Arkansas Foreclosure Activity Increases in May

Statewide filings rose 8 percent from April; Up 30 percent from May 2009

 

Foreclosure activity in Arkansas rose 8 percent in May to 2,166 properties with foreclosure filings, an increase of 30 percent from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity in Arkansas was up in May and from this time last year,” said James J. Sacaccio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 39 percent during the month. A key contributing factor was the state’s home sales, which fell further than the national average during the first quarter.”

 

Arkansas ranked 27th in the country in total foreclosures for the month. With one in every 599 housing units receiving a foreclosure filing, its foreclosure rate ranked 22nd among the 50 states.

 

Benton County tops in foreclosure rate for May

Benton County posted the highest foreclosure rate in the state for May, with one in every 219 housing units receiving a foreclosure filing — 1.8 times the national average and 2.7 times the state average. Washington County came in second, with one in every 231 housing units receiving a foreclosure filing — 1.7 times the national average and 2.6 times the state average. With one in every 340 housing units receiving a foreclosure filing — 1.2 times the national average and 1.8 times the state average — Poinsett County had the third highest foreclosure rate in the state.

 

Three counties account for half of state’s foreclosure total for May

Foreclosure activity in three counties accounted for 51 percent of all foreclosure filings in the state during May. Benton County led all counties, reporting 395 properties with foreclosure filings for the month. Washington County came in second, documenting 361 properties with foreclosure filings. Reporting 350 properties with foreclosure filings for the month, Pulaski County reported the third highest ranking. Garland County was fourth highest, reporting 121 properties with foreclosure filings, while Saline County rounded out the top five, reporting 111 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total in May

Arkansas accounted for 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Arkansas

161

0

1,203

0

802

2,166

599

0.67

n/a

 

 

 

 

 

 

 

 

 

 

Benton

50

0

186

0

159

395

219

1.82

2.74

Washington

19

0

187

0

155

361

231

1.73

2.59

Poinsett

1

0

3

0

30

34

340

1.17

1.76

Crawford

4

0

34

0

30

68

347

1.15

1.73

Saline

8

0

70

0

33

111

367

1.09

1.64

 

Arkansas Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Arkansas

161

0

1,203

0

802

2,166

599

8.19

29.62

 

 

 

 

 

 

 

 

 

 

Benton

50

0

186

0

159

395

219

-7.93

-11.24

Washington

19

0

187

0

155

361

231

-6.72

32.23

Pulaski

33

0

233

0

84

350

503

4.79

10.76

Garland

20

0

68

0

33

121

389

31.52

112.28

Saline

8

0

70

0

33

111

367

18.09

105.56

 

 

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