Arkansas Foreclosure Activity Up in Third Quarter

Total foreclosure filings up 12 percent from Q2, and up 40 percent from Q3 2008.

 

Arkansas reported 5,178 properties with foreclosure filings in the third quarter of 2009, an increase of 12 percent from the previous quarter and 40 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Foreclosure activity in the Natural State was down 11 percent in September from the previous month to 1,686 properties with foreclosure filings, but elevated on a yearly basis, up 4 percent from September 2008. The state’s foreclosure rate was 27th highest in the nation for the month — with one in every 764 housing units receiving a foreclosure filing.

 

Arkansas foreclosures were up during the third quarter although down in September,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 65 percent during the quarter. One reason for this is the state’s unemployment rate, which has remained relatively stable over the past few months but is still below the national average.”

 

Arkansas ranked 29th in the country in total foreclosures for the third quarter. With one in every 249 housing units receiving a foreclosure filing, its foreclosure rate ranked 21st among the 50 states.

 

Benton County posts state’s top foreclosure rate in third quarter

With one in every 70 housing units receiving a foreclosure filing — 1.9 times the national average and 3.6 times the state average — Benton County posted the highest county foreclosure rate in the state for the third quarter. Washington County was second, with one in every 81 housing units receiving a foreclosure filing during the quarter – 1.7 times the national average and 3.1 times the state average. Third highest rate was posted by Saline County, where one in every 111 housing units received a foreclosure filing – 1.2 times the national average and 2.3 times the state average.

 

Five counties account for bulk of state foreclosure activity in third quarter

Five counties were responsible for 70 percent of all foreclosure activity statewide in the third quarter. Benton County led all counties, tallying 1,215 properties with foreclosure filings for the quarter. Washington County came in second highest, reporting 1,009 properties with foreclosure filings. Pulaski County came in third, tallying 838 properties with foreclosure filings. Fourth highest for the quarter was Saline County, reporting 362 properties with foreclosure filings. Lonoke County documented 222 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State a minor contributor to nation’s foreclosure activity for quarter and month

Arkansas accounted for 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and less than 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Arkansas

339

0

3,002

0

1,837

5,178

249

0.55

n/a

 

 

 

 

 

 

 

 

 

 

Benton

122

0

580

0

513

1,215

70

1.95

3.56

Washington

70

0

435

0

504

1,009

81

1.68

3.06

Saline

22

0

238

0

102

362

111

1.23

2.25

Lonoke

26

0

113

0

83

222

115

1.19

2.17

Pulaski

45

0

565

0

228

838

208

0.66

1.19

 

 

Arkansas Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Arkansas

339

0

3,002

0

1,837

5,178

249

11.59

39.61

 

 

 

 

 

 

 

 

 

 

Benton

122

0

580

0

513

1,215

70

-3.80

30.65

Washington

70

0

435

0

504

1,009

81

15.98

90.74

Pulaski

45

0

565

0

228

838

208

19.03

18.03

Saline

22

0

238

0

102

362

111

100.00

103.37

Lonoke

26

0

113

0

83

222

115

103.67

57.45

 

 

Arkansas Top Foreclosure Rates by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Arkansas

120

0

1,044

0

522

1,686

764

0.49

n/a

 

 

 

 

 

 

 

 

 

 

Benton

45

0

219

0

125

389

218

1.70

3.50

Washington

21

0

175

0

92

288

284

1.31

2.68

Lonoke

3

0

40

0

14

57

447

0.83

1.71

Saline

6

0

55

0

21

82

488

0.76

1.56

Pulaski

29

0

195

0

79

303

576

0.65

1.33

 

 

Arkansas Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Arkansas

120

0

1,044

0

522

1,686

764

-11.26

4.07

 

 

 

 

 

 

 

 

 

 

Benton

45

0

219

0

125

389

218

-8.69

-5.12

Pulaski

29

0

195

0

79

303

576

2.71

-0.98

Washington

21

0

175

0

92

288

284

-3.03

38.46

Saline

6

0

55

0

21

82

488

-59.00

-10.87

Craighead

3

0

44

0

16

63

619

18.87

34.04

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved