Vermont Foreclosure Activity Falls in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Vermont fell 27 percent during the first quarter of 2010, but was still up 67 percent from the same period last year. In all, the state reported 35 properties with foreclosure filings during the quarter.

 

In March the state reported 12 properties with foreclosure filings, a 50 percent increase from the previous month and 200 percent above the level reported in March 2009. One in every 26,051 Vermont housing units received a foreclosure filing during the month, the 50th highest state foreclosure rate.

 

“Foreclosure filings dropped in Vermont over the first quarter of 2010, though they remained well above what was reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “With an unemployment rate well below the national average and only 27 foreclosure filings reported over a quarter, Vermont is currently the least affected state in the nation in terms of foreclosures and could be for some time.”

 

One in every 8,932 Vermont housing units received a foreclosure filing during the quarter — the 50th highest state foreclosure rate in the nation.

 

Grand Isle County tops state in foreclosure rate for the first quarter

Grand Isle County had the highest county foreclosure rate in Vermont during the first quarter, with one in every 1,653 housing units receiving a foreclosure filing — 5.4 times the state average. Lamoille County had the second highest foreclosure rate, with one in every 4,053 housing units receiving a foreclosure filing — 2.2 times the state average. Franklin County came in third, with one in every 5,256 housing units receiving a foreclosure filing. Rutland County had the fourth highest rate, with one in every 6,586 housing units receiving a foreclosure filing. 

 

Chittenden County led the state in total foreclosures for the first quarter

Chittenden County led Vermont in total foreclosures during the first quarter, reporting six properties with foreclosure filings. Rutland County had the second highest total, reporting five properties with foreclosure filings. Franklin County was third, reporting four properties with foreclosure filings.

 

State a minor contributor to quarterly foreclosure total

Vermont represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

Vermont Top Foreclosure Rates By County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Vermont

0

0

0

0

35

35

8,932

0.02

n/a

 

 

 

 

 

 

 

 

 

 

Grand Isle

0

0

0

0

3

3

1,653

0.08

5.40

Lamoille

0

0

0

0

3

3

4,053

0.03

2.20

Franklin

0

0

0

0

4

4

5,256

0.03

1.70

Rutland

0

0

0

0

5

5

6,586

0.02

1.36

Bennington

0

0

0

0

3

3

6,919

0.02

1.29

 

 

Vermont Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Vermont

0

0

0

0

35

35

8,932

-27.08

66.67

 

 

 

 

 

 

 

 

 

 

Chittenden

0

0

0

0

6

6

10,541

-25.00

200.00

Rutland

0

0

0

0

5

5

6,586

-28.57

400.00

Franklin

0

0

0

0

4

4

5,256

-42.86

-20.00

Bennington

0

0

0

0

3

3

6,919

0.00

 n/a

Grand Isle

0

0

0

0

3

3

1,653

 n/a

 n/a

Lamoille

0

0

0

0

3

3

4,053

200.00

200.00

Windsor

0

0

0

0

3

3

11,140

-50.00

0.00

 

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