Area foreclosure filings up 34% in first half of 2010

Recent foreclosure data from RealtyTrac show a more than 34% increase in the number of Fort Smith area residents unable to keep their home and other property out of the foreclosure process.

The report released Thursday by Irvine, Calif.-based RealtyTrac shows that 852 properties in the Fort Smith region (Crawford, Franklin, Logan and Sebastian counties in Arkansas; LeFlore and Sequoyah counties in Oklahoma) were placed in a foreclosure action during the first six months of 2010, up 34.1% over the 635 properties in the 2009 period.

The increase in the Fort Smith region was significantly higher than the 8% national figure and up over the 27.7% increase in Arkansas.

Sebastian County saw a 20.1% increase with 418 foreclosure properties in Jan.-June 2010 compared to 348 for the 2009 period. Crawford County was hit with a 68.1% increase with 259 foreclosure properties in Jan.-June 2010 compared to 154 for the 2009 period.

Although Benton and Washington counties in Northwest Arkansas area have enjoyed recent home sales gains, the housing market there far outpaces the other areas of the state with respect to foreclosure filings. Benton County, which had 2,299 properties in foreclosure filing in the first half of 2010, had a foreclosure filing for every 38 households — the worst ratio in all of Arkansas’ 75 counties. Washington County was second with one filing for every 47 households.

Arkansas had 11,043 properties in a foreclosure action during the first half of 2010, up 27.7% compared to the same period in 2009. Oklahoma had 10,343 properties on the list, up 84.4% over the 2009 period.

Nationwide there 1,961,894 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 1,654,634 U.S. properties in the first six months of 2010, a 5 percent decrease in total properties from the previous six months but an 8 percent increase in total properties from the first six months of 2009. The report also shows that 1.28 percent of all U.S. housing units (one in 78) received at least one foreclosure filing in the first half of the year.

Also, bank repossessions (REOs) increased 38% compared to the second quarter of 2010 compared to the 2009 quarter — a new quarterly high for the report.

“The midyear numbers put us on pace to exceed 3 million properties with foreclosure filings by the end of the year, and more than 1 million bank repossessions,” RealtyTrac CEO James Saccacio said in a statement. “The roller coaster pattern of foreclosure activity over the past 12 months demonstrates that while the foreclosure problem is being managed on the surface, a massive number of distressed properties and underwater loans continues to sit just below the surface, threatening the fragile stability of the housing market.”

Nearly 6% of Nevada housing units (one in 17) received at least one foreclosure filing in the first half of 2010, giving Nevada the nation’s highest foreclosure rate during the six-month period.

Arizona registered the nation’s second highest state foreclosure rate in the first half of 2010, with 3.36% of its housing units (one in 30) receiving a foreclosure filing. Florida registered the nation’s third highest state foreclosure rate, with 3.15% of its housing units (one in 32) receiving a foreclosure filing during the six months.
 
Other states with foreclosure rates ranking among the nation’s 10 highest were California (2.54%), Utah (1.91%), Georgia (1.79%), Michigan (1.73%), Idaho (1.68%), Illinois (1.61%), and Colorado (1.40%).

FORT SMITH AREA FIGURES (Properties in the foreclosure process)
Crawford County
Jan.-June 2010: 259
Jan.-June 2009: 154

Franklin County
Jan.-June 2010: 32
Jan.-June 2009: 18

Logan County
Jan.-June 2010: 41
Jan.-June 2009: 21

Sebastian County
Jan.-June 2010: 418
Jan.-June 2009: 348

Leflore County
Jan.-June 2010: 93
Jan.-June 2009: 92

Sequoyah County
Jan.-June 2010: 9
Jan.-June 2009: 2

MOST FILINGS PER HOUSEHOLDS (Top 5 Arkansas counties)
Benton County
Jan.-June 2010: 2,299
Jan.-June 2009: 2,271
1 filing per 38 households

Washington County
Jan.-June 2010: 1,771
Jan.-June 2009: 1,533
1 filing per 47 households

Lonoke County
Jan.-June 2010: 424
Jan.-June 2009: 269
1 filing per 61 households

Garland County
Jan.-June 2010: 655
Jan.-June 2009: 363
1 filing per 72 households

Saline County
Jan.-June 2010: 514
Jan.-June 2009: 370
1 filing per 79 households