Home foreclosures in the Tenth Federal Reserve District increased significantly from 2006 to 2007. But the seven-state region which includes Oklahoma has a relatively modest rate compared to most of the country, according to an article in the current issue of "Ten," the Reserve's quarterly magazine.

Fed economists attribute the modest rate to the smaller share of adjustable rate and subprime mortgages regionally than in the nation. Subprime mortgages make up roughly 12 percent of all outstanding mortgages in the district compared to 13 percent nationally. Our foreclosure rate has increased from about 1.2 percent to 1.5 percent of all outstanding mortgages.

The Fed's state map shows Cleveland County shaded in the 1 to 2 percent range while several nearby counties are in the 3 to 5 percent range.

The economists said many low to moderate income communities seem to be in significant foreclosure distress. The confluence of three factors brought that on: More subprime mortgages made to borrowers with weak credit, increased foreclosure rates on adjustable rate mortgages and high loan-to-value originations.

A central Oklahoma home developer quoted in the magazine said his company weathered a 17 percent decrease in new residential construction in 2007. He remains convinced Oklahoma is faring better than other states but it may get worse in 2009 and 2010 before it gets better.