According to RealtyTrac's October 2014 U.S. Foreclosure Market Report released on Thursday, foreclosure filings – which include default notices, scheduled auctions, and bank repossessions (REOs) – increased in Arkansas in October by a staggering 412 percent from their September totals. This was by far the largest month-over-month increase of any state from September to October; Missouri was second with 181 percent, RealtyTrac reported. The national average increase in foreclosure filings for October was 15 percent, the highest monthly increase since March 2010.
Year-over-year, foreclosure filings increased in Arkansas by 37.9 percent in October, according to RealtyTrac.
With a population of close to 2.9 million and slightly more than 1.3 million residential housing units, Arkansas totaled one foreclosure filing for every 1,749 housing units, which ranked the state 28th in the nation, according to RealtyTrac. For October, .06 percent of all housing units in Arkansas were in some state of foreclosure.
In all, Arkansas totaled 753 foreclosure filings in October, which was more than four times the total that was reported for the state in September (147). In October 2013, Arkansas reported having 546 foreclosure filings. Even with the enormous increase, Arkansas' 753 foreclosure filings in October still accounted for less than 1 percent of the nation's total for the month, which was 123, 109.
The increase in Arkansas foreclosure filings can be attributed to a spike in the number of notices of trustee sales, which rose from 58 in September to 631 in October, according to RealtyTrac. The number of REOs in Arkansas also jumped month-over-month in October from 89 to 122.
Louisiana (127 percent) and District of Columbia (108 percent) also had triple-digit month-over-month increases in foreclosure filings in October, according to RealtyTrac. District of Columbia had the largest year-over-year increase in foreclosure filings in October at 355 percent, from 11 in October 2013 up to 50 in October 2014.