Metro area foreclosures up 29% in August

Foreclosure activity in the Fort Smith metro area was up more than 29% in August, with foreclosures nationwide up almost 18%, according to information from Irvine, Calif.-based RealtyTrac.

Foreclosures in the Fort Smith metro area (Crawford, Franklin, Logan and Sebastian counties in Arkansas; Leflore and Sequoyah counties in Oklahoma) totaled 102 in August, up 29.1% compared to 79 filings in August 2008. Crawford County posted the largest percentage increase in the metro area, with 34 filings in August 2009 compared to 18 in August 2008.

RealtyTrac’s August 2009 U.S. Foreclosure Market Report shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — totaled 358,471 in the U.S. during August, down less than 1% from July, but still an increase almost 18% from August 2008. The report also shows one in every 357 U.S. housing units received a foreclosure filing in August.

“The August report demonstrates that there is still an ample supply of properties filling the foreclosure pipeline even while the outflow of bank-owned REO properties onto the resale market is being more carefully regulated,” James J. Saccacio, RealtyTrac CEO, said in this statement. “After hitting a high for the year in July, REOs dropped 13% in August, but we also saw a record high number of properties either entering default or being scheduled for a public foreclosure auction for the first time.”

Arkansas recorded 1,900 foreclosure filings in August, up 63.9% compared to August 2008. Oklahoma had 1,302 filings, a decrease of 4.9% compared to August 2008.

RealtyTrac ranks the states based on how many foreclosures were filed per households. Arkansas ranked 25th (1 filing per 678 households) and Oklahoma ranked 38th (1 filing per 1,247 households). Nevada ranked first with 1 filing per 62 households, and Vermont was last — it’s good to be last on this list — with 1 filing per 9,437 households.

In the Fort Smith area, Crawford County recorded 1 foreclosure action per 684 households, and Sebastian County had 1 filing per 853 households.

FORT SMITH AREA FIGURES
Properties in the foreclosure process
Crawford County
August 2009: 34
August 2008: 18

Franklin County
August 2009: 0
August 2008: 2

Logan County
August 2009: 2
August 2008: 2

Sebastian County
August 2009: 62
August 2008: 55

Leflore County
August 2009: 3
August 2008: 2

Sequoyah County
August 2009: 1
August 2008: 0

MOST FILINGS PER HOUSEHOLDS (Arkansas)
1. Benton County
August 2009: 426
August 2008: 302
1 filing per 199 households

2. Saline County
August 2009: 200
August 2008: 40
1 filing per 200 households

3. Washington County
August 2009: 276
August 2008: 164
1 filing per 164 households

4. Lonoke County
August 2009: 85
August 2008: 33
1 filing per 300 households

5. Garland County
August 2009: 111
August 2008: 37
1 filing per 423 households