Web Site Touts Bank-owned Property

So maybe things aren’t as bad in Northwest Arkansas as the Wall Street Journal indicated. However, if there is a booming business in real estate right now, it is in selling off homes dirt cheap.

We’ve told you nwafiresale.com has been a hit since its launch a few months back, so much so that a statewide site is being prepared.

Another we’ve come across is nwabankowned.com, which is operated by Exit Pinnacle Realty senior vice president Ryan Russell.

There are currently 18 properties listed on the site, all at bottom-dollar prices set by the banks. They range as low as a 2,316-SF home in Prairie Grove for $49,900 to a 3,571-SF home on 5 acres in Springdale for $379,900.

Russell has been so swamped with business — he put eight homes under contract during the week of Aug. 8 — the site isn’t as updated as he’d like. He actually has around 26 listings and is getting more every week from national banks like Countrywide that have distressed properties in the area.

Russell, a Siloam Springs native, was ranked No. 60 on the Business Journal’s list of top Realtors with $6.89 million in sales during 2007.