Arkansas Foreclosure Activity Decreases in May

Total foreclosure filings down 10 percent from April.

 

Arkansas foreclosure activity in May was down to 1,671 properties with foreclosure filings, a 10 percent decline from the previous month, but still 26 percent ahead of May 2008, according to RealtyTrac’s latest U.S. Foreclosure Market Report.

 

“Foreclosure activity declined in Arkansas in May, though it remained well above the level reported for one year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment levels have been steadily climbing in state with the rate reaching 7 percent in May. Although below the national average, the increase is enough to keep foreclosure levels high in the state compared to last year.”

 

Arkansas ranked 28th in the country in total properties with foreclosure filings for May. One in every 770 Arkansas housing units received a foreclosure filing during the month, ranking 22nd among the 50 states.

 

Four counties responsible for bulk of state foreclosure activity in May

Four counties accounted for 66 percent of the state’s foreclosure activity in May. Benton County led the state, reporting 445 properties with foreclosure filings for the month. Second highest total was in Pulaski County, where 316 properties with foreclosure filings were reported. Washington County had the third highest total, reporting 273 properties with foreclosure filings. Union County came in fourth, reporting 73 properties with foreclosure filings were tallied, while fifth highest total was in Sebastian County, where 63 properties with foreclosure filings were reported for the month.

 

Benton County posts state’s highest foreclosure rate for May

With one in every 191 housing units receiving a foreclosure filing during the month, Benton County posted the highest county foreclosure rate in the state for May. Union County had the second highest rate, with one in every 290 housing units receiving a foreclosure filing. Third highest rate was found in Washington County, where one in every 300 housing units received a foreclosure filing during the month.

 

State a minor contributor to nation’s foreclosure activity for May

Foreclosure activity in Arkansas represented less than 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Arkansas

126

0

1,169

0

376

1,671

770

-10.35

25.92

 

 

 

 

 

 

 

 

 

 

Arkansas

0

0

2

0

0

2

4,963

100.00

 n/a

Ashley

0

0

1

0

0

1

11,039

 n/a

-50.00

Baxter

0

0

6

0

2

8

2,658

166.67

300.00

Benton

18

0

306

0

121

445

191

-11.71

38.63

Boone

0

0

7

0

2

9

1,802

-52.63

200.00

Bradley

0

0

0

0

0

0

 n/a

 n/a

-100.00

Calhoun

0

0

0

0

0

0

 n/a

 n/a

 n/a

Carroll

0

0

4

0

0

4

3,131

300.00

100.00

Chicot

0

0

1

0

1

2

3,084

 n/a

100.00

Clark

0

0

1

0

0

1

10,714

0.00

-50.00

Clay

0

0

4

0

3

7

1,245

16.67

600.00

Cleburne

0

0

3

0

0

3

4,882

0.00

50.00

Cleveland

0

0

0

0

0

0

 n/a

 n/a

-100.00

Columbia

2

0

3

0

0

5

2,387

66.67

400.00

Conway

0

0

2

0

1

3

3,124

200.00

-25.00

Craighead

4

0

34

0

18

56

696

0.00

3.70

Crawford

3

0

21

0

4

28

830

-26.32

21.74

Crittenden

0

0

18

0

0

18

1,259

0.00

63.64

Cross

0

0

3

0

0

3

2,828

-25.00

-40.00

Dallas

0

0

2

0

0

2

2,258

0.00

100.00

Desha

0

0

1

0

2

3

2,289

200.00

0.00

Drew

0

0

1

0

0

1

8,824

-66.67

0.00

Faulkner

0

0

21

0

0

21

2,006

-62.50

-60.38

Franklin

0

0

0

0

8

8

997

166.67

100.00

Fulton

0

0

0

0

2

2

3,123

100.00

100.00

Garland

5

0

39

0

13

57

824

-26.92

-28.75

Grant

0

0

2

0

1

3

2,499

-50.00

-25.00

Greene

0

0

5

0

0

5

3,552

-44.44

-50.00

Hempstead

0

0

0

0

7

7

1,526

250.00

600.00

Hot Spring

0

0

1

0

1

2

6,946

-60.00

-33.33

Howard

0

0

1

0

0

1

6,570

0.00

0.00

Independence

0

0

3

0

0

3

5,175

0.00

0.00

Izard

0

0

1

0

0

1

6,925

-66.67

0.00

Jackson

0

0

3

0

0

3

2,718

200.00

200.00

Jefferson

0

0

16

0

1

17

2,098

21.43

21.43

Johnson

0

0

3

0

0

3

3,506

50.00

-40.00

Lafayette

0

0

0

0

8

8

598

700.00

 n/a

Lawrence

0

0

3

0

0

3

2,771

 n/a

50.00

Lee

0

0

0

0

0

0

 n/a

-100.00

-100.00

Lincoln

0

0

2

0

0

2

2,590

 n/a

100.00

Little River

0

0

0

0

0

0

 n/a

-100.00

-100.00

Logan

0

0

2

0

2

4

2,569

100.00

33.33

Lonoke

1

0

27

0

1

29

879

-52.46

-27.50

Madison

0

0

4

0

0

4

1,729

0.00

33.33

Marion

0

0

2

0

1

3

2,955

0.00

200.00

Miller

0

0

3

0

0

3

6,357

-57.14

-40.00

Mississippi

0

0

10

0

5

15

1,517

-25.00

114.29

Monroe

0

0

0

0

0

0

 n/a

-100.00

 n/a

Montgomery

0

0

1

0

0

1

5,312

-50.00

0.00

Nevada

0

0

0

0

0

0

 n/a

 n/a

-100.00

Newton

0

0

0

0

0

0

 n/a

-100.00

 n/a

Ouachita

0

0

3

0

0

3

4,565

-25.00

50.00

Perry

0

0

2

0

0

2

2,462

100.00

100.00

Phillips

0

0

2

0

0

2

5,478

0.00

-71.43

Pike

0

0

0

0

0

0

 n/a

 n/a

-100.00

Poinsett

0

0

7

0

6

13

887

333.33

85.71

Polk

0

0

3

0

0

3

3,216

50.00

 n/a

Pope

0

0

10

0

2

12

2,048

140.00

140.00

Prairie

0

0

0

0

1

1

4,963

 n/a

0.00

Pulaski

9

0

257

0

50

316

552

14.91

36.21

Randolph

0

0

1

0

0

1

8,801

-75.00

-66.67

Saint Francis

0

0

1

0

0

1

11,680

0.00

0.00

Saline

1

0

39

0

14

54

741

-33.33

-34.94

Scott

0

0

1

0

2

3

1,712

50.00

200.00

Searcy

0

0

0

0

1

1

4,466

 n/a

 n/a

Sebastian

4

0

40

0

19

63

839

-31.52

-5.97

Sevier

0

0

1

0

0

1

6,670

-66.67

0.00

Sharp

0

0

4

0

0

4

2,404

0.00

300.00

Stone

0

0

0

0

0

0

 n/a

 n/a

 n/a

Union

49

0

20

0

4

73

290

170.37

 n/a

Van Buren

0

0

0

0

2

2

4,821

100.00

0.00

Washington

30

0

184

0

59

273

300

-23.53

37.19

White

0

0

22

0

8

30

1,000

-30.23

66.67

Woodruff

0

0

1

0

2

3

1,401

200.00

0.00

Yell

0

0

2

0

2

4

2,408

100.00

100.00

 

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