The Active Rain Nationwide Survey about Oklahoma City

The Oklahoma City real estate market is blessed with stability. Oklahoma City currently has a peak unemployment rate of 6.6% which is expected to go down, and Oklahoma as a state has the lowest nuber of underwater mortgages at 5.9%. Because of our affordable housinf prices combined with low rates, the tax credit acted like a cherry on top of a sundae, it added color and completion but the bulk of the sales where like the three scoops of ice cream.

The only warning signs of a slowing market was a 15% drop in overall volume in the last year. However, much of this slowdonw, and some price drops were do the the luxury market that had become overbuilt with speculative construction and existing homes being marketed at the same time.

One trend to watch is the rise of foreclosures and short sales. Last year the overall rate measured by the MLS system was at 4%. If current trends hold then that number may double, which still puts the distressed housing in the moderate to normal category.

Over all, the expiration of the tax credit has not been felt with the estimated number of users significantly down from the first deadline of November 2009. Low interest rates are currently buoying the market.