Arkansas Foreclosures Decline in January

Statewide filings decrease 3 percent for the month

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,908 Arkansas properties in January, a 3 percent decrease from December.

On a year-over-year basis the state’s foreclosure total is 5 percent below the level reported for January 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Arkansas ranked 27th in the nation in total foreclosures for January. Its foreclosure rate of one in every 687 housing units receiving a foreclosure filing during the month ranked it 19th among the 50 states.

Washington County posts state’s top foreclosure rate in January

With one in every 242 housing units receiving a foreclosure filing in January — 2.1 times the national average and 2.8 times the state average — Washington County posted the highest foreclosure rate of all Arkansas counties. Benton County reported the second highest county foreclosure rate, with one in every 243 housing units receiving a foreclosure filing during the month — 2.1 times the national average and 2.8 times the state average. One in every 311 housing units in Saline County received a foreclosure filing during the month, the third highest county foreclosure rate in the state –1.6 times the national average and 2.2 times the state average.

 

Benton County dominates state foreclosure activity in January

Benton County started off 2011 reporting 358 properties with foreclosure filings in January, the highest total of all counties in the state for the month. Washington County tallied the second highest total in the state, reporting 353 properties with foreclosure filings. Third highest was Pulaski County, where 320 properties with foreclosure filings were reported. Saline County came in fourth, reporting 133 properties with foreclosure filings, followed by Garland County, where 120 properties with foreclosure filings were reported for the month.

 

State a minor contributor to the nation’s foreclosure total in January

Arkansas accounted for 1 percent of the 261,333 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by more than 1 percent from December, but was down more than 17 percent from the level reported in January 2010. One in every 497 U.S. housing units received a foreclosure filing during the month.

 

“We’ve now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately this is less a sign of a robust housing recovery and more a sign that lenders have become bogged down in reviewing procedures, resubmitting paperwork and formulating legal arguments related to accusations of improper foreclosure processing.”

 

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 – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

n/a

n/a

Arkansas

128

0

1,294

0

486

1,908

687

0.72

n/a

 

 

 

 

 

 

 

 

 

 

Washington

44

0

218

0

91

353

242

2.06

2.84

Benton

38

0

204

0

116

358

243

2.05

2.83

Saline

7

0

96

0

30

133

311

1.60

2.21

Crawford

5

0

35

0

23

63

378

1.31

1.82

Garland

3

0

53

0

64

120

395

1.26

1.74

 

 

Arkansas Top Foreclosure Totals by County – January 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 10

% Chg Jan 10

 

 

 

 

 

 

 

 

 

 

United States

36,964

38,234

88,050

19,952

78,133

261,333

497

1.39

-17.23

Arkansas

128

0

1,294

0

486

1,908

687

-3.34

-5.12

 

 

 

 

 

 

 

 

 

 

Benton

38

0

204

0

116

358

243

-12.25

-28.40

Washington

44

0

218

0

91

353

242

32.71

1.44

Pulaski

16

0

240

0

64

320

553

-29.20

8.47

Saline

7

0

96

0

30

133

311

44.57

70.51

Garland

3

0

53

0

64

120

395

57.84

-25.00

 

 

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