Edmond Oklahoma increasing in homes in default

I have been working in Edmond Oklahoma real estate as a short sale specialist. Edmond seemed to be a market that at first was not only defying national trends on troubled housing, but also the general problems in the greater Oklahoma City ares. That seems to be changing. We recently signed on to a national reporting service that analyzes homes on a hyper local way. Just in the last month they have sent us information on over 1000 homes in Edmond that are in default 60 to 90 days days. Default by definition is when a payment on a home loan is at least 30 days late. When it gets 60 to 90 days it becomes chronic to a lender and is close to the time a legal notice is sent to the owner that foreclosure is near. This number represents double what it was a year ago. This could be ominous for Edmond in 2010 and 2011 if these homes convert to a foreclosure. If we were to have at least 10% of our homes selling inforeclosure this would create a depreciating market. Currently we have a market holding on to its values but just barely. It is important that homeowners in default initiate a short sale with a qualified realtor. Not only will this help save their credit rating, it will also help to keep the market stable. If you are in this situation please call us soon. We can advise you on your options including the possibility of refinance or loan modification. You can also go to our short sale site at www.avoidforeclosureoklahoma.com for more answers. If you are in Edmond Oklahoma or any area of Oklahoma City we can help. You can also email me at joe@joepryor.com.