RealtyTrac reports foreclosures down 90 percent in Arkansas
RealtyTrac reports that the number of foreclosures in Arkansas dropped 90 percent in November compared to the same month a year ago.
Nationally, foreclosures dropped 14 percent. In Arkansas, RealtyTrac reports that there were 160 homes in foreclosure actions in November, down 90.1 percent from 1,610 houses in the same month last year.
Why was Arkansas so out of line with national trends? Michael Tilley of Fort Smith-based The City Wire reported the drop has a lot to do with a September bankruptcy decision from the Eastern Division of Arkansas that decision, in essence, states that creditors not authorized to do business in the state can’t take homes in the Natural State through non-judicial foreclosure statutes. As the overwhelming majority of homes in the state are taken back through non-judicial means rather than the more expensive and time-consuming judicial foreclosure process through the courts system, title companies have put the breaks on foreclosures as they make banks putting homes back on the market took those houses in compliance with Arkansas law.
Click here for Tilley’s article on the RealtyTrac report. Click here for a Nov. 12 article posted here at First Arkansas News on Nov. 12 discussing the aforementioned bankruptcy ruling and the reaction of title companies to it.
Benton resident. Rogue journalist. Recovering attorney. Email = Ethan@FirstArkansasNews.net.