Delinquencies and foreclosures
Post-recession foreclosures peaked in Arkansas in 2013 at 7,000 filings,
according to a report by CoreLogic. From 2007-2016, 56,000 foreclosures
were completed in the state. As of this past May, Arkansas’ foreclosure
inventory stood at 0.5 percent of all homes with a mortgage, compared
to the national rate of 0.7 percent.
As of this past May, according to Black Knight Financial Services, the
mortgage delinquency rate in Arkansas stood at 5. 3 percent, compared
with the national rate of 3. 8 percent. Foreclosure activity (as measured
by auctions and real estate owned), however, is down significantly in
Arkansas since first-quarter 2013, when filings totaled 2,773, according
to Attom Data Solutions. Foreclosure filings this past second quarter
registered at 1,333, a 52 percent decrease from first-quarter 2013.
They dropped again this past second quarter to 1,219.
Arkansas’ unemployment rate has tracked well below the national rate,
even at the height of the national economic downturn. The U.S. unemployment rate hit a high of 10 percent in October 2009, and it didn’t drop
below 9 percent until October 2011, according to the U.S. Department of
Labor. Arkansas’ unemployment rate hit a high of 8. 4 percent over the
first five months of 2011.
As of this past June, Arkansas’ unemployment rate stood at 3. 4 percent,
a full percentage point below the national rate of 4. 4 percent as of the
same month. Arkansas’ employment picture has been uneven, however.
Metropolitan areas in the state have fared well in terms of job growth.
Rural areas have not done as well, with 75 counties statewide posting
a net loss in jobs between 2010 and 2015, according to an IEA analysis.
Sources: Arkansas Economic Development Commission, Arkansas Realtors Association,
CoreLogic, Crystal Bridges Museum of American Art, Cubit, Farm Flavor, Federal Housing
Finance Agency, Federal Reserve Bank of St. Louis, Forbes, National Association of
Manufacturers, U. S. Department of Commerce, U. S. Department of Labor, University of
Bill Conroy is editor in chief of Scotsman Guide Media.
Reach him at (800) 297-6061 or email@example.com.
Walmart, the world’s largest retailer, calls this city of 45,000 people
home. Its corporate campus is spread across some 15 buildings in Bentonville, providing space for about 11,000 employees. Just north of
Bentonville’s downtown is the Crystal Bridges Museum of American Art,
which was founded by Walmart heiress Alice Walton and features many
masterpieces of American art, including works from the Walton family’s
private collection. The median household income in the city is $71,941,
according to Cubit.
This city of 83,000 is the third largest in Arkansas and home to the
University of Arkansas, which has an estimated $1.2 billion economic
impact on the state, according to a 2015 report by the university’s
Sam M. Walton College of Business. Fayetteville, located some 30 miles
south of Walmart’s headquarters in Bentonville, also is a region packed
with hundreds of Walmart suppliers, including companies like Procter
& Gamble, Coca-Cola and Rubbermaid. The median household income
in the city is $39,432, according to data from demographics research
Arkansas’ capital and largest city, with a population approaching
200,000, Little Rock has a diverse economy and is home to corporations
such as Dillard’s department store chain, network communications provider Windstream Communications and marketing technology company Acxiom. Little Rock also is home to the University of Arkansas for
Medical Sciences, one of the largest employers statewide. The median
household income in Little Rock, Cubit reports, is $46,085.
3 Cities to Watch
Arkansas Foreclosure Filings
Source: Attom Data Solutions