter of 2006 to the third quarter of this year. Tulsa prices increased 2.02 percent on the quarter and 6.01 percent on the year, according to the Office of Federal Housing Enterprise Oversight.

Looks like Oklahoma is doing great!
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Old 11-30-2007, 01:15 PM
 
Location: Fort Worth/Dallas
11,879 posts, read 24,968,301 times
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Good news about Oklahoma. Thanks HT!
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Old 11-30-2007, 05:45 PM
 
Location: Stillwater, Oklahoma
8,697 posts, read 6,486,240 times
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Well, Oklahoma usually lags the national trends. The nation was suffering even worse during Oklahoma's last oil boom from the late 1970's to early 1980's. Unlike that other time, though, Oklahoma is growing slower now and should have less in the future to fall down from.
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Old 11-30-2007, 06:17 PM
 
Location: Hughes County, Oklahoma
3,160 posts, read 7,302,187 times
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Oklahoma hasn't had the speculation, with people "flipping" houses. I know someone in Florida who owns 3 houses, all mortgaged.
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Old 12-01-2007, 12:11 AM
 
Location: Wind comes sweeping down the...
1,591 posts, read 4,520,044 times
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Quote:
Originally Posted by Synopsis View Post
Good news about Oklahoma. Thanks HT!
Ya- It should be only good news for Oklahoma.
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Old 03-19-2009, 02:12 PM
 
10 posts, read 21,145 times
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it is not always positive. since, the east and west is in their down turn. it's just like the clock "tick tack tick tack" when it is going to hit oklahoma.....? the market seem crashed everyday.
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Old 03-19-2009, 10:07 PM
 
702 posts, read 1,593,974 times
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Quote:
Originally Posted by bblam View Post
it is not always positive. since, the east and west is in their down turn. it's just like the clock "tick tack tick tack" when it is going to hit oklahoma.....? the market seem crashed everyday.

Not true, our housing costs did not sky rocket like they have over the past 5+ years on both coasts and in Arizona. Our housing prices are some of the cheapest already in the nation. Our economy and unemployment is the 5th best in the nation, why would you think Oklahoma will see the same fate both coasts have seen? It's a total different set of circumstances.
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Old 03-20-2009, 09:43 AM
 
Location: Tulsa, 41st and Yale area
258 posts, read 662,027 times
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Its bound to affect us somewhat, just a matter of how much really. While the rest of the nation last year was really starting to go downhill, Oklahoma was reaping the rewards of high oil prices. And yes, we didnt have the negative pressures of too much speculation and over priced housing. However, already some developments in Tulsa have been put on hold, or pulled off the shelf because of the economy. The billion dollar River District is pretty much on hold. A couple of new urban loft projects have faltered because the banks arent lending to such projects because they have been stung by similar projects in other areas of the country. Shouldnt really be hurting our projects, but they are running scared at the moment. Home building is down here. I know because I paint in those million dollar mansions and I am not seeing nearly as many being built right now and my work is about half what it was.

Having said that,,, there are still a lot of construction projects underway and some parts of the local enonomy are still managing. My current feeling is that nationally we will have about 6 months more negative news as all the "fake" money and wealth gets paid for and accounted for. Then another 6 months of up and down news. Then start growing again. Already you are starting to see areas of the country that are doing ok. Lets hope these "ok", areas, like Oklahoma, lead the way up with wise growth and dont succumb to downward pressures from the national and world economy.
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Old 03-20-2009, 09:54 AM
 
Location: So. Dak.
13,496 posts, read 24,916,730 times
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Since OK doesn't seem to have had the tremendous upswing in housing prices, you should stay quite stable in that area with a yearly increase of 3% to 5%, which is average. There shouldn't be much of a problem with foreclosures like in many other areas of the country.

Your unemployment rate seems to be quite stable, too. My area was once near the top in the nation for low unemployment and we're taking a hit here.

Unfortunately, no state is an island and we'll all see some backlash on this. In reality, all our states are dependent on each other so all we can do is hang on and hope this ends soon. We have so much production that relies on other states buying from us and that would be the same for OK.

The good news is that the predictions are that we should start seeing things improve by early next year. If that ends up being true, the middle of the country will come out of this very well compared to some areas.
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Old 03-20-2009, 09:02 PM
 
702 posts, read 1,593,974 times
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If this current administration doesn't pull their head out of their you know what, it's going to be several years before things start turning around! I'm starting to have old nightmares of the Jimmy Carter days all over again!!
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