LITTLE ROCK, Ark. (KTHV) -- In the Classified section of Tuesday's Arkansas Democrat Gazette, a reader could find 22 pages of foreclosure notices in the listings.
"What we're seeing come through now is that inventory that should have come through last year," said Ann Ball, president and broker of Crye-Leike Realtors, REO branch in Little Rock. She works primarily with foreclosures.
She describes this inventory as "considerably more" than 12 months old because of the recent national moratorium on foreclosures.
"Now we look for that to continue at least through this year. It will take at least through this year to clear out that inventory," Ball added.
Scott McElmurry, president and CEO of Bank of Little Rock Mortgage, reviewed the 22 pages of foreclosures on Wednesday.
"I'm not concerned that foreclosures are increasing," McElmurry said.
In fact, he said there is evidence to suggest that home foreclosures may be decreasing.
"And, in the [Democrat Gazette] essentially notices. They are notifying the public that there is a potential foreclosure, or foreclosure auction will take place," McElmurry added.
While McElmurry has not seen that many foreclosures listed at once, he said it's logical if there is a decrease in foreclosures because focus can shift to this backlog in filing.
"If they are weeding through the backlog faster than the market can handle, then yeah, it could have a temporary reduction in home prices in given areas," McElmurry added.
McElmurry said home sales are increasing overall; therefore prices are starting to stabilize. Someone who might not be able to make those payments, according to McElmurry, may have a better opportunity to sell that property rather than going through the foreclosure process.