Arkansas Foreclosure Activity Up 16 Percent in 2009

Activity up 158 percent from 2007 and 23 percent from November

 

Arkansas ended 2009 tallying 16,547 properties with foreclosure filings, a 16 percent increase from the total reported for 2008 and 158 percent higher than the level reported for all of 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Arkansas reported 1,932 properties with foreclosure filings in December, a 23 percent increase over the previous month, and up 7 percent from December 2008. The state’s foreclosure rate — one in every 666 housing units received a foreclosure filing — was 23rd highest in the nation for the month.

 

“Arkansas reported yet another hike in foreclosure filings in December, elevating the state’s activity for 2009 to a level above what was reported for 2008 and to more than double what was reported for 2007,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state also rose recently, although it remains well below the national average.”

 

With one in every 78 housing units receiving a foreclosure filing, Arkansas’s foreclosure rate ranked 23rd highest in the nation for the year.

 

Benton County posted state’s highest foreclosure rate and total for 2009

With one in every 22 housing units receiving a foreclosure filing in 2009, Benton County posted the highest county foreclosure rate in the state for the year. Benton County also led the state in total foreclosures, reporting 3,945 properties with foreclosure filings.

 

Washington County had the second highest rate, reporting one in every 28 housing units receiving a foreclosure filing. Saline County came in third highest, reporting one in every 45 housing units receiving a foreclosure filing. Lonoke County was fourth highest also with one in every 45 housing units receiving a foreclosure filing. Fifth highest rate was in Pulaski County, where one in every 63 housing units received a foreclosure filing during the year.

 

Washington County had the second highest total activity for the year, documenting 2,898 properties with foreclosure filings. Reporting 2,753 properties with foreclosure filings for the year, Pulaski County had the third highest total in the state. Saline County was fourth highest, reporting 895 properties with foreclosure filings, followed by Garland County in fifth place, tallying 679 properties with foreclosure filings for all of 2009.

 

State a minor contributor to nation’s foreclosure total in 2009

Arkansas accounted for 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Arkansas

16,547

1.29

78

15.90

158.30

 

 

 

 

 

 

Benton

3,945

4.64

22

20.16

308.39

Washington

2,898

3.54

28

50.86

374.30

Saline

895

2.24

45

23.62

138.03

Lonoke

562

2.21

45

19.57

108.92

Pulaski

2,753

1.58

63

5.08

55.54

 

 

Arkansas Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Arkansas

16,547

1.29

78

15.90

158.30

 

 

 

 

 

 

Benton

3,945

4.64

22

20.16

308.39

Washington

2,898

3.54

28

50.86

374.30

Pulaski

2,753

1.58

63

5.08

55.54

Saline

895

2.24

45

23.62

138.03

Garland

679

1.45

69

-14.38

95.11

 

 

Arkansas Top Foreclosure Rates By County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Arkansas

136

0

1,182

0

614

1,932

666

0.55

n/a

 

 

 

 

 

 

 

 

 

 

Benton

54

0

158

0

165

377

225

1.62

2.96

Washington

24

0

182

0

128

334

245

1.49

2.72

Saline

3

0

78

0

40

121

331

1.11

2.01

Garland

12

0

68

0

51

131

358

1.02

1.86

Crawford

4

0

46

0

10

60

387

0.94

1.72

 

 

Arkansas Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Arkansas

136

0

1,182

0

614

1,932

666

22.90

6.50

 

 

 

 

 

 

 

 

 

 

Benton

54

0

158

0

165

377

225

11.21

-32.56

Pulaski

17

0

230

0

90

337

518

20.36

2.74

Washington

24

0

182

0

128

334

245

5.03

42.13

Garland

12

0

68

0

51

131

358

244.74

70.13

Saline

3

0

78

0

40

121

331

24.74

12.04

 

 

 

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