ARKANSAS FORECLOSURE ACTIVITY UP 123 PERCENT IN 2008

More Than 14,000 Properties Receive Foreclosure Filings During The Year

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 14,277 Arkansas properties in 2008, an increase of 123 percent from 2007 and a 198 percent increase from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Natural State reported 1,814 properties with foreclosure filings in December, an 18 percent increase from the previous month and a 33 percent increase over December 2007.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity more than doubled in Arkansas during 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although the state’s unemployment rate hardly changed, it was still affected by the national real estate slump, citing significantly lower home values and large inventories of unsold homes. It will likely be some time before we see these trends start to turn around.”

 

Arkansas ranked 28th in the country in total foreclosures for the year. With one in every 89 housing units receiving a foreclosure filing, its foreclosure rate ranked 23rd among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five Arkansas counties accounted for 65 percent of all foreclosure activity in the state for 2008. Benton County led the way, reporting 3,283 properties with foreclosure filings for the year. Pulaski County came in second highest, reporting 2,620 properties with foreclosure filings. Washington County registered the third highest total, reporting 1,921 properties with foreclosure filings. Fourth highest total was reported in Garland County, with 793 properties with foreclosure filings. Saline County came in fifth, documenting 724 properties with foreclosure filings.

 

Benton County posts state’s top foreclosure rate for 2008

Benton County topped the list when it came to foreclosure rate in 2008, with 4.05 percent of its housing units receiving at least one foreclosure filing during the year. Washington County came in second, with 2.4 percent of its housing units receiving at least one foreclosure filing. Third highest was Lonoke County, where 1.91 percent of the housing stock received at least one foreclosure filing in 2008.

 

State a minor contributor to nation’s foreclosure total for 2008

Arkansas accounted for 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 Foreclosure Market Data by County – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Arkansas

14,277

1.12

122.87

 

 

 

 

 

57

Arkansas

22

0.22

266.67

42

Ashley

33

0.30

3200.00

53

Baxter

49

0.23

44.12

1

Benton

3,283

4.05

239.86

14

Boone

115

0.71

88.52

58

Bradley

13

0.22

160.00

56

Calhoun

7

0.22

75.00

52

Carroll

31

0.25

3000.00

65

Chicot

10

0.16

900.00

62

Clark

19

0.18

1800.00

37

Clay

28

0.32

2700.00

39

Cleburne

46

0.32

666.67

55

Cleveland

9

0.23

800.00

60

Columbia

23

0.19

2200.00

34

Conway

33

0.35

1000.00

7

Craighead

482

1.26

45.62

9

Crawford

266

1.15

48.60

12

Crittenden

182

0.81

73.33

26

Cross

34

0.40

1600.00

46

Dallas

12

0.27

50.00

48

Desha

18

0.26

500.00

36

Drew

29

0.33

866.67

10

Faulkner

462

1.12

83.33

22

Franklin

38

0.48

192.31

63

Fulton

11

0.18

n/a

5

Garland

793

1.70

127.87

18

Grant

42

0.56

1300.00

11

Greene

153

0.87

26.45

17

Hempstead

60

0.57

n/a

33

Hot Spring

50

0.36

42.86

51

Howard

17

0.26

1600.00

54

Independence

35

0.23

n/a

50

Izard

18

0.26

n/a

30

Jackson

30

0.37

1400.00

21

Jefferson

173

0.49

54.46

19

Johnson

56

0.54

2700.00

61

Lafayette

9

0.19

n/a

41

Lawrence

25

0.30

n/a

59

Lee

10

0.20

900.00

35

Lincoln

18

0.35

1700.00

64

Little River

11

0.17

266.67

27

Logan

39

0.38

3800.00

3

Lonoke

470

1.91

74.72

32

Madison

25

0.36

1150.00

45

Marion

24

0.27

n/a

38

Miller

60

0.32

5900.00

15

Mississippi

138

0.61

1280.00

72

Monroe

5

0.10

400.00

73

Montgomery

5

0.09

n/a

68

Nevada

8

0.13

n/a

75

Newton

3

0.07

200.00

40

Ouachita

43

0.31

72.00

31

Perry

18

0.37

260.00

23

Phillips

52

0.47

92.59

67

Pike

8

0.14

n/a

29

Poinsett

43

0.37

59.26

66

Polk

14

0.15

1300.00

16

Pope

146

0.60

87.18

71

Prairie

5

0.10

n/a

6

Pulaski

2,620

1.51

48.02

49

Randolph

23

0.26

666.67

25

Saint Francis

47

0.40

104.35

4

Saline

724

1.84

92.55

20

Scott

25

0.49

400.00

70

Searcy

5

0.11

n/a

8

Sebastian

627

1.20

62.02

74

Sevier

6

0.09

n/a

28

Sharp

36

0.38

1700.00

69

Stone

8

0.13

n/a

43

Union

62

0.29

3000.00

24

Van Buren

39

0.41

550.00

2

Washington

1,921

2.40

214.40

13

White

235

0.79

56.67

47

Woodruff

11

0.26

450.00

44

Yell

27

0.28

575.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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