Arkansas Foreclosure Activity Decreased in Third Quarter

Total filings decline 4 percent statewide from the second quarter

Auction notices up, defaults and REOs down for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 5,753 Arkansas properties during the third quarter, a 4 percent decrease from the previous quarter but up 11 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. ForeclosureMarket Report.

 

For September, Arkansas ranked 28th in the nation, reporting 2,236 properties with foreclosure filings, a 17 percent increase from the previous month and 33 percent above the level reported for the same month last year. One in every 581 Arkansas housing units received a foreclosure filing in September, ranking the 20th highest state foreclosure rate in the nation.

 

Arkansas foreclosures were down for the third quarter,” said James J. Sacccio, chief executive officer of RealtyTrac. “The largest decrease was in default notices, which fell 23 percent during the quarter. The state’s unemployment rate remains well below the national average, and its home sales were more than double that of most states earlier this year. These factors are definitely contributing to the overall decline in foreclosure activity.”

Arkansas ranked 30th in the nation in total foreclosures for the quarter. Its foreclosure rate of one in every 226 housing units receiving a foreclosure filing during the month, ranked 21st among the 50 states.

Benton County led state with top foreclosure rate in third quarter

One in every 75 housing units received a foreclosure filing in Benton County — 1.8 times the national average and three times the state average — the highest foreclosure rate in the state during the third quarter of 2010. Washington County posted the second highest rate, with one in every 88 housing units receiving a foreclosure filing during the period — 1.6 times the national average and 2.6 times the state average. Third highest rate was in Lonoke County, where one in every 141 housing units received a foreclosure filing — 1.6 times the state average.

 

State’s top foreclosure total for third quarter posted in Benton County

Benton County dominated the state in total foreclosure activity, reporting 1,155 properties with foreclosure filings for the quarter. Pulaski County was second, reporting 1,139 properties with foreclosure filings. Washington County was third, tallying 952 properties with foreclosure filings. Saline County was fourth highest, reporting 258 properties with foreclosure filings. Sebastian County came in last for the state’s top five, reporting 242 properties with foreclosure filings for the quarter.

 

State a minor contributor to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Arkansas. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Arkansas

348

0

3,568

0

1,837

5,753

226

0.61

n/a

 

 

 

 

 

 

 

 

 

 

Benton

109

0

577

0

469

1,155

75

1.85

3.01

Washington

125

0

507

0

320

952

88

1.58

2.57

Lonoke

2

0

123

0

59

184

141

0.99

1.61

Crawford

14

0

92

0

47

153

154

0.90

1.46

Pulaski

34

0

765

0

340

1,139

154

0.90

1.46

 

 

Arkansas Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Arkansas

348

0

3,568

0

1,837

5,753

226

-3.65

11.10

 

 

 

 

 

 

 

 

 

 

Benton

109

0

577

0

469

1,155

75

-1.37

-4.94

Pulaski

34

0

765

0

340

1,139

154

7.76

35.92

Washington

125

0

507

0

320

952

88

-11.11

-5.65

Saline

4

0

185

0

69

258

158

-4.09

-28.73

Sebastian

17

0

139

0

86

242

221

11.52

30.81

 

 

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