Arkansas Foreclosure Activity Drops in April

Statewide filings down 22 percent from March; still up 7 percent from April 2009

 

Monthly foreclosure activity in Arkansas fell in April, down 22 percent from the previous month to 2,002 properties with foreclosure filings. This latest state total still represents a 7 percent year-over-year increase in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity in Arkansas dropped in April, although it remained ahead of what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state has been holding steady at 7.8 percent, below the national average, but not quite low enough to pull the state’s number of foreclosure filings back in line with last year’s totals.”

 

Arkansas ranked 30th in the nation for total foreclosure activity in April. The state had the 25th highest state foreclosure rate in the nation with one in 648 Arkansas housing units receiving a foreclosure filing during the month.

 

Benton County led the state in foreclosure rate and total for April

With one in every 202 housing units receiving a foreclosure filing — 1.9 times the national average and 3.2 times the state average — Benton County posted the highest county foreclosure rate in the state for the month. Benton County also had the highest state activity total, reporting 429 properties with foreclosure filings for the month.

 

Washington County had the second highest foreclosure rate, with one in every 216 housing units receiving a foreclosure filing — 1.8 times the national average and three times the state average. Lonoke County was third, with one in every 354 housing units receiving a foreclosure filing — 1.1 times the national average and 1.8 times the state average.

 

Washington County had the second highest total, documenting 387 properties with foreclosure filings. Reporting 334 properties with foreclosure filings for the month, Pulaski County ranked third highest. Saline County was fourth, reporting 94 properties with foreclosure filings. A total of 92 properties with foreclosure filings were reported in Garland County, the fifth highest county total in April.

 

State a modest contributor to nation’s month foreclosure total

Arkansas accounted for 1 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

Arkansas

110

75

1,241

0

576

2,002

648

0.60

n/a

 

 

 

 

 

 

 

 

 

 

Benton

38

27

215

0

149

429

202

1.92

3.22

Washington

52

14

181

0

140

387

216

1.79

3.00

Lonoke

0

2

55

0

16

73

354

1.09

1.83

Saline

1

13

56

0

24

94

433

0.89

1.50

Greene

1

0

28

0

7

36

499

0.78

1.30

 

 

Arkansas Top Foreclosure Totals by County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 10

% Chg Apr 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

Arkansas

110

75

1,241

0

576

2,002

648

-22.07

7.40

 

 

 

 

 

 

 

 

 

 

Benton

38

27

215

0

149

429

202

-14.37

-14.88

Washington

52

14

181

0

140

387

216

-9.15

8.40

Pulaski

11

8

251

0

64

334

527

-21.78

21.45

Saline

1

13

56

0

24

94

433

-34.72

16.05

Garland

1

6

65

0

20

92

512

-50.54

17.95

 

 

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