Nationwide, home foreclosures were up 55% in July, compared to the same time last year. But Arkansas remains well below the national average.

Experts say in the Natural State, one out of every 1,193 homes is in foreclosure--up only about 2% from this time last year.

Allen Trammell, a real estate agent who specializes in foreclosures, says he is seeing something of a shift in homes that are ending up in the banks hands.

(Allen Trammell, Real Estate Agent) “In the past, it was more frequently that the lower-end properties were foreclosed upon. And now we're seeing some of the higher-priced properties that we're getting.”

Overall, the housing market in central Arkansas has gone from stagnant to slightly-declining in recent months, according to Laney Briggs, president of the Mortgage Bankers Association of Arkansas. But, because we did not have as big of a boom as other areas, we are not seeing as big of a bust.

(Laney Briggs, Mortgage Bankers Association) “The existing home sales in central Arkansas versus the rest of the state are better than most areas. Northwest Arkansas has been the hardest hit, and nationwide central Arkansas is in better shape than most as well.”

It is, however, taking longer to sell homes. In Pulaski County this June, there was a 30% drop in home sales compared to that time last year, according to the Arkansas Realtors Association.

(Briggs) “The Heights, for instance--homes would sell in a matter of weeks, not months. Now they are sitting. The upper-end stuff is sitting longer than the first-time home buyer market.”

And if you're looking to buy, it may be more difficult to borrow money.

(Briggs) “The Fannie and Freddie and FHA have tightened their standards, and are requiring more money down, and are penalizing borrowers for lower credit than they have before. So, it does make it harder to get loans. It's not impossible--but it is harder.”

Just in the last week, Briggs says mortgage rates nationally have dropped from about 6 3/8 to 5 7/8.