Arkansas Foreclosure Activity Declines in October

Filings down 10 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,005 Arkansas properties in October, a 10 percent decrease from the previous month, but still up 6 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity fell in Arkansas during October, although it remained above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate remains well below the national average, helping to keep foreclosures relatively at bay compared to about half of the nation’s states.”

 

One in every 647 Arkansas housing units received a foreclosure filing in October, the 21st highest state foreclosure rate in the nation.

 

Benton County posts state’s top foreclosure rate and total for October

One in every 201 housing units received a foreclosure filing in Benton County during October — 1.9 times the national average and 3.2 times the state average, the highest county foreclosure rate in the state for the month. Benton County also led the state in total foreclosure activity, reporting 431 properties with foreclosure filings.

 

Washington County registered the second highest rate, with one in every 245 housing units receiving a foreclosure filing during the month — 1.6 times the national average and 2.6 times the state average. Garland County was third highest, with one in every 300 housing units receiving a foreclosure filing — 1.3 times the national average and 2.2 times the state average.

 

Washington County tallied the second highest foreclosure level in the state, reporting 341 properties with foreclosure filings. Third highest was in Pulaski County, where 325 properties with foreclosure filings were reported. Fourth highest was Garland County, where 157 properties with foreclosure filings were reported. Saline County was in fifth, tallying 112 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

Arkansas accounted for 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Arkansas

157

0

1,195

0

653

2,005

647

0.60

n/a

 

 

 

 

 

 

 

 

 

 

Benton

19

0

177

0

235

431

201

1.94

3.23

Washington

93

0

146

0

102

341

245

1.59

2.64

Garland

8

0

80

0

69

157

300

1.30

2.16

Saline

3

0

76

0

33

112

363

1.07

1.78

Craighead

16

0

55

0

21

92

430

0.90

1.51

 

 

Arkansas Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Arkansas

157

0

1,195

0

653

2,005

647

-10.33

5.97

 

 

 

 

 

 

 

 

 

 

Benton

19

0

177

0

235

431

201

-2.93

-11.13

Washington

93

0

146

0

102

341

245

3.33

-13.45

Pulaski

8

0

230

0

87

325

541

-35.26

5.86

Garland

8

0

80

0

69

157

300

84.71

234.04

Saline

3

0

76

0

33

112

363

-9.68

24.44

 

 

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