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Arkansas Foreclosure Rates

Arkansas Foreclosure Rates are not same everywhere. Like the Northwest region of the state is showing considerable increase in the foreclosure rate where as Fort Smith region is showing some drop in rates. The Benton county of the state is facing a considerable increase in the foreclosure rates. The condition of the Washington county is also quite similar. Now on the other hand drop in number of foreclosures has been seen in Sebastian county, which has given relief to many homeowners.

Arkansas Foreclosure Rate: Factors behind its growth

There are number of factors that are working behind the growth of Arkansas foreclosure rates. These can be any one or combination of the following:
  • Sudden loss of job
  • Demise
  • Unconventional loans
  • Incorrect estimates of income verses expenditure
  • Predatory lending
Arkansas foreclosure rates are maximum in Benton. Then comes the Washington, Pulaski, Garland, Saline, Lonoke, Craighead, Sebastian and Faulkner. The Crawford county comes at the end in term of foreclosure trends of AR. Further on an average there are 1,923 new foreclosure filings and there are 209 foreclosure sales in Arkansas.

The increase in Arkansas foreclosure rates on the whole is the obvious sign of destabilized economy of the entire nation. Although constant efforts are being made to stop the foreclosure but still 100 percent success has not been achieved in this regard. Arkansas foreclosure rates are high for single family homes. Along with this the land foreclosure rates in AR are also increasing.

Now before making any kind of investment in foreclosed home you need to find out the recent Arkansas foreclosure rates and also keep an eye on the changing trends of foreclosure. Now if you are facing home foreclosure then get in touch with your lender as quickly as possible and explain the whole financial condition.

The quick remedy in the form of new loan, refinance option or loan modification can be made. Along with this you can also consult the government counseling agencies and HOPE for the remedy. The US Department of Housing and Urban Development is running programs through counseling agencies that come as rescue. Therefore efforts are being made by the government and banks to reduce the Arkansas foreclosure rates.

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