Arkansas among top states with fastest-growing foreclosure activity
by July 17, 2023 12:01 pm 3,153 views
A new report found foreclosure activity in Arkansas is among the fastest growing in the country at the midway point of 2023, compared with the same point of 2022, and is creeping toward pre-pandemic levels.
An analysis by California-based Attom, a property data provider, showed 1,369 properties with foreclosures in the first six months of the year in Arkansas. That’s up 72% (796) compared with the first half of 2022.
States that saw the greatest increase in foreclosure activity compared to a year ago in the first half of 2023 are Maryland (100%), Oregon (99%), Alaska (95%), West Virginia (83%) and Arkansas (72%).
According to Attom’s historical data, foreclosure filings were reported on 350 Arkansas properties in the first half of 2021, 746 in the same period of 2020 and 1,734 in the first six months of 2019.
Nationally, Attom reported foreclosure filings on 185,590 U.S. properties in the first half of the year, up 13% from the same time period a year ago and up 185% from the same time period two years ago.
“Similar to the first half of 2022, foreclosure activity across the United States maintained its upward trajectory, gradually approaching pre-pandemic levels in the first half of 2023,” Attom CEO Rob Barber said. “Although overall foreclosure activity remains below historical norms, the notable surge in foreclosure starts indicates that we may continue to see a rise in foreclosure activity in the coming years.”
A home goes into foreclosure when the owner can’t pay the mortgage. Banks begin the foreclosure process by filing a notice of a foreclosure hearing to decide whether a home is sold at auction. A home is considered “distressed” when it’s under any stage of foreclosure.
According to the data, 0.10% of all housing units in Arkansas (one in every 995) had a foreclosure filing in the first of the year. Nationwide, 0.13% of all housing units (one in every 752) had a foreclosure filing in the first half of 2023.
Among 223 metropolitan statistical areas with a population of at least 200,000, Northwest Arkansas had one of the lowest foreclosure rates in the country. Attom reported that the 125 properties with foreclosure filings in the first half of the year represented just 0.06% of all regional housing units. That ranks Northwest Arkansas No. 201 out of the top 223 metro regions.
Other Arkansas metros in the report were central Arkansas (366 filings; 0.11%; No. 128) and Fort Smith (112 filings; 0.09%; No. 156).