On the Lookout for Arkansas Bank Foreclosures?

by Peter Vernon on States

In a surprising development, the number of Arkansas foreclosure filings for the month of April increased by almost 150 percent, compared to March. The state recorded 1,262 homes or 1 filing out of 930 households. For the same month, Arkansas posted the 14th highest foreclosures rate. On the other hand, national foreclosures rate noted a one percent decrease in activity, thanks to the combined efforts to correct the market conditions.

Despite the many bank foreclosures in Arkansas, buyers are bidding their time and hoping that they would be able to grab potential bargains off the market. This “perfect” time to purchase Arkansas bank foreclosures is actually just around the corner. If you compare the data this year from last year during the same period, you will notice that the increase in foreclosures activity is about 65 percent. Real estate experts are speculating that sales activity will pick up by spring especially with the low home prices and potentially lower mortgage interest rates. Hopefully, this will compensate for the subprime mortgage market’s continued activity.

Currently, Arkansas is predominantly a buyers market with the greatest activity coming from relocators and move-up buyers who are checking out single-family homes. Because of the large inventory, sellers are competing with each other when it comes to offering the beat deals for these Arkansas bank foreclosures. With a market condition like this, buyers can be picky.

Buyers who are hunting for bargain deals for these homes can always depend on the invaluable use of foreclosures listings, especially those from foreclosure experts such as Bank Foreclosures Sale.com. Meanwhile, sellers should consider partnering with these realtors to gain maximum exposure. It is a well known fact that seasoned investors or even first-time buyers have come to appreciate the convenience that these listings offer.