Newspaper article THE JOURNAL RECORD

Sheriff's Sales Slow to Year's 2nd Low Point

Newspaper article THE JOURNAL RECORD

Sheriff's Sales Slow to Year's 2nd Low Point

Article excerpt

Oklahoma County sheriff's sale activity reached its second lowest point of the year during July, but officials expect the previous faster pace to resume next month.

According to records in the Oklahoma County Courthouse, 336 pieces of residential, commercial and industrial property were sold at forced auction last month.

In January, 291 properties were sold after foreclosure, the lowest monthly total of 1987.

July's total compares to 510 sold in June and 476 sold in March.

This marks a drop in the pace of sheriff's sales this year, which reached an apparent record in the first six months of 1987.

Properties sold at forced auction through June were more than double the number sold in a comparable period of 1986 and more than quadruple the number sold in the first six months of 1985.

The 34 percent drop in sales from June does not represent a trend, according to Undersheriff Jerry Biggers who conducts the weekly sheriff sales.

"Based on what we've seen, this (July) was an extremely light month, but I don't feel it's a trend," he said. "Attoneys I've talked with indicate they have a lot of cases which they haven't yet gotten to."

Sheriff sales are not an indication of the current economy, Biggers said, for the auctions are the final step in the foreclosure proceedure which takes about 12 months.

"Foreclosure was filed on most of these last year," he said. "It will take at least six months at a bare minimum, and usually 12 months to complete the foreclosure process."

The number of cases in which foreclosure petitions already have been filed indicate that the number of properties sold at auction probably increase in August. …

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