Arkansas foreclosure numbers down from 2023 levels

The four largest metro areas with a majority of population in Arkansas accounted for 50.2% of all residential foreclosures in the state in the first half of 2024. Arkansas foreclosure numbers were down compared to the same period in 2023, but up compared to the first half of 2022.

Arkansas had 1,130 foreclosures between January and June, down 17.5% compared with the first half of 2023, but up 42% compared with the same period in 2022, according to Irvine, Calif.-based ATTOM. The state had 1 foreclosure for every 1,214 homes.

There were 177,431 foreclosures nationwide in the first half of 2024, down 4.39% compared with the same period in 2023 and up 7.8% compared with the same period in 2022. There was a U.S. foreclosure for every 794 homes during the first half of 2024.

Central Arkansas had 327 foreclosures in the first half of 2024, down 10.7% compared with the same period in 2023 and unchanged compared to the same period in 2022. The metro had 1 foreclosure per 1,033 homes. Pulaski County, the largest by population in the central metro area, had 190 foreclosures in the period, down 4.5% compared with the same period in 2023 and down 11.21% compared with the same period in 2022.

Northwest Arkansas had 107 foreclosures in the first half of 2024, down 14.4% compared with the same period in 2023 but up 84.5% compared to the same period in 2022. The metro had 1 foreclosure per 2,176 homes. Benton County, the largest by population in the metro, had 59 foreclosures in the period, down 6.35% compared with the same period in 2023 and up 27% compared with the same period in 2022.

The Fort Smith metro had 95 foreclosures in the first half of 2024, down 15.2% compared with the same period in 2023 but up 61% compared to the same period in 2022. The metro had 1 foreclosure per 1,281 homes. Sebastian County, the largest by population in the metro, had 53 foreclosures in the period, down 37.7% compared with the same period in 2023 and up 22.2% compared with the same period in 2022.

The Jonesboro metro had 39 foreclosures in the first half of 2024, down 39% compared with the same period in 2023 but up 95% compared to the same period in 2022. The metro had 1 foreclosure per 1,474 homes. Craighead County, the largest by population in the metro, had 26 foreclosures in the period, down 44.7% compared with the same period in 2023 and up 85.7% compared with the same period in 2022.

Arkansas’ top five counties in terms of foreclosure numbers were Pulaski (190), Benton (59) Saline (55), Sebastian (53), and Washington (42). The five counties accounted for 35.3% of all Arkansas foreclosures in the first half of 2024.

ATTOM’s latest foreclosure activity analysis points to a more stable housing market.

“In contrast to the first half of 2023, foreclosure activity across the United States experienced a decline in the first half of 2024,” ATTOM CEO Rob Barber noted in the report. “In addition, U.S. foreclosure starts also decreased by 3 percent in the first six months of 2024.  These shifts could suggest a potential stabilization in the housing market; however, monitoring these evolving patterns remains crucial to understanding the full impact on the real estate sector.”

Five states with the greatest increases in foreclosure activity in the first half of 2024 compared to the previous year included South Dakota (up 93%), North Dakota (up 86%), Kentucky (up 73%), Massachusetts (up 46%), and Idaho (up 30%). The five states with the highest foreclosure rates were New Jersey (0.21% of housing units with a foreclosure filing), Illinois (0.21%), Florida (0.2%), Nevada (0.19%), and South Carolina (0.19%).