Arkansas Foreclosure Activity Falls in November

Statewide filings down 16 percent from October; up 2 percent from previous year

 

Arkansas foreclosure activity fell in November to 1,572 properties with foreclosure filings, down 17 percent from the previous month, but still 2 percent ahead of the level reported in November 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Arkansas foreclosure activity took a significant dip in November but were still up slightly from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in bank-owned properties, which decreased 29 percent for the month. The state’s unemployment rate remains well below the national average, and home sales volume is picking up slowly. If these trends continue, we may see foreclosures continue to fall in 2010.”

 

Arkansas ranked 31st in the country in total foreclosures for the month. With one in every 819 housing units receiving a foreclosure filing, its foreclosure rate ranked 26th among the 50 states.

 

Benton County posts state’s highest foreclosure rate in November

With one in every 251 housing units receiving a foreclosure filing — 1.7 times the national average and 3.3 times the state average — Benton County posted the highest county foreclosure rate in the state for November. Washington County had the second highest rate, with one in every 258 housing units receiving a foreclosure filing — 1.6 times the national average and 3.2 times the state average. Saline County came in third highest, with one in every 413 housing units receiving a foreclosure filing — on par with the national average and twice the state average.

 

Five counties led state in total foreclosure filings for November

Five counties accounted for 71 percent of all foreclosure activity in the state for November. Benton County led all counties, totaling 339 properties with foreclosure filings for the month. Washington County was second highest, documenting 318 properties with foreclosure filings. Reporting 280 properties with foreclosure filings, Pulaski County had the third highest total in the state. Saline County was fourth highest, reporting 97 properties with foreclosure filings, while Sebastian County came in fifth, reporting 77 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s foreclosure total in November

Arkansas accounted for 1 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 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: DefaultNotice 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Arkansas

125

0

1,021

0

426

1,572

819

0.51

n/a

 

 

 

 

 

 

 

 

 

 

Benton

32

0

182

0

125

339

251

1.66

3.27

Washington

39

0

188

0

91

318

258

1.62

3.18

Saline

9

0

57

0

31

97

413

1.01

1.98

Lonoke

7

0

31

0

9

47

542

0.77

1.51

Crawford

3

0

28

0

7

38

612

0.68

1.34

 

 

 

Arkansas Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Arkansas

125

0

1,021

0

426

1,572

819

-16.91

1.95

 

 

 

 

 

 

 

 

 

 

Benton

32

0

182

0

125

339

251

-30.10

-28.78

Washington

39

0

188

0

91

318

258

-19.29

41.96

Pulaski

21

0

203

0

56

280

623

-8.79

3.32

Saline

9

0

57

0

31

97

413

7.78

34.72

Sebastian

10

0

51

0

16

77

687

-4.94

50.98

 

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