ARKANSAS FORECLOSURE ACTIVITY DECREASES 3 PERCENT IN FIRST QUARTER

State Activity Up 22 Percent From Q1 2008

Monthly Activity Up 19 percent in March, Up 59 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 4,581 Arkansas properties in the first quarter of 2009, a 3 percent decrease from the previous quarter, but still 22 percent above of the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Arkansas reported 1,923 properties with foreclosure filings in March, a 19 percent increase from the previous month and 59 percent above its March 2008 total.

 

“Foreclosure activity in Arkansas decreased slightly in the first quarter of 2009, but was significantly elevated compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “One primary reason for the yearly increase is mounting unemployment which has grown almost two percent since March 2008.”

 

Arkansas ranked 28th in the country in total properties with foreclosure filings for the quarter. One in every 281 Arkansas housing units received a foreclosure filing during the quarter, the 20th highest state foreclosure rate in the nation.

 

Four counties account for bulk of state total for the first quarter

Four Arkansas counties accounted for 65 percent of all foreclosure activity in the state during Q1 2008. Benton County led the way, reporting 1,214 properties with foreclosure filings. Washington County was second, reporting 819 properties with foreclosure filings for the quarter. Pulaski County was third highest, reporting 746 properties with foreclosure filings. Saline County registered the fourth highest total, documenting 213 properties with foreclosure filings.

 

Benton County posts state’s top foreclosure rate for the first quarter

With one in every 70 housing units receiving a foreclosure filing — four times the state average and 2.3 times the national average — Benton County led the state with the highest foreclosure rate for the quarter. Washington County had the second highest rate, with one in every 100 housing units receiving a foreclosure filing — 2.8 times the state average and 1.6 times the national average. Third highest rate was documented in Lonoke County, where one in every 154 housing units received a foreclosure filing during the month — 1.8 times the state average and on par with the national average.

 

State a minor contributor to nation’s foreclosure total for Q1 2009

Arkansas accounted for less than 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter  — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

 

                          Arkansas Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16

23.63

Arkansas

536

0

2,973

0

1,072

4,581

281

-3.23

22.09

 

 

 

 

 

 

 

 

 

 

Arkansas

0

0

5

0

0

5

1,985

-28.57%

150.00%

Ashley

0

0

10

0

0

10

1,104

66.67%

0.00%

Baxter

0

0

13

0

0

13

1,636

-18.75%

-7.14%

Benton

187

0

626

0

401

1,214

70

-10.80%

60.37%

Boone

0

0

28

0

13

41

396

13.89%

32.26%

Bradley

0

0

1

0

0

1

5,980

0.00%

-75.00%

Calhoun

0

0

2

0

0

2

1,570

100.00%

0.00%

Carroll

0

0

7

0

0

7

1,789

16.67%

-12.50%

Chicot

0

0

1

0

0

1

6,168

-66.67%

-66.67%

Clark

0

0

7

0

0

7

1,531

75.00%

75.00%

Clay

0

0

7

0

0

7

1,245

16.67%

-22.22%

Cleburne

0

0

6

0

0

6

2,441

-62.50%

-33.33%

Cleveland

0

0

8

0

0

8

501

166.67%

Columbia

0

0

8

0

0

8

1,492

-20.00%

166.67%

Conway

0

0

8

0

0

8

1,172

60.00%

0.00%

Craighead

17

0

103

0

36

156

250

13.87%

5.41%

Crawford

11

0

51

0

26

88

264

-16.19%

20.55%

Crittenden

0

0

50

0

0

50

453

-12.28%

-15.25%

Cross

0

0

7

0

0

7

1,212

-36.36%

0.00%

Dallas

0

0

1

0

0

1

4,516

-50.00%

-75.00%

Desha

0

0

5

0

0

5

1,373

66.67%

0.00%

Drew

0

0

7

0

1

8

1,103

14.29%

-27.27%

Faulkner

3

0

100

0

26

129

327

-2.27%

6.61%

Franklin

0

0

7

0

0

7

1,140

0.00%

-50.00%

Fulton

0

0

5

0

0

5

1,249

150.00%

0.00%

Garland

12

0

132

0

71

215

218

-1.83%

11.40%

Grant

0

0

8

0

0

8

937

-11.11%

-46.67%

Greene

7

0

36

0

0

43

413

-4.44%

-12.24%

Hempstead

0

0

8

0

0

8

1,335

-42.86%

300.00%

Hot Spring

0

0

16

0

1

17

817

-15.00%

70.00%

Howard

0

0

5

0

0

5

1,314

0.00%

66.67%

Independence

0

0

17

0

0

17

913

88.89%

13.33%

Izard

0

0

3

0

0

3

2,308

-50.00%

200.00%

Jackson

0

0

7

0

0

7

1,165

-30.00%

-30.00%

Jefferson

0

0

39

0

0

39

914

11.43%

-32.76%

Johnson

0

0

3

0

0

3

3,506

-80.00%

-80.00%

Lafayette

0

0

0

0

1

1

4,781

-50.00%

Lawrence

0

0

11

0

0

11

756

1000.00%

120.00%

Lee

0

0

3

0

0

3

1,678

50.00%

50.00%

Lincoln

0

0

1

0

0

1

5,179

-50.00%

-75.00%

Little River

0

0

4

0

0

4

1,671

-20.00%

33.33%

Logan

0

0

11

0

1

12

856

9.09%

0.00%

Lonoke

24

0

110

0

31

165

154

-3.51%

39.83%

Madison

2

0

9

0

1

12

576

200.00%

20.00%

Marion

0

0

5

0

0

5

1,773

-54.55%

0.00%

Miller

0

0

13

0

0

13

1,467

-13.33%

-27.78%

Mississippi

0

0

42

0

0

42

542

16.67%

2.44%

Monroe

0

0

4

0

0

4

1,311

33.33%

Montgomery

0

0

0

0

0

0

-100.00%

-100.00%

Nevada

0

0

3

0

0

3

1,994

200.00%

200.00%

Newton

0

0

4

0

0

4

1,126

300.00%

Ouachita

0

0

7

0

1

8

1,712

-20.00%

-33.33%

Perry

0

0

1

0

1

2

2,462

-33.33%

-60.00%

Phillips

0

0

7

0

0

7

1,565

-36.36%

-56.25%

Pike

0

0

1

0

0

1

5,802

-66.67%

0.00%

Poinsett

0

0

10

0

1

11

1,048

37.50%

22.22%

Polk

0

0

9

0

0

9

1,072

200.00%

125.00%

Pope

0

0

25

0

0

25

983

-21.88%

-24.24%

Prairie

0

0

1

0

0

1

4,963

0.00%

0.00%

Pulaski

47

0

542

0

157

746

234

-11.30%

-7.44%

Randolph

0

0

10

0

0

10

880

66.67%

150.00%

Saint Francis

0

0

10

0

0

10

1,168

-41.18%

-16.67%

Saline

10

0

161

0

42

213

188

-10.50%

-3.18%

Scott

0

0

9

0

1

10

514

25.00%

233.33%

Searcy

0

0

1

0

0

1

4,466

-50.00%

0.00%

Sebastian

7

0

97

0

39

143

370

-10.63%

-27.41%

Sevier

0

0

4

0

0

4

1,668

33.33%

300.00%

Sharp

0

0

2

0

0

2

4,809

-71.43%

-33.33%

Stone

0

0

3

0

0

3

2,009

0.00%

Union

13

0

14

0

9

36

588

16.13%

200.00%

Van Buren

0

0

7

0

0

7

1,377

75.00%

40.00%

Washington

196

0

419

0

204

819

100

22.24%

92.25%

White

0

0

56

0

8

64

469

-8.57%

1.59%

Woodruff

0

0

5

0

0

5

841

66.67%

66.67%

Yell

0

0

5

0

0

5

1,927

-44.44%

-16.67%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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