Arkansas Foreclosures: Still on the Rise in Most of the State

by juliaredstone | February 23, 2011 at 04:44 am

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The numbers will speak for itself: the economy looks like Arkansas will bring good results. Officials and mortgage experts are hopeful that actions taken recently will still stimulate confidence in the industry and the upswing everyone has been waiting for nationally and locally.

Arkansas cities saw mortgage defaults, seizures and sheriffs’ sales on the rise. With the high unemployment rate, state residents have been defaulting on loans in record numbers. Since loan modification is not available to those who cannot afford some payment every month, the only option in many situations is default. Foreclosure follows and the ensuing sheriff’s sales only serve to continue the low home values.