Arkansas Foreclosure Activity Slows Down in July

Statewide filings down 10 percent from June; down 12 percent from last year

 

Foreclosure activity in Arkansas decreased 10 percent in July to 1,974 properties with foreclosure filings, 12 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Arkansas made significant improvement in foreclosure levels both on a monthly and yearly basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in bank-owned properties, down 27 percent for the month, and default notices, which were down 23 percent. The state’s unemployment rate has been dropping recently and is now 2 percent below the national average. These factors have been important contributors to the recent decline in statewide foreclosure levels.”

 

Arkansas ranked 31st in the country in total foreclosures for the month. With one in every 658 housing units receiving a foreclosure filing, its foreclosure rate ranked 23rd among the 50 states.

 

Benton County posts state’s top foreclosure rate in July

One in every 207 housing units in Benton County received a foreclosure filing in July, giving the it the top foreclosure rate of all counties in the state for the month. Washington County posted the second highest rate, with one in every 242 housing units receiving a foreclosure filing during the month. Coming in third was Saline County, where one in every 387 housing units received a foreclosure filing in July.

 

Three counties account for bulk of state’s foreclosure total in July

Three counties were responsible for 57 percent of all foreclosure filings in the state during July. Reporting 418 properties with foreclosure filings in July, Benton County led the state in total foreclosure activity. Second highest Pulaski County reported 357 properties with foreclosure filings. Washington County came in third highest, tallying 345 properties with foreclosure filings.

 

State a minor contributor to nation’s monthly foreclosure total

Arkansas accounted for 1 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Arkansas

128

0

1,308

0

538

1,974

658

0.60

n/a

 

 

 

 

 

 

 

 

 

 

Benton

72

0

205

0

141

418

207

1.92

3.18

Washington

21

0

226

0

98

345

242

1.64

2.71

Saline

4

0

77

0

24

105

387

1.02

1.70

Craighead

0

0

56

0

29

85

465

0.85

1.41

Garland

7

0

58

0

32

97

485

0.82

1.36

 

 

Arkansas Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Arkansas

128

0

1,308

0

538

1,974

658

-10.35

-12.31

 

 

 

 

 

 

 

 

 

 

Benton

72

0

205

0

141

418

207

-0.71

-15.90

Pulaski

15

0

268

0

74

357

493

-19.59

-7.27

Washington

21

0

226

0

98

345

242

-22.47

-36.35

Saline

4

0

77

0

24

105

387

23.53

-16.00

Garland

7

0

58

0

32

97

485

-4.90

51.56

 

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