Study shows economy may be improving, here’s why

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OKLAHOMA CITY - Oklahoma is experiencing an all time low in foreclosure rates. A good indicator the economy is improving.

"Every recession we've had since World War II, the leading indicator of coming out of a recession is how strong is the housing market?"

The housing market has seen lots of highs and lows in the past few years, but a new study on foreclosures show more people are able to afford their mortgages.

According to a new study by CoreLogic, it's faring well.

The national foreclosure rate is down to 1.6 percent. Oklahoma City's rate is even lower at .73 percent.

With fewer foreclosures, Joe Pryor, the past president of the Oklahoma Association of Realtors, says that means more families are making ends meet.

"... which means values have come up, people have gotten good jobs again. They're making their payments,” he said. "When you have a low foreclosure rate, then private sellers, people putting their houses on the market, their competing with other private sellers, not against a bunch of foreclosures."

It's not all roses though.

Delinquency rates, which refer to homeowners who are paying later than they should, are going up.   Joe's advice is to fess up to your lender when you're in trouble.

"Don't be afraid. I know you're embarrassed.  I know you intended to make your payments, but don't stonewall them. They're trying to help you," Pryor said.

Pryor also says if you are paying back some of those past due payments...try to pay in full so it counts toward your principal and interest.