Fort Smith metro sees increase in foreclosure filings

The top three Arkansas metro areas measured by RealtyTrac saw increases in residential foreclosure filings during the first half of 2009, with the Fort Smith metro area seeing a 6.4% increase.

According to RealtyTrac, the Fort Smith metro area had 614 properties in the foreclosure process during the first six months of 2009, compared to 577 for the same period in 2008.

The Northwest Arkansas metro area had 3,838 properties in the foreclosure process during the first six months of 2009, compared to 2,319 for the same period in 2008.

The Little Rock-North Little Rock metro area had 2,264 properties in the foreclosure process during the first six months of 2009, compared to 2,111 for the same period in 2008.

In relative terms, the Fort Smith metro area foreclosure situation is stable with just one home in the foreclosure process for every 201 homes in the area. The Little Rock-North Little Rock area has one home in the process for every 130 homes in the area, and the Northwest Arkansas metro area has one home the foreclosure process for every 48 homes in the area. The Arkansas average was one home in the foreclosure process for every 149 homes.

However, the Little Rock-North Little Rock metro area was the only one of the top three Arkansas metro areas to see a decline in foreclosure activity from the second half of 2008 to the first half of 2009.

In releasing the figures, RealtyTrac CEO James Saccacio said a trend is emerging in which the areas — California, Florida and Michigan — previously hit hard by foreclosures are beginning to level off, but areas which had stable foreclosure numbers are beginning to see increases.

“More than 20 percent of the metro areas which showed above average levels of foreclosure activity were in states such as Oregon, Idaho, Utah, Arkansas, Illinois and South Carolina, suggesting that much of the new foreclosure activity may be more directly related to growing unemployment than continuing fallout from subprime and adjustable rate loans,” noted the RealtyTrac statement.

RealtyTrac is expected to release July foreclosure results on Thursday (Aug. 13). The City Wire will post the information early Thursday morning.

TOP 3 ARKANSAS METRO AREAS
Properties in the foreclosure process
• Fayetteville-Springdale-Rogers
Jan.-June 2009: 3,838
Jan.-June 2008: 2,319
percentage increase: 65.5%

• Fort Smith (Ark.-Okla.)
Jan.-June 2009: 614
Jan.-June 2008: 577
percentage increase: 6.4%

• Little Rock-North Little Rock-Conway
Jan.-June 2009: 2,264
Jan.-June 2008: 2,111
percentage increase: 7.2%

FORT SMITH AREA FIGURES
Properties in the foreclosure process
• Crawford County
Jan.-June 2009: 154
Jan.-June 2008: 127

• Franklin County
Jan.-June 2009: 18
Jan.-June 2008: 23

• Logan County
Jan.-June 2009: 21
Jan.-June 2008: 21

• Scott County
Jan.-June 2009: 14
Jan.-June 2008: 9

• Sebastian County
Jan.-June 2009: 348
Jan.-June 2008: 363