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Compared to April, the foreclosures rate of Arkansas did not change much although the northwest portion of the state is telling a different story. The 76 percent increase from last year was mostly concentrated in this region, where most of the loans were believed to originate from the subprime market. To date, the number of Arkansas foreclosure homes put the state at the 16th place among the list of states with high foreclosure rates.
There were 127 foreclosures in Benton County compared to last year’s 58. In Washington County, there were only 17 foreclosures last year but have soared to 104 in May. But not all counties experienced the same foreclosures activity. Crawford and Sebastian Counties, located in west Arkansas, actually had fewer foreclosures than last year; down by 22 and 27 percent respectively.
With such mixed activities, the outlook for Arkansas bank foreclosures may or may not be good. If the current interest rates remain and there are no dramatic economic problems, then the state could still enjoy a foreclosures rate that is below the national average. Right now, it is one bank foreclosure filing for every 850 homes compared to the nation’s one out of every 656 homes.
A somewhat stable market condition could generate much buyer’s interest especially with the low prices that these Arkansas foreclosure homes are sold for. Sellers, on the other hand, can afford not to slash down prices. Aside from suffering from profit loss, lowering prices might also soften market conditions. In any case, both sellers and buyers can benefit much from the services of foreclosure experts like Foreclosure Data Bank.
On the other hand, if interest and unemployment rates rise, many more owners will find themselves entering foreclosure. If these owners failed to work out an effective way to stop foreclosure, Arkansas may be heading for bigger problems that would probably take some time correcting.
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