Arkansas Reports Substantial Drop in Foreclosure Activity in August

Foreclosure activity in Arkansas fell 16 percent in August to 1,900 properties with foreclosure filings, but was still 64 percent ahead of the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Arkansas’ foreclosure activity dropped substantially in August, though it remained well above the level reported at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Contributing to this was the Natural State’s employment picture, which improved during the month, with jobs added across six major industries, bringing the state’s unemployment rate down to 7.1 percent.”

 

One in every 678 Arkansas housing units received a foreclosure filing in August, the 25th highest state foreclosure rate in the nation.

 

Benton County tops state in both foreclosure total and rate for August

With one in every 199 housing units receiving a foreclosure filing — 1.8 times the national average and 3.4 times the state average — Benton County posted the highest county foreclosure rate in the state for August. Benton County also tallied the highest activity level, reporting 426 properties with foreclosure filings for the month.

 

Saline County had the second highest rate, with one in every 200 housing units receiving a foreclosure filing during the month — 1.8 times the national average and 3.4 times the state average. Third highest rate was documented in Washington County, where one in every 276 housing units received a foreclosure filing — 1.3 times the national average and 2.5 times the state average.

 

Washington County had the second highest total of foreclosure filings, documenting 297 properties with foreclosure filings. Reporting 295 properties with foreclosure filings for the month, Pulaski County reported the third highest total in the state. Saline County was fourth highest, reporting 200 properties with foreclosure filings, while the fifth highest total was in Garland County, where 111 properties with foreclosure filings were reported for the month.

 

State a minor contributor to the nation’s foreclosure activity in August

Arkansas accounted for less than 1 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Arkansas

139

0

1,185

0

576

1,900

678

0.53

n/a

 

 

 

 

 

 

 

 

 

 

Benton

47

0

210

0

169

426

199

1.79

3.40

Saline

15

0

131

0

54

200

200

1.78

3.39

Washington

26

0

140

0

131

297

276

1.29

2.46

Lonoke

19

0

39

0

27

85

300

1.19

2.26

Garland

9

0

67

0

35

111

423

0.84

1.60

 

 

Arkansas Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Arkansas

139

0

1,185

0

576

1,900

678

-15.59

63.93

 

 

 

 

 

 

 

 

 

 

Benton

47

0

210

0

169

426

199

-14.29

41.06

Washington

26

0

140

0

131

297

276

-45.20

81.10

Pulaski

5

0

214

0

76

295

591

-23.38

27.16

Saline

15

0

131

0

54

200

200

60.00

400.00

Garland

9

0

67

0

35

111

423

73.44

200.00

 

 

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