Foreclosure Home Housing & Foreclosure Reports Virginia Foreclosure Activity Rises in February

Virginia Foreclosure Activity Rises in February

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Statewide filings up 1 percent from January; down 10 percent from February 2011

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,068 Virginia properties in February, a 1 percent increase from January, but 10 percent below the level reported for February 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Virginia had the 24th highest foreclosure rate in the nation, reporting one in every 1,097 housing units with a foreclosure filing in February.

Orange County posts top foreclosure rate and total in the state for February
 One in every 418 housing units in Orange County had a foreclosure filing in February — 1.5 times the national average and 2.6 times the state average — the highest foreclosure rate of all Virginia counties for the month. Prince William County had the second highest rate of one in every 419 housing units with a foreclosure filing during the month — 1.5 times the national average and 2.6 times the state average. Manassas City had the third highest rate of one in every 437 housing units with a foreclosure filing during the month — 1.5 times the national average and 2.5 times the state average.

Fairfax County has top foreclosure total in February
 Fairfax County led the state in foreclosure activity, reporting 338 properties with foreclosure filings for the month. Prince William County was second highest, reporting 327 properties with foreclosure filings. Virginia Beach City was third, reporting 244 properties with foreclosure filings. Fourth highest was Loudoun County, recording 155 properties with foreclosure filings. Chesapeake City was fifth, tallying 147 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure activity in February
 Virginia accounted for 1 percent of the 206,900 properties with foreclosure filings reported nationwide in February. Total U.S. activity decreased by 2 percent from January and was down over 8 percent from the level reported in February 2011. One in every 637 U.S. housing units received a foreclosure filing during the month.

“February’s numbers point to a gradually rising foreclosure tide as some of the barriers that have been holding back foreclosures are removed,” said Brandon Moore, CEO of RealtyTrac. “Although national foreclosure activity was pushed lower by decreases in a handful of larger states, 21 states posted annual increases in foreclosure activity, the most states with annual increases since November 2010.

“The foreclosure and mortgage settlement filed in court earlier this week will help pave the way to a properly functioning foreclosure process by providing a clear roadmap for necessary foreclosures,” Moore continued. “That should result in more states posting annual increases in the coming months. Not surprisingly, many of the biggest annual increases in February were in states with the more bureaucratic judicial foreclosure process, which resulted in a larger backlog of foreclosures built up over the last 18 months in those states.”

Virginia Top Foreclosure Rates By County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

n/a

n/a

Virginia

0

0

2,280

0

788

3,068

1,097

0.58

n/a

 

 

 

 

 

 

 

 

 

 

Orange

0

0

22

0

13

35

418

1.52

2.63

Prince William

0

0

211

0

116

327

419

1.52

2.62

Manassas City

0

0

22

0

8

30

437

1.46

2.51

Portsmouth City

0

0

78

0

15

93

439

1.45

2.50

Stafford

0

0

65

0

33

98

449

1.42

2.44


Virginia Top Foreclosure Totals by County – February 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 12

% Chg Feb 11

 

 

 

 

 

 

 

 

 

 

United States

23,058

35,828

60,700

23,480

63,834

206,900

637

-1.92

-8.09

Virginia

0

0

2,280

0

788

3,068

1,097

1.15

-9.84

 

 

 

 

 

 

 

 

 

 

Fairfax

0

0

250

0

88

338

1,207

-1.46

21.15

Prince William

0

0

211

0

116

327

419

9.36

30.28

Virginia Beach City

0

0

196

0

48

244

729

12.44

-41.49

Loudoun

0

0

111

0

44

155

706

-5.49

15.67

Chesapeake City

0

0

120

0

27

147

566

26.72

12.21


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