Total foreclosure filings up 12 percent from Q2, and up 40 percent from Q3 2008.

Arkansas reported 5,178 properties with foreclosure filings in the third quarter of 2009, an increase of 12 percent from the previous quarter and 40 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac^® U.S. Foreclosure Market Report.

Foreclosure activity in the Natural State was down 11 percent in September from the previous month to 1,686 properties with foreclosure filings, but elevated on a yearly basis, up 4 percent from September 2008. The state’s foreclosure rate was 27^th highest in the nation for the month — with one in every 764 housing units receiving a foreclosure filing.

“Arkansas foreclosures were up during the third quarter although down in September,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 65 percent during the quarter. One reason for this is the state’s unemployment rate, which has remained relatively stable over the past few months but is still below the national average.”

Arkansas ranked 29^th in the country in total foreclosures for the third quarter. With one in every 249 housing units receiving a foreclosure filing, its foreclosure rate ranked 21^st among the 50 states.

Benton County posts state’s top foreclosure rate in third quarter

With one in every 70 housing units receiving a foreclosure filing — 1.9 times the national average and 3.6 times the state average — Benton County posted the highest county foreclosure rate in the state for the third quarter. Washington County was second, with one in every 81 housing units receiving a foreclosure filing during the quarter – 1.7 times the national average and 3.1 times the state average. Third highest rate was posted by Saline County, where one in every 111 housing units received a foreclosure filing – 1.2 times the national average and 2.3 times the state average.

Five counties account for bulk of state foreclosure activity in third quarter

Five counties were responsible for 70 percent of all foreclosure activity statewide in the third quarter. Benton County led all counties, tallying 1,215 properties with foreclosure filings for the quarter. Washington County came in second highest, reporting 1,009 properties with foreclosure filings. Pulaski County came in third, tallying 838 properties with foreclosure filings. Fourth highest for the quarter was Saline County, reporting 362 properties with foreclosure filings. Lonoke County documented 222 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

State a minor contributor to nation’s foreclosure activity for quarter and month

Arkansas accounted for 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and less than 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

Arkansas Top Foreclosure Rates by County – Q3 2009

Arkansas Top Foreclosure Totals by County – Q3 2009

Arkansas Top Foreclosure Rates by County – Sept 2009

Arkansas Top Foreclosure Totals by County – Sept 2009