Arkansas Foreclosure Activity Rises in October

Statewide filings up 12 percent from September; unchanged from year ago.

 

Arkansas reported 1,892 properties with foreclosure filings, up 12 percent from the previous month and unchanged from the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Arkansas saw another hike in foreclosure activity in October, though the level of activity remained unchanged from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state has held relatively steady as well, coming in well below the national rate.”

 

Arkansas’ foreclosure total ranked 30th among the 50 states. One in every 680 Arkansas housing units received a foreclosure filing in October, the 24th highest foreclosure rate in the nation.

 

Benton County tops state in foreclosure rate and activity in October

Benton County posted the highest county foreclosure rate in the state for October, with one in every 175 housing units receiving a foreclosure filing — 2.2 times the national average and 3.9 times the state average. The county also led the state in total foreclosure activity, reporting 485 properties with foreclosure filings for the month.

 

With one in every 208 housing units receiving a foreclosure filing — 1.9 times the national average and 3.3 times the state average — Washington County had the second highest foreclosure rate in the state. Saline County had the third highest rate, with one in every 445 housing units receiving a foreclosure filing — 1.5 times the state average. Fourth highest foreclosure rate was in Lonoke County, where one in every 463 housing units received a foreclosure filing during the month — 1.5 times the state average. Craighead and Crawford counties tied for the fifth highest foreclosure rate, reporting one in every 494 housing units receiving a foreclosure filing — 1.4 times the state average.

 

Washington County reported the second highest foreclosure total, documenting 394 properties with foreclosure filings. Reporting 307 properties with foreclosure filings for the month, Pulaski County was third highest total in the state. Saline County came in fourth, reporting 90 properties with foreclosure filings, while the fifth highest total was in Sebastian County, where 81 properties with foreclosure filings were reported.

 

State a minor contributor to nation’s foreclosure activity in October

Arkansas accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Arkansas

125

0

1,168

0

599

1,892

680

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Benton

38

0

232

0

215

485

175

2.20

3.88

Washington

22

0

226

0

146

394

208

1.85

3.27

Saline

7

0

56

0

27

90

445

0.87

1.53

Lonoke

6

0

36

0

13

55

463

0.83

1.47

Craighead

10

0

51

0

18

79

494

0.78

1.38

Crawford

2

0

38

0

7

47

494

0.78

1.38

 

 

Arkansas Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Arkansas

125

0

1,168

0

599

1,892

680

12.22

-0.16

 

 

 

 

 

 

 

 

 

 

Benton

38

0

232

0

215

485

175

24.68

-1.22

Washington

22

0

226

0

146

394

208

36.81

41.73

Pulaski

13

0

229

0

65

307

568

1.32

-19.00

Saline

7

0

56

0

27

90

445

9.76

5.88

Sebastian

11

0

41

0

29

81

653

39.66

42.11

 

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