Arkansas Foreclosures Up in 2010

Foreclosure filings rise 19 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 19,757 Arkansas properties for 2010, up 19 percent from a year ago and 38 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 1,974 Arkansas properties in December 2010, a 22 percent increase from November and 2 percent above the level reported in December 2009. One in every 658 Arkansas housing units received a foreclosure filing during the month.

 

“Arkansas foreclosure activity spiked in 2010 to a level well above what was reported for both 2009 and 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state, while high, remains below the national average at 7.9 percent, leaving many residents worried about holding onto their homes in this time of slow and fragile recovery.”

 

One in every 66 Arkansas housing units received a foreclosure filing in 2010, the 21st highest state foreclosure rate in the nation for the year.

 

Benton County posts state’s top foreclosure rate in 2010

Benton County posted the highest foreclosure rate in Arkansas in 2010, with one in every 22 housing units receiving a foreclosure filing — three times the state average. Washington County had the second highest rate, with one in every 27 housing units receiving a foreclosure filing in 2010 — 2.4 times the state average. The next highest was Lonoke County, where one in every 36 housing units received a foreclosure filings during the year — 1.8 times the state average.

 

Benton County also led the state in foreclosure activity in 2010

Benton County also led Arkansas in foreclosure activity, reporting 3,925 properties with a foreclosure filing. Pulaski County had the second highest foreclosure total, with 3,657 properties with foreclosure filings. Washington County documented the third highest foreclosure total, reporting 3,059 properties with foreclosure filings for the year. Garland County came in fourth, tallying 1,074 properties with foreclosure filings. Fifth highest total for the year was in Saline County, where 910 properties with foreclosure filings were reported.

 

State a minor contributor to total foreclosure activity in 2010

Arkansas accounted for 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Arkansas

1,028

48

11,542

0

7,139

19,757

66

0.68

n/a

 

 

 

 

 

 

 

 

 

 

Benton

281

13

1,636

0

1,995

3,925

22

2.04

2.98

Washington

289

10

1,541

0

1,219

3,059

27

1.65

2.41

Lonoke

31

2

448

0

230

711

36

1.24

1.81

Garland

72

2

511

0

489

1,074

44

1.03

1.50

Saline

26

13

580

0

291

910

45

1.01

1.47

 

 

Arkansas Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Arkansas

1,028

48

11,542

0

7,139

19,757

66

19.40

38.38

 

 

 

 

 

 

 

 

 

 

Benton

281

13

1,636

0

1,995

3,925

22

-0.51

19.56

Pulaski

164

5

2,424

0

1,064

3,657

48

32.84

39.58

Washington

289

10

1,541

0

1,219

3,059

27

5.56

59.24

Garland

72

2

511

0

489

1,074

44

58.17

35.44

Saline

26

13

580

0

291

910

45

1.68

25.69

 

 

 

Arkansas Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Arkansas

93

0

1,409

0

472

1,974

658

0.76

n/a

 

 

 

 

 

 

 

 

 

 

Benton

26

0

210

0

172

408

212

2.36

3.10

Washington

27

0

181

0

58

266

314

1.59

2.09

Pulaski

21

0

339

0

92

452

389

1.29

1.69

Lonoke

1

0

56

0

9

66

392

1.28

1.68

Saline

5

0

70

0

17

92

442

1.13

1.49

 

 

Arkansas Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Arkansas

93

0

1,409

0

472

1,974

658

21.78

2.17

 

 

 

 

 

 

 

 

 

 

Pulaski

21

0

339

0

92

452

389

33.33

34.12

Benton

26

0

210

0

172

408

212

29.52

8.22

Washington

27

0

181

0

58

266

314

13.19

-20.36

Sebastian

3

0

76

0

24

103

518

8.42

24.10

Saline

5

0

70

0

17

92

442

43.75

-23.97

 

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