Realtors Feel Tulsa Market Still Strong

By Emory Bryan, The News On 6

TULSA, OK -- The foreclosure fears impacting the economy are worse elsewhere than in Tulsa say local real estate experts.

Foreclosures are increasing in the Tulsa area, but it's nothing like the red hot real estate markets in Florida and California.  With the bailout on the way, it's possible that Oklahoma's real estate market will be safe from what's happening in other places.

The for sale signs seem to be everywhere in Tulsa.  Instead of that being a sign of homeowners in trouble, a real estate broker says it's an indication of a market that remains strong.

"And the one interesting fact is that Oklahoma ranks number one for home value gains in the whole nation," said Prudential broker Johnnie Cherblanc.

Cherblanc says that's in spite of the mortgage meltdown crippling Wall Street and the uncertainty of the bailout.  He says homes prices in Tulsa are up about 4% over last year in part because there are actually fewer homes on the market.

While home prices in Tulsa have only risen by a few percentage points in the last few years that might have insulated the market from the home mortgage crisis.

Cherblanc says house prices in other parts of the country were fueled in part by easy credit.

"People were getting into houses they shouldn't have been getting loans for.  They couldn't afford it and that's what is causing a lot of problems," said Prudential broker Johnnie Cherblanc.

While Congress and the White House work on the bailout, Cherblanc believes it will help the relatively few people in Oklahoma who are facing foreclosure.

"And I think the government will step in and help those folks first and help them keep their home," said Prudential broker Johnnie Cherblanc.

The News On 6 spoke with several individuals who are trying to sell their own homes, and they said they've had a good amount of interest and believe they'll be able to sell the houses.

A realtor with lots of experience told The News On 6 that houses under $200,000 are selling well, but those over $200,000 are very difficult to sell right now.