Arkansas Foreclosures Represent a Positive Buying Opportunity for First Time Homebuyers
Arkansas foreclosures are quite similar to the trends in the majority of US states, with concentrations in selected areas. The foreclosure rates are highest in the northwestern corner of the state, in and around Fayetteville, and in the area surrounding Little Rock, the state capitol.
Overall, prices for foreclosed homes are decreasing in many areas of the state. While there have been foreclosures in Arkansas, the unemployment rate has been consistently under the national rate during the entire current downturn.
Prices for foreclosed homes have increased in the following areas:
* The price of Conway foreclosed homes increased by 18.38% during the last month. There are 200 foreclosed homes on the market with an average price of $149,000. Conway is located in the greater Little Rock metro area.
On the other hand, prices for foreclosed homes have fallen in a number of cities and towns, including:
* The price of North Little Rock foreclosures fell by 15.23% during the last month. There are 315 foreclosed houses on the market at an average list price of $105,200.
* The price of Benton foreclosures fell by 7.73% during the last month. There are 343 foreclosed homes on the market currently at an average sale price of $92,400. Benton is also a suburb of Little Rock.
* The price of Pine Bluff foreclosures fell by 18.06% during the last month. There are 129 foreclosed homes available on the market at an average price of $75,000. Pine Bluff is located within the statistical metropolitan area of Little Rock.
* The price of Fort Smith foreclosures fell by 8.11% during the last month. There are 364 foreclosed homes on the market currently at an average price of $114,300. Fort Smith is located on the western edge of the state, in a more rural area.
* The price of Sherwood foreclosures fell by 6.32% during the last month. There are 117 foreclosed homes on the market now at an average listed price of $163,000. Sherwood is another suburb of Little Rock.
Arkansas has a varied environment, from the Mississippi River delta in the east, to the Ozark Mountains in the west. Arkansas is a rich agricultural state. It has many rivers, including the Buffalo National River, the first river to receive that designation.
Arkansas foreclosures are a market that is very attractive for potential homebuyers. The prices of foreclosed homes together with the historic low mortgage interest rates can make a home purchase less expensive than the rent costs for a similar house.
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