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84 STATE OF AFFAIRS: SOUTH » Alabama RANK: 31 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate NOVEMBER 2013 3.69% 1.42% 6.2% YEAR AGO 3.95% 1.47% 6.9% YEAR-OVER-YEAR CHANGE -6.4% -2.8% -0.7% Top County COVINGTON COUNTY 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2013 2.40% 2.83% YEAR AGO 3.01% 2.15% YEAR-OVER-YEAR CHANGE -20.4% 31.6% Top Core-Based Statistical Area 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2013 6.39% 2.81% YEAR AGO 7.24% 1.98% YEAR-OVER-YEAR CHANGE -11.7% 42.2% MOBILE, AL note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the November 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary November 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Arkansas RANK: 24 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate NOVEMBER 2013 3.43% 1.93% 7.5% YEAR AGO 4.57% 2.17% 7.2% YEAR-OVER-YEAR CHANGE -24.9% -10.9% 0.3% Top County FRANKLIN COUNTY 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2013 3.65% 4.65% YEAR AGO 7.89% 3.89% YEAR-OVER-YEAR CHANGE -53.7% 19.7% Top Core-Based Statistical Area HELENA-WEST HELENA, AR 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2013 4.41% 3.84% YEAR AGO 6.14% 2.32% YEAR-OVER-YEAR CHANGE -28.2% 65.9% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the November 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary November 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. Florida RANK: 1 90+ Day Foreclosure Unemployment Delinquency Rate Rate Rate NOVEMBER 2013 3.31% 7.53% 6.4% YEAR AGO 4.20% 11.83% 8.0% YEAR-OVER-YEAR CHANGE -21.1% -36.3% -1.6% Top County WASHINGTON COUNTY 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2013 3.55% 12.15% YEAR AGO 4.00% 13.08% YEAR-OVER-YEAR CHANGE -11.2% -7.2% Top Core-Based Statistical Area PALATKA, FL 90+ Day Foreclosure Delinquency Rate Rate NOVEMBER 2013 3.70% 11.00% YEAR AGO 4.37% 13.20% YEAR-OVER-YEAR CHANGE -15.4% -16.7% note: The 90+ day delinquecy rate is the percentage of outstanding mortgage loans that are seriously delinquent. The foreclosure rate is the percentage of outstanding mortgage loans currently in foreclosure. State rank is based on the November 2013 foreclosure rate. All figures are rounded to the nearest decimal. The unemployment rate reflects preliminary November 2013 figures released by the Bureau of Labor Statistics. All other data courtesy of LPS Data & Analytics. IN THE NEWS MERS Found Not Liable in Arkansas Suit MERSCORP Holdings was once again absolved from legal misconduct accord- ing to a release issued by the company. e Virginia-based company announced that the 8th Circuit U.S. Court of Appeals ruled on December 31, 2013 in Mayme Brown v. Mortgage Electronic Registration Systems, Inc, (MERS) affirming the U.S. District Court's dismissing all of the Clerk's claims against MERS. us, since Arkansas does not impose any requirements to record documents, MERS did nothing wrong and it did not avoid paying re- cording fees for mortgage assignments the court affirmed the case in its entirety. e circuit court also affirmed dismissal of the unjust enrichment claims, finding that "without a duty to record, however, the lenders have retained nothing of value to which they are not entitled, and there is nothing they could be required to restore to the county." Similar lawsuits have been filed against MERS in Minnesota, North Carolina, Rhode Island, Michigan, Oklahoma, Iowa, Florida, Arkansas, Illinois, Missouri, Mas- sachusetts, and Kentucky. e circuit court found that Brown's illegal-exaction claim was a class action under the Class Action Fairness Act of 2005 (CAFA) being alleged by all Arkansas taxpayers, and that as the clerk of the court, Brown was not a "taxpayer" who could bring this action. In the District Court, Judge Susan O. Hickey, in September of 2012, dismissed the class action suit filed on behalf of Hot Spring County and all of the circuit clerks in Arkansas. Citing long-standing Arkansas law, Judge Hickey held that "Arkansas' statutes do not require assignments to be recorded.' In fact, existing law is to the contrary." "is is an excellent decision for MERS, as it puts this case to rest by emphasizing that MERS' role as mortgagee and lenders' use of the MERS System is legal under Arkansas law and consistent with the purpose of the state's recording statute," said Janis L. Smith, MERSCORP Holdings VP of Corporate Communications. Judge Hickey cited the original intent of the law is to give constructive notice to subsequent purchasers. Judge Hickey also dismissed the no- tion that counties are unjustly deprived of record- ing fees. "Because they had no duty to record their mortgages," Judge Hickey wrote, "Defendants have not deprived [the] plaintiff or her proposed class of anything to which they are entitled." Arkansas Patty Callahan Principal Broker/Owner Let the Callahan Team help sell your REOs The Real Estate Specialists 927 15th Street, Batesville, AR 72501 870.698.2026 Offi ce 870.698.2080 Fax 870.307.9993 Cell patty_callahan@att.net www.realestatespecialists.org Home values are expected to increase by 1% in Arkansas in 2014, according to Zillow. KNOW THIS