Oklahoma Bad Credit Mortgage Lenders

Oklahoma is a state with primarily agricultural roots, and was included into the United States during the Louisiana purchase. The pride of people who call Oklahoma home is well known, and this excerpt from the state song reflects this enthusiasm.

“Brand new state, Brand new state, gonna treat you great!
Gonna give you barley, carrots and pertaters,
Pasture fer the cattle, Spinach and Termayters!
Flowers on the prairie where the June bugs zoom”

Home ownership is going up in Oklahoma, with the home ownership rate at a high 68.4%. According to the Oklahoma City Metropolitan Association of realtors, the number of existing home sales in 2002 was up by 6 percent from the previous year. The average 2002 sales price of $112,690 was nearly 5 percent higher than the average for 2001. According to CB Richard Ellis of Oklahoma, occupancy in market-rate rentals in Oklahoma City has remained near 92 percent since 1993 with 96 percent in development financed with tax credits.

The housing market in Oklahoma has long been influenced by the rural beginnings of the state. The dream of home ownership is strongly shared by people in agricultural communities, with the stability and feeling of success that is gained by owning a home being treasured above the benefits of renting. The home ownership rate in Oklahoma is 68.4%, which is higher than the national average of 66.2%. The higher home ownership rate in Oklahoma can be explained by two factors. The first is that Oklahoma citizens view home ownership as an important mark of success, more so than the people who live in states with a unusually low home ownership rate, like California. Home ownership percentages are also often tied directly to the price of homes, with areas with a low average home price often having a correspondingly high home ownership rate. This is indeed the case in Oklahoma, where the price of a home is nearly half the national average at $70,700, while the national average sits at $119,600.

With such low housing costs, purchasing a home in Oklahoma can be seen as a wise investment. The trend in the housing market is for prices to invariably rise, and this is still the case even in areas where the average cost of a home is considerably less than the national average. Therefore, those looking to buy a home are able to buy low, and if they have the virtue of patience, sell high.