Area foreclosure activity jumps in October

Thanks to foreclosure jumps in Leflore and Sebastian counties, foreclosure activity in the Fort Smith metro area was up 118.3% in October, with foreclosures nationwide up 19%, 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 238 in October, up 118.3%% compared to the 109 filings in October 2008. Leflore County posted the largest percentage increase in the metro area, with 98 filings in October 2009 compared to 5 in October 2008.

Sebastian County had 81 properties in foreclosure activity in October, up 42.1% from October 2008.

RealtyTrac’s October 2009 U.S. Foreclosure Market Report, which shows foreclosure filings — default notices, scheduled foreclosure auctions and bank repossessions — listed 332,292 U.S. properties during the month, down 3% from the previous month but still up nearly 19% from October 2008. The report also shows one in every 385 U.S. housing units received a foreclosure filing in October.

“Three consecutive monthly declines is unprecedented for our report, and on first blush an indication that the foreclosure tide may be turning,” James J. Saccacio, chief executive officer of RealtyTrac, said in a statement. “However, the fundamental forces driving foreclosure activity in this housing downturn — high-risk mortgages, negative equity, and unemployment — continue to loom over any nascent recovery. And despite all the efforts and resources directed at helping homeowners avoid foreclosure, we continue to see foreclosure activity levels that are substantially higher than a year ago in most states.”

Arkansas recorded 1,892 foreclosure filings in October, down 0.16% compared to October 2008, but up 12.22% compared to September 2009. Oklahoma had 1,552 filings, an increase of 89.96% compared to October 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 24th (1 filing per 680 households) and Oklahoma ranked 35th (1 filing per 1,046 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 (485) and Washington county (394) properties in foreclosure activity increase 14.3% compared to October 2008.

FORT SMITH AREA FIGURES
Properties in the foreclosure process
Crawford County
October 2009: 47
October 2008: 41

Franklin County
October 2009: 6
October 2008: 1

Logan County
October 2009: 5
October 2008: 5

Sebastian County
October 2009: 81
October 2008: 57

Leflore County
October 2009: 98
October 2008: 5

Sequoyah County
October 2009: 1
October 2008: 0

MOST FILINGS PER HOUSEHOLDS (Arkansas)
1. Benton County
October 2009: 485
October 2008: 491
1 filing per 175 households

2. Washington County
October 2009: 394
October 2008: 278
1 filing per 208 households

3. Saline County
October 2009: 90
October 2008: 85
1 filing per 445 households

4. Lonoke County
October 2009: 55
October 2008: 76
1 filing per 463 households

5. Craighead County
October 2009: 79
October 2008: 52
1 filing per 494 households