Metro area foreclosure activity moderates in November

November foreclosure activity in the Fort Smith metro area was up more than 23% compared to November 2008, but an improvement over the 118.3% jump in October.

Foreclosures in the Fort Smith metro area (Crawford, Franklin, Logan and Sebastian counties in Arkansas; Leflore and Sequoyah counties in Oklahoma) totaled 143 in November, up 23.2%% compared to November 2008. The figures were released by Irvine, Calif.-based RealtyTrac.

Sebastian County had 77 properties in foreclosure activity in November, up 50.9% from November 2008.

RealtyTrac reported in its November 2009 U.S. Foreclosure Market Report that 306,627 U.S. properties during the month were in a stage of foreclosure, down almost 8% from the previous month but up 18% compared to November 2008. The report also shows one in every 417 U.S. housing units received a foreclosure filing in November.
 
“November was the fourth straight month that U.S. foreclosure activity has declined after hitting an all-time high for our report in July, and November foreclosure activity was at the lowest level we’ve seen since February,” James J. Saccacio, RealtyTrac CEO, said in a statement. “Loan modifications and other foreclosure prevention efforts, along with the recently extended and expanded homebuyer tax credit, are keeping a lid on the most visible symptoms of the nation’s ailing housing market — foreclosures and home value depreciation.”

Saccacio added true recovery for the national real estate industry will happen “when unemployment recedes to normal, healthy levels and when availability of credit reaches a more rational balance between the extremes of the past few years.”

Arkansas recorded 1,572 foreclosure filings in November, up 1.95% compared to November 2008, but down 16.91% compared to October 2009. Oklahoma had 1,477 filings, an increase of 44.95% compared to November 2008. (RealtyTrac noted that Oklahoma might see big year-over-year percentage changes based on improvements in collecting information.) Oklahoma filings were down 4.83% compared to October 2009.

RealtyTrac ranks the states based on how many foreclosures were filed per households. Arkansas ranked 26th (1 filing per 819 households) and Oklahoma ranked 34th (1 filing per 1,099 households). In the Fort Smith area, Crawford County recorded 1 foreclosure action per 612 households, and Sebastian County had 1 filing per 687 households. Crawford County moved into the top five of Arkansas counties in terms of filings per households.

The overdeveloped housing market in Northwest Arkansas saw the number of Benton (339) and Washington county (318) properties in foreclosure activity decrease 6.1% compared to November 2008.

FORT SMITH AREA FIGURES
Properties in the foreclosure process
Crawford County
November 2009: 38
November 2008: 45

Franklin County
November 2009: 3
November 2008: 1

Logan County
November 2009: 2
November 2008: 4

Sebastian County
November 2009: 77
November 2008: 51

Leflore County
November 2009: 23
November 2008: 14

Sequoyah County
November 2009: 0
November 2008: 1

MOST FILINGS PER HOUSEHOLDS (Top 5 Arkansas counties)
1. Benton County
November 2009: 339
November 2008: 476
1 filing per 251 households

2. Washington County
November 2009: 318
November 2008: 224
1 filing per 258 households

3. Saline County
November 2009: 97
November 2008: 72
1 filing per 413 households

4. Lonoke County
November 2009: 47
November 2008: 47
1 filing per 542 households

5. Crawford County
November 2009: 38
November 2008: 45
1 filing per 612 households