Oklahoma’s Pre-Foreclosure Decline May Mask Deeper Struggles for Homeowners

A Stark Decline, but Signs of Distress Linger Beneath the Surface

In May 2025, Oklahoma recorded 211 properties in pre-foreclosure—a notable 47.77% drop from the 404 properties reported just a month earlier in April. Year-over-year, pre-foreclosure filings have also declined, down 19.16% from May 2024’s count of 261.

At first glance, the data might suggest a stabilizing housing market, a potentially easing economic burden in a post-pandemic landscape. But behind the statistics are stories of Oklahomans grappling with housing insecurity, rising costs of living, and a frayed safety net stretched thinner than ever.

Though fewer homeowners received pre-foreclosure notices last month, those who did are often facing the same systemic challenges that pushed pre-foreclosure filings into the thousands in past years, challenges that remain unsolved for many low-income households across the state.

Historical Context: A State Shaped by Housing Highs and Lows

To understand where Oklahoma stands today, it’s important to zoom out. The years between 2010 and 2013 marked the high-water mark of Oklahoma’s pre-foreclosure crisis. In 2011 alone, over 15,000 homes were in pre-foreclosure, a staggering number that mirrored the broader national fallout from the Great Recession.

Since then, the state has seen steady declines, especially in the years leading up to the COVID-19 pandemic. During the pandemic, government forbearance programs and eviction moratoriums pushed pre-foreclosures to historical lows. By 2021, Oklahoma had just 574 pre-foreclosure filings, the lowest in at least two decades.

But the recovery hasn’t been even. By 2022, pre-foreclosures began picking up again, reaching roughly 3,500 for the year. The trend continued in 2023, climbing to nearly 4,800. Although 2024 saw a slight moderation, with 3,330 total filings, the picture remains complex.

In the first five months of 2025, Oklahoma has seen 1,342 pre-foreclosures, ahead of pace if the trend were to match all of 2024. While May’s numbers are down sharply from April, they don’t necessarily signal lasting relief.

The Human Cost Behind the Numbers

The data is important, but the stories it hints at are even more critical. Behind each pre-foreclosure is a family wrestling with job loss, unexpected medical bills, sky-high grocery prices, or the relentless climb of utility payments. These are families like the Johnsons in Norman, who saw their adjustable-rate mortgage spike this past winter just as a car accident forced one parent out of work.

“Our payments jumped by $400 a month,” said Kara Johnson, a part-time school aide and mother of three. “We used to have a cushion, just enough to save a little. Now we’re borrowing from my mom just to make the mortgage.”

While Kara’s story is anecdotal, it resonates with statewide economic trends. Inflation continues to erode purchasing power, especially for those on fixed incomes. Affordable housing remains elusive. And pandemic aid that once acted as a lifeline has largely disappeared.

For many low-income families in Oklahoma, particularly in rural and historically marginalized communities, a missed paycheck or two is all it takes to trigger a financial tailspin. The decline in pre-foreclosures this month may not reflect a true recovery, just the calm before another storm in a housing system that remains perilously brittle.

A Month-Over-Month Dive: Why the Sudden Drop?

The 47.77% decrease in pre-foreclosures from April to May 2025 is dramatic by any measure. However, experts caution that monthly figures can be erratic due to a host of factors—from seasonal shifts in bank filing behavior to temporary processing delays within local courts and servicers.

“It’s not unusual to see pauses or dips, especially around tax season, when households receive refunds they may use to catch up,” said Dr. Emily Laird, an economist at the University of Oklahoma. “But the structural issues—housing costs outpacing wages, rising interest rates—those remain.”

Indeed, May 2025’s pre-foreclosure numbers still reflect ongoing economic fragility rather than a resolution. Even factoring in the monthly dip, the state is well on track to match, if not surpass, the annual totals of recent years. If filings average just over 215 per month for the rest of the year, 2025 could end up with 2,900-3,000 pre-foreclosures—roughly in line with 2024.