Arkansas Foreclosure Activity Fell in Second Quarter

Activity level fell 4 percent from Q1

Filings increase 10 percent mid-year; up 2 percent in June

 

Arkansas reported 5,971 properties with foreclosure filings for the second quarter of 2010, a 4 percent decrease from the first quarter, but still 29 percent above the level reported in the second quarter of 2009.

 

Activity level in Arkansas rose during the first half of 2010 as well as for the month of June. For the first six months of the year, Arkansas reported 11,093 properties with foreclosure filings, a 10 percent rise in activity from the second half of 2009 and 28 percent above the level reported mid-year 2009. In June the state tallied 2,202 properties with foreclosure filings, an increase of 2 percent from the previous month and up 32 percent from June 2009.

 

“Although foreclosure activity in Arkansas fell during the second quarter of this year, it remained elevated compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The number of filings actually rose over the first half of 2010 as compared to the previous six month period despite having an unemployment rate that is well below the national average.”

 

One in every 217 Arkansas housing units received a foreclosure filing during the quarter, giving the state the 22nd highest foreclosure rate in the nation.

 

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

Benton County posted the highest county foreclosure rate in the state during the second quarter, with one in every 74 housing units receiving a foreclosure filing — twice the national average and 2.9 times the state average. Benton County also led the state in total foreclosures, reporting 1,171 properties with foreclosure filings for the quarter.

 

With one in every 78 housing units receiving a foreclosure filing — 1.9 times the national average and 2.8 times the state average — Washington County had the second highest rate in the state. Lonoke County was third highest with one in every 125 housing units receiving a foreclosure filing — 1.1 times the national average and 1.7 times the state average.

 

Washington County had the state’s second highest foreclosure total, reporting 1,071 properties with foreclosure filings. Reporting 1,057 properties with foreclosure filings for the quarter, Pulaski County came in third. Garland County was fourth, reporting 299 properties with foreclosure filings. Fifth highest was Saline County, where 269 properties with foreclosure filings were reported for the quarter.

 

State a minor contributor to nation’s quarterly total

Foreclosure activity in Arkansas represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Arkansas

385

68

3,432

0

2,086

5,971

217

0.66

n/a

 

 

 

 

 

 

 

 

 

 

Benton

148

26

547

0

450

1,171

74

1.95

2.94

Washington

94

13

519

0

445

1,071

78

1.85

2.79

Lonoke

12

2

135

0

58

207

125

1.15

1.74

Saline

14

13

159

0

83

269

151

0.95

1.44

Garland

24

3

162

0

110

299

157

0.92

1.38

 

 

Arkansas Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Arkansas

385

68

3,432

0

2,086

5,971

217

-4.40

28.69

 

 

 

 

 

 

 

 

 

 

Benton

148

26

547

0

450

1,171

74

-16.00

-7.28

Washington

94

13

519

0

445

1,071

78

12.03

23.10

Pulaski

49

7

733

0

268

1,057

166

5.28

50.14

Garland

24

3

162

0

110

299

157

-28.98

76.92

Saline

14

13

159

0

83

269

151

-7.24

48.62

 

 

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