Fort Smith area sees 84% jump in foreclosure filings

The number of Arkansas properties facing foreclosure activity in 2008 was more than the number of properties in 2007 and 2006 combined.

According to figures from Irvine, Calif-based RealtyTrac, Arkansas ended 2008 with 14,277 properties facing some form of foreclosure activity. In 2007, there were 6,406 properties facing foreclosure, and 4,790 in 2006.

Benton County had the most 2008 foreclosure actions in Arkansas with 3,283, compared to 966 in 2007 and 445 in 2006. Washington County ranked 2nd in the state with 1,921 foreclosure actions in 2008 compared to 611 in 2007 and 289 in 2006. The rankings are based on the percentage of homes in the county facing foreclosure action.

The number of properties facing foreclosure action in the Fort Smith metro area (Crawford, Franklin, Logan and Sebastian counties in Arkansas; Le Flore and Sequoyah counties in Oklahoma) totaled 1,084 in 2008, up 84% over the 588 regional properties in 2007.

The numbers for other key Arkansas counties were:

Saline County (ranked 4th)
2008: 724
2007: 376
2006: 244

Pulaski County (ranked 6th)
2008: 2,620
2007: 1,770
2006: 1,625

Sebastian County (ranked 8th)
2008: 627
2007: 387
2006: 408

Crawford County (ranked 9th)
2008: 266
2007: 179
2006: 205

Saline County (ranked 10th)
2008: 462
2007: 252
2006: 253

Arkansas ranked 23rd among other states for the total number of foreclosure filings, with 16,611 filings on 14,277 properties. The Little Rock-North Little Rock area ranked 54th among the top 100 metro areas, with 4,336 total foreclosure filings in 2008.

Nationwide, RealtyTrac reported 3,157,806 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported on 2,330,483 U.S. properties during the year, an 81% increase in total properties from 2007 and a 225% increase in total properties from 2006. The report also shows that 1.84% of all U.S. housing units (one in 54) received at least one foreclosure filing during the year, up from 1.03% in 2007.

A total of 523,624 California properties received a foreclosure filing in 2008, the nation’s highest state total. Foreclosure activity in the state increased nearly 110% from 2007 and nearly 498% from 2006.

With 385,309 properties receiving a foreclosure filing in 2008, Florida documented the second highest state total. Florida foreclosure activity increased 133% from 2007 and nearly 412% from 2006.

Arizona’s 2008 total of 116,911 properties receiving a foreclosure filing was third highest among the states. Foreclosure activity in Arizona increased 203% from 2007 and 655% from 2006.

Other states with Top 10 totals for 2008 were Ohio, Michigan, Illinois, Texas, Georgia, Nevada and New Jersey.