Arkansas Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings increase markedly from last year

March numbers up from a month earlier and a year ago

 

Foreclosure activity in Arkansas rose 32 percent during the first quarter of 2010, and was up 36 percent from the same period last year. In all, the state reported 6,246 properties with foreclosure filings during the quarter.

 

For March, the state reported 2,569 properties with foreclosure filings, a 28 percent increase from the previous month, and 34 percent above the level reported in March 2009. One in every 505 Arkansas housing units received a foreclosure filing during the month, the 16th highest state foreclosure rate.

 

“After a decline during the previous quarter, Arkansas foreclosures were up during the first quarter of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which jumped 40 percent for the quarter. While the state’s unemployment rate is still well below the national average, it is still climbing. Both of these are major contributing factors as to why we are seeing the recent rise in foreclosure activity.”

 

Arkansas ranked 30th in the country in total foreclosures for the first quarter. With one in every 208 housing units receiving a foreclosure filing, its foreclosure rate ranked 16th among the 50 states.

 

Benton County posts top foreclosure rate for the first quarter

Benton County posted the highest county foreclosure rate in the state during the first quarter, as one in every 62 housing units received a foreclosure filing — 2.2 times the national average and 3.4 times the state average. Washington County came in second, with one in every 87 housing units receiving a foreclosure filing — 1.6 times the national average and 2.4 times the state average. With one in every 100 housing units receiving a foreclosure filing — 1.4 times the national average and 2.1 times the state average — Lonoke County came in third highest.

 

Benton County led state in total foreclosures for the first quarter

Benton County also documented the highest level of foreclosure activity of any county in the state during the quarter, reporting 1,394 properties with foreclosure filings. Pulaski County came in second, reporting 1,004 properties with foreclosure filings. Reporting 956 properties with foreclosure filings for the month, Washington County came in third. Garland County was fourth, documenting 421 properties with foreclosure filings. Saline County reported 290 properties with foreclosure filings, the fifth highest total in the state for the quarter.

 

State a minor contributor to the nation’s quarterly foreclosure total

Arkansas represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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: 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl.

Avg.

/State

Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Arkansas

365

0

3,935

0

1,946

6,246

208

0.67

n/a

 

 

 

 

 

 

 

 

 

 

Benton

121

0

635

0

638

1,394

62

2.23

3.35

Washington

62

0

605

0

289

956

87

1.58

2.38

Lonoke

21

0

156

0

82

259

100

1.39

2.08

Garland

35

0

216

0

170

421

112

1.24

1.86

Saline

13

0

198

0

79

290

140

0.99

1.48

 

 

 

Arkansas Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Q4 2009

% Chg

Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Arkansas

365

0

39,350

0

1,946

6,246

208

32.39

36.35

 

 

 

 

 

 

 

 

 

 

Benton

121

0

635

0

638

1,394

62

28.24

14.83

Pulaski

48

0

718

0

238

1,004

175

28.55

34.58

Washington

62

0

605

0

289

956

87

9.01

16.73

Garland

35

0

216

0

170

421

112

118.13

95.81

Saline

13

0

198

0

79

290

140

4.69

36.15

 

 

 

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