Vermont Foreclosure Activity Higher in Second Quarter

Activity level rises 23 percent from Q1

Foreclosure filings increase 123 percent mid-year; down 37 percent in June

 

Vermont reported 43 properties with foreclosure filings for the second quarter of 2010, the lowest activity level in the nation. This latest total represents a 23 percent increase from the first quarter of the year and is nearly 207 percent above the level reported for the second quarter of 2009.

 

Activity level in the Green Mountain State rose during the first half of 2010, but dropped in June. For the first six months of the year, Vermont reported 78 properties with foreclosure filings, a 30 percent drop in activity from the second half of 2009, but 130 percent above the level reported mid-year 2009. In June the state tallied 12 properties with foreclosure filings, a decrease of 37 percent from the previous month but up 9 percent from June 2009.

 

“Despite Vermont’s foreclosure increases during the second quarter and first half of the year, the numbers have headed downward during the month of June and the state continues to hold the lowest activity in the nation,” said James J. Saccacio, chief executive officer of RealtyTrac. “With its continued low unemployment and home sales nearly three times the national average during the past year, it is no surprise that foreclosures here remain rare.”

 

One in every 7,270 Vermont housing units received a foreclosure filing during the quarter, giving the state the lowest foreclosure rate in the nation.

 

Essex County posts state’s top foreclosure rate for the quarter

Essex County posted the highest county foreclosure rate in Vermont during the second quarter, with one in every 2,446 housing units receiving a foreclosure filing in the county — three times the state average. Franklin County posted the second highest foreclosure rate, with one in every 3,003 housing units receiving a foreclosure filing — 2.4 times the state average. Rutland County reported the third highest foreclosure rate, with one in every 3,659 housing units receiving a foreclosure filing during the second quarter — twice the state average.

 

Rutland County leads state in total foreclosures for the second quarter

Rutland County reported 9 properties with foreclosure filings for the quarter, while Franklin County documented the second highest foreclosure total, reporting 7 properties with foreclosure filings. Reporting 6 properties with foreclosure filings for the quarter, Chittenden County came in third. Washington County was fourth, reporting 4 properties with foreclosure filings. Fifth highest total was Windsor County, where 4 properties with foreclosure filings were reported for the quarter.

 

State contributes less than 1 percent to nation’s quarterly total

Foreclosure activity in Vermont represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Vermont

0

0

2

0

41

43

7,270

0.02

n/a

 

 

 

 

 

 

 

 

 

 

Essex

0

0

0

0

2

2

2,446

0.06

2.97

Franklin

0

0

0

0

7

7

3,003

0.05

2.42

Rutland

0

0

1

0

8

9

3,659

0.04

1.99

Lamoille

0

0

0

0

3

3

4,053

0.04

1.79

Grand Isle

0

0

0

0

1

1

4,958

0.03

1.47

 

 

Vermont Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Vermont

0

0

2

0

41

43

7,270

22.86

207.14

 

 

 

 

 

 

 

 

 

 

Rutland

0

0

1

0

8

9

3,659

80.00

200.00

Franklin

0

0

0

0

7

7

3,003

75.00

600.00

Chittenden

0

0

0

0

6

6

10,541

0.00

100.00

Washington

0

0

1

0

3

4

7,323

100.00

100.00

Windsor

0

0

0

0

4

4

8,355

33.33

300.00

 

 

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