Area foreclosure activity down in October

BusinessFort SmithNews on the Wire

by The City Wire staff ([email protected]) November 17, 2011 3:30 pm 63 views 

Foreclosures during October in the Fort Smith region were down more than 35%, similar to the national figures, according to a monthly report from Irvine, Calif.-based RealtyTrac.

The number of properties in some phase of foreclosure in the Fort Smith region (Crawford, Franklin, Logan and Sebastian counties in Arkansas; LeFlore and Sequoyah counties in Oklahoma) during October totaled 82, down 35.36% compared to the same period in 2010.

For the first half of the year, foreclosure actions in the region totaled 803, down 5.75% compared to the 2010 period.

Half of the foreclosure activity in the region during October was in Sebastian County, which had 41 properties on the list.

In Benton and Washington counties of Northwest Arkansas, properties in a foreclosure action totaled 184 during October, down 75.3% compared to July 2010.

The RealtyTrac figures show that foreclosures in Arkansas during October totaled 526, down compared to the 653 actions during October 2010. For the first half of the year, foreclosure actions in Arkansas were down 12.31% compared to the 2010 period. Oklahoma properties in a foreclosure phase during October totaled 2,061, up almost 20%. For the first half of 2011, the number of Oklahoma properties in a foreclosure was down 16.98% compared to 2010.

Nationwide, a total of 230,678 U.S. properties received foreclosure filings — default notices, auction sale notices and bank repossessions — in October 2011, a 31% decrease compared to October 2010, and down 7% compared to September. The report also shows that one in every 583 U.S. housing units had at least one foreclosure filing during July.

During the first half of 2011, a total of 1,170,402 U.S. properties received foreclosure filings, a 25% decrease from the previous six months and a 29% decrease from the first half of 2010.

“The October foreclosure numbers continue to show strong signs that foreclosure activity is coming out of the rain delay we’ve been in for the past year as lenders corrected foreclosure paperwork and processing problems,” James Saccacio, RealtyTrac CEO, said in a statement. “However, recent state court rulings and new state laws keep changing the rules of the foreclosure game on the fly, creating more uncertainty in the housing market and threatening to prolong the road to a robust real estate recovery.”

Lenders repossessed a total of 67,624 U.S. properties (REO) in October, up 4% from the previous month, but down 27% from October 2010. REO activity increased 40% or more on a month-over-month basis in several states, including Michigan (40%), Oregon (45%), New Jersey (48%), and Indiana (73%).

FORT SMITH AREA FIGURES (Properties in the foreclosure process)
Crawford County
Oct. 2011: 27
Oct. 2010: 27

Franklin County
Oct. 2011: 1
Oct. 2010: 5

Logan County
Oct. 2011: 0
Oct. 2010: 3

Sebastian County
Oct. 2011: 41
Oct. 2010: 58

Leflore County
Oct. 2011: 11
Oct. 2010: 14

Sequoyah County
Oct. 2011: 2
Oct. 2010: 4

MOST FILINGS PER HOUSEHOLDS (Top 5 Arkansas counties)
Garland County
Oct. 2011: 66
Oct. 2010: 157
1 filing per 718 households

Crawford County
Oct. 2011: 27
Oct. 2010: 27
1 filing per 883 households

Benton County
Oct. 2011: 96
Oct. 2010: 431
1 filing per 906 households

Washington County
Oct. 2011: 88
Oct. 2010: 341
1 filing per 971 households

Sebastian County
Oct. 2011: 41
Oct. 2010: 58
1 filing per 1,312 households