Arkansas Reports Increased Foreclosure Activity in April

Activity ticks up 5 percent for month; 2 percent from April 2010

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,042 Arkansas properties in April, up 5 percent from March and 2 percent above the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The state ranked 26th in total foreclosure activity nationally for the month. One in every 642 Arkansas housing units received a foreclosure filing in April, the nation’s 16th highest foreclosure rate. Unemployment within the state remained high while home prices in many of its regions fell.

 

Van Buren County top in foreclosure rate for April

One in every 104 housing units in Van Buren County received a foreclosure filing in April — 5.7 times the national average and 6.2 times the state average — the highest foreclosure rate of all Arkansas counties. Second highest rate was reported in Dallas County, where one in every 138 housing units received a foreclosure filing during the month — 4.3 times the national average and 4.7 times the state average. Benton County came in third, with one in every 207 housing units receiving a foreclosure filing during the month — 2.9 times the national average and 3.1 times the state average.

 

Benton County led the state in foreclosure activity in April

Benton County led all counties, reporting 421 properties with foreclosure filings for the month. Washington County was second highest, reporting 395 properties with foreclosure filings. Third highest in the state was Pulaski County, where 280 properties with foreclosure filings were reported. Van Buren County was fourth highest, tallying 94 properties with foreclosure filings. Saline County came in fifth, reporting 87 properties with foreclosure filings.

 

State a minor contributor to nation’s foreclosure crisis in April

Arkansas accounted for 1 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”

 

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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Arkansas

298

0

944

0

800

2,042

642

0.92

n/a

 

 

 

 

 

 

 

 

 

 

Van Buren

0

0

2

0

92

94

104

5.70

6.17

Dallas

0

0

2

0

31

33

138

4.30

4.66

Benton

128

0

166

0

127

421

207

2.87

3.11

Washington

111

0

147

0

137

395

216

2.74

2.97

Greene

12

0

32

0

4

48

379

1.56

1.69

 

 

Arkansas Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Arkansas

298

0

944

0

800

2,042

642

4.93

2.00

 

 

 

 

 

 

 

 

 

 

Benton

128

0

166

0

127

421

207

48.24

-1.86

Washington

111

0

147

0

137

395

216

10.64

2.07

Pulaski

15

0

172

0

93

280

632

-18.13

-16.17

Van Buren

0

0

2

0

92

94

104

1075.00

2250.00

Saline

1

0

52

0

34

87

475

-20.18

-7.45

 

 

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