Tracking Company Shows Foreclosures Increase 26 Percent
Last updated Saturday, February 9, 2008 6:27 PM CST in News
By The Associated Press
LITTLE ROCK - The number of Arkansas homes in some stage of foreclosure jumped 26.44 percent last year, according to a California company that tracks the information.
Arkansas ranked 26th nationwide last year with 14,310 foreclosures, up from 11,318 filed in 2006, according to RealtyTrac Inc. The foreclosures were on 6,406 properties, and the foreclosure rate was 0.51 percent, according to RealtyTrac.
RealtyTrac has a database of more than 1 million U.S. properties in all phases of foreclosure, including default notices, auction sale notices and bank repossessions.
Pulaski County had the most foreclosures in 2007 in Arkansas with 3,528, up 8 percent from 3,258 foreclosures in 2006, the company reported. Garland County had the biggest rate increase, 135 percent. Foreclosures in that county rose from 362 in 2006 to 849 last year.
Benton County saw a 105 percent increase in foreclosures, from 905 in 2006 to 1,855 last year, and Washington County foreclosures increased 108 percent, from 567 to 1,177.
Some county officials said their foreclosure numbers were well below those reported by RealtyTrac. But RealtyTrac counts nonjudicial foreclosures and as well as properties in default in the fourth quarter of 2007 that might not be in the legal system until this year.
Arkansas and many other states allow for judicial and nonjudicial foreclosures. In judicial foreclosures, the sale of the property is administered by the court system. In nonjudicial foreclosures, the sale is handled by an appointed trustee and filed with real estate records.
As of Jan. 1, a change in Arkansas law requires nonjudicial foreclosures to be filed through the court system.
Reader Comments (No comments posted.)
The following comments are provided by readers and are the sole responsibility of their authors. The Morning News does not review comments before their publication, nor do we guarantee their accuracy. By publishing a comment here you agree to abide by our comment policy. If you see a comment that violates our policy, please notify the web editor.
Not already registered?
