Arkansas Foreclosures Decline in November

Filings down 19 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,621 Arkansas properties in November, down 19 percent from the previous month but up 3 percent from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

“Foreclosure activity was down significantly in Arkansas for November, but still slightly ahead of this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in bank-owned properties, which fell 36 percent for the month. This decline is most likely related to the robo-signing controversy that has lenders and servicers halting foreclosure processing in the short run in order to get their documentation in order.”

Arkansas ranked 29th in the nation in total foreclosures for the month. Its foreclosure rate of one in every 801 housing units receiving a foreclosure filing during the month, ranked it 26th among the 50 states.

Benton County tops state in foreclosure rate for November

One in every 275 housing units received a foreclosure filing in Benton County in November — 1.8 times the national average and 2.9 times the state average. Washington County reported the second highest foreclosure rate in the state with one in every 356 housing units receiving a foreclosure filing for the month — 1.4 times the national average and 2.3 times the state average. Lonoke County came in third, with one in every 386 housing units receiving a foreclosure filing — 1.3 times the national average and 2.1 state average.

 

Pulaski County led state in foreclosure activity during November

Foreclosure activity was heaviest in Pulaski County, which reported 339 properties with foreclosure filings for the month. Benton County tallied the second highest foreclosure level, reporting 315 properties with foreclosure filings. Third highest total was in Washington County, where 235 properties with foreclosure filings were reported. Fourth highest was Garland County, where 101 properties with foreclosure filings were reported. Sebastian County filled out the top five for the month, reporting 95 properties with foreclosure filings.

 

State a minor contributor to nation’s foreclosure total

Arkansas accounted for 1 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Arkansas

120

0

1,085

0

416

1,621

801

0.61

n/a

 

 

 

 

 

 

 

 

 

 

Benton

27

0

186

0

102

315

275

1.79

2.92

Washington

17

0

158

0

60

235

356

1.38

2.25

Lonoke

7

0

41

0

19

67

386

1.27

2.07

Garland

14

0

52

0

35

101

466

1.06

1.72

Crawford

2

0

30

0

15

47

502

0.98

1.60

 

 

Arkansas Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Arkansas

120

0

1,085

0

416

1,621

801

-19.15

3.12

 

 

 

 

 

 

 

 

 

 

Pulaski

39

0

229

0

71

339

519

4.31

21.07

Benton

27

0

186

0

102

315

275

-26.91

-7.08

Washington

17

0

158

0

60

235

356

-31.09

-26.10

Garland

14

0

52

0

35

101

466

-35.67

165.79

Sebastian

5

0

58

0

32

95

562

63.79

23.38

 

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