HomeOklahoma has seen more than it's share of ups and downs over the last few hundred years of recorded history. There was the dust bowl and the great depression, the onset and subsequent collapse of the big oil business in the state and now the financial collapse of the area due to the fall of the housing market due to the current real estate crisis facing the country today.
Oklahoma people pride themselves on being tough and persevering over adverse odds and they will no doubt weather this storm as well although from the indications a lot more of them will be without the homes that they were in the process of buying.
The Market here depending on your actual physical location can range from very nice up scale and newer construction that was built during the peak of the market all the way to older homes in more established areas and neighborhoods. People in the area around Oklahoma City relied heavily on the oil industry and retail. Both of these have taken a huge hit lately and many jobs were lost as a result. With the loss of these jobs came the inability of some folks to be able to actually sustain a mortgage and homes began to fall.
While the actual physical numbers are not nearly as disastrous as the ones in more populated states like California in and around Los Angeles the percentages are no less phenomenal and the lives that have been affected by the crisis are no less important.
While the rate has slowed somewhat in recent weeks, the forecast from the experts tend to make us think that there will be yet another wave of repossessions in the somewhat near future which will bring more homes into a distressed state at a time when things are already worse than bad.
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