Metro foreclosure filings increase in September; Sebastian County sees dip

Despite a decline in foreclosures in Sebastian County, foreclosure activity in the Fort Smith metro area was up 44% in August, with foreclosures nationwide up more than 29%, according to information from Irvine, Calif.-based RealtyTrac.

Foreclosures in the Fort Smith metro area (Crawford, Franklin, Logan and Sebastian counties in Arkansas; Leflore and Sequoyah counties in Oklahoma) totaled 144 in September, up 44% compared to the 100 filings in September 2008. Leflore County posted the largest percentage increase in the metro area, with 36 filings in September 2009 compared to 11 in September 2008.

Sebastian County had 58 properties in foreclosure activity in September, down 12.1% from September 2008.

RealtyTrac’s September 2009 U.S. Foreclosure Market Report shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — totaled 343,639 in the U.S. during September, down less than 4.14% from August, but a 29.2% increase over September 2008.

The report also shows one in every 372 U.S. housing units received a foreclosure filing in September.

“Bank repossessions, or REOs, jumped 21% from the second quarter to the third quarter, corresponding to jumps in defaults and scheduled auctions in the previous two quarters,” James J. Saccacio, RealtyTrac CEO said in a statement. “REO activity increased from the previous quarter in all but two states and the District of Columbia, indicating that lenders may be starting to work through some of the pent-up foreclosure inventory caused by legislative delays, loan modification efforts and high volumes of distressed properties.”

Arkansas recorded 1,686 foreclosure filings in September, up just 4.07%% compared to September 2008, but down 11.26% compared to August 2008. Oklahoma had 3,013 filings, a increase of 135% compared to September 2008. (RealtyTrac noted that some states might see big percentage changes based on improvements in collecting information.)

RealtyTrac ranks the states based on how many foreclosures were filed per households. Arkansas ranked 27th (1 filing per 764 households) and Oklahoma ranked 16th (1 filing per 539 households). In the Fort Smith area, Crawford County recorded 1 foreclosure action per 646 households, and Sebastian County had 1 filing per 911 households.

The overdeveloped housing market in Northwest Arkansas saw the number of Benton and Washington county properties in foreclosure activity increase 9.5% compared to September 2008.

FORT SMITH AREA FIGURES
Properties in the foreclosure process
Crawford County
September 2009: 36
September 2008: 19

Franklin County
September 2009: 7
September 2008: 3

Logan County
September 2009: 5
September 2008: 1

Sebastian County
September 2009: 58
September 2008: 66

Leflore County
September 2009: 36
September 2008: 11

Sequoyah County
September 2009: 2
September 2008: 0

MOST FILINGS PER HOUSEHOLDS (Arkansas)
1. Benton County
September 2009: 389
September 2008: 410
1 filing per 218 households

2. Washington County
September 2009: 288
September 2008: 208
1 filing per 284 households

3. Lonoke County
September 2009: 57
September 2008: 87
1 filing per 447 households

4. Saline County
September 2009: 82
September 2008: 92
1 filing per 488 households

5. Pulaski County
September 2009: 303
September 2008: 306
1 filing per 576 households