Metro foreclosure actions up 16.5% in 2010
Foreclosure actions on properties in the Fort Smith region were up more than 16% in 2010, continuing a troubling trend that has seen regional foreclosure actions increase more than 164% between 2010 and 2007.
Nationwide, foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2.871 million U.S. properties in 2010, an increase of nearly 2% from 2009 and an increase of 23% from 2008, according to a report released Thursday (Jan. 13) from Irvine, Calif.-based RealtyTrac.
The report also shows that 2.23% of all U.S. housing units (one in 45) received at least one foreclosure filing during the year, up from 2.21% in 2009, 1.84% in 2008, 1.03% in 2007 and 0.58% in 2006.
The RealtyTrac report shows that 1,556 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 2010, up 16.5% compared to the 1,335 properties in the 2009 period.
Sebastian County foreclosure actions totaled 773 in 2010, up 20.9% from the 639 in 2009. There were 454 Crawford County foreclosure actions in 2010, up 30% compared to 2009. Leflore County foreclosure actions fell 37.3% in 2010, from 260 in 2009 to 163 in 2010.
RealtyTrac figures show that foreclosure actions have moved away from the urban core of the Fort Smith metro area. In 2007, 65.8% of foreclosure actions in the metro area were from Sebastian County. In 2010, the Sebastian County percentage fell to 49.6%.
Foreclosure actions during 2010 in Arkansas totaled 19,757, up 19.39% compared to 2009. In Oklahoma, foreclosure actions in 2010 totaled 17,718, up 36.9% compared to 2009.
“Total properties receiving foreclosure filings would have easily exceeded 3 million in 2010 had it not been for the fourth quarter drop in foreclosure activity — triggered primarily by the continuing controversy surrounding foreclosure documentation and procedures that prompted many major lenders to temporarily halt some foreclosure proceedings,” James Saccacio, RealtyTrac CEO, said in a statement. “Even so, 2010 foreclosure activity still hit a record high for our report, and many of the foreclosure proceedings that were stopped in late 2010 — which we estimate may be as high as a quarter million — will likely be re-started and add to the numbers in early 2011.”
Northwest Arkansas continues to be the most active for foreclosure actions.
Benton County had 3,925 properties in the foreclosure process in 2010, down slightly from the 3,945 in 2009, but enough for the county to be ranked first in Arkansas in terms of foreclosure actions per household (1 for every 22).
Washington County was second in the state with 1 property in foreclosure for every 27 households. The county had 3.059 properties in the foreclosure process during 2010, up 5.55% compared to 2009.
FORT SMITH AREA FIGURES (Properties in the foreclosure process)
Crawford County
2010: 454
2009: 349
Franklin County
2010: 67
2009: 41
Logan County
2010: 72
2009: 39
Sebastian County
2010: 773
2009: 639
Leflore County
2010: 163
2009: 260
Sequoyah County
2010: 27
2009: 7
MOST FILINGS PER HOUSEHOLDS (Top 5 Arkansas counties)
Benton County
2010: 3,925
2009: 3,945
1 filing per 22 households
Washington County
2010: 3,059
2009: 2,898
1 filing per 24 households
Lonoke County
2010: 711
2009: 562
1 filing per 36 households
Garland County
2010: 1,074
2009: 679
1 filing per 44 households
Saline County
2010: 910
2009: 895
1 filing per 45 households