Arkansas Foreclosure Activity Increases in January

Statewide filings up 4 percent from December; Up 33 percent from a year ago

 

Foreclosure activity in Arkansas increased in January to 2,011 properties with foreclosure filings, a 4 percent increase from December 2009 and up 33 percent from January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Arkansas foreclosures were up slightly in January but are still way ahead of the level reported a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which jumped 18 percent during the month. While the state’s unemployment rate is still below the national average, it did rise recently. This, in addition to the overall state of the real estate market, is likely fueling the recent increase in foreclosure activity.”

 

Arkansas ranked 29th in the country in total foreclosures for the month. With one in every 646 housing units receiving a foreclosure filing, its foreclosure rate ranked 20th among the 50 states.

 

Benton County posts top foreclosure rate in the state for January

With one in every 173 housing units receiving a foreclosure filing — 2.3 times the national average and 3.7 times the state average — Benton County posted the state’s highest county foreclosure rate in January. Washington County was second, with one in every 240 housing units receiving a foreclosure filing — 1.7 times the national average and 2.7 times the state average. Garland County came in third highest, with one in every 294 housing units receiving a foreclosure filing — 1.4 times the national average and 2.2 times the state average. Fourth highest rate was in Lonoke County, where one in every 340 housing units received a foreclosure filing during the month — 1.2 times the national average and 1.9 times the state average. The fifth highest rate was reported in Saline County, where one in every 522 housing units received a foreclosure filing during the month — 1.2 times the state average.

 

Five counties responsible for bulk of state foreclosure activity in January

Five counties accounted for 69 percent of all foreclosure activity in Arkansas for January. Benton County led the way, totaling 500 properties with foreclosure filings for the month. Washington County was second highest, documenting 348 properties with foreclosure filings. Reporting 295 properties with foreclosure filings for the month, Pulaski County had the third highest total. Garland County came in fourth, reporting 160 properties with foreclosure filings, followed by Saline County where 78 properties with foreclosure filings were reported.

 

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

Arkansas accounted for less than one percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Arkansas

93

0

1,191

0

727

2,011

646

0.63

n/a

 

 

 

 

 

 

 

 

 

 

Benton

31

0

183

0

286

500

173

2.34

3.73

Washington

11

0

226

0

111

348

240

1.69

2.69

Garland

22

0

78

0

60

160

294

1.38

2.19

Lonoke

3

0

42

0

31

76

340

1.19

1.90

Saline

5

0

54

0

19

78

522

0.78

1.24

 

           

 

Arkansas Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Dec 09

% Chg

Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Arkansas

93

0

1,191

0

727

2,011

646

4.09

32.65

 

 

 

 

 

 

 

 

 

 

Benton

31

0

183

0

286

500

173

32.63

17.37

Washington

11

0

226

0

111

348

240

4.19

37.55

Pulaski

10

0

200

0

85

295

596

-12.46

15.69

Garland

22

0

78

0

60

160

294

22.14

180.70

Saline

5

0

54

0

19

78

522

-35.54

39.29

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved