The current economic crisis has resulted in a massive uptick in the number of foreclosures in Oklahoma City. This comes not only from the collapse of the sub-prime mortgage market, but the fact that increasing unemployment has made many formerly solvent borrowers unable to pay off their loans. This has been a great bane to house owners, who have seen their property values drop as homeowners are forced to move in with relatives, leaving houses abandoned and uncared for under bank ownership.

This is somewhat of an advantage to those seeking to purchase a house. While credit is still very hard to get in the current economic environment, government housing credits and bank owned properties have made houses more affordable and put potential buyers in an excellent position to negotiate. Houses quickly lose value when unoccupied, due to break-ins, natural forces, and neglect. Small problems such as leaky pipes would be quickly fixed in an occupied house, but they would become a disaster in an unoccupied home.

As such, buyers must be careful to examine a house thoroughly before purchasing, to make sure that it is in good repair. Banks often never even see the houses they have repossessed, and are unaware of serious structural problems or the removal of essential appliances by former residents. Anyone looking to purchase a repossessed house should first have it examined by a housing inspector. A house is no bargain at any price if it is unliveable, and may in fact become a liability to the new owner, who will have to take responsibility for any damage caused by neglect or former occupants.