Vermont Foreclosure Activity Rises in Third Quarter

Total foreclosure filings up 343 percent from Q2; up 170 percent from Q3 2008.

 

Vermont reported 62 properties with foreclosure filings in the third quarter of 2009, an increase of 343 percent from the previous quarter and 170 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 

 

Foreclosure activity in Vermont was down 3 percent in September from the previous month to 32 properties with foreclosure filings, but still up 433 percent from September 2008.

 

“Foreclosure activity rose sharply in Vermont in the third quarter of 2009 to nearly triple the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “That said, with only 62 filings over the three-month period, the state is fairing relatively well in the current economic climate, especially as compared to some of its harder-hit neighbors.”

 

One in every 5,023 Vermont housing units received a foreclosure filing during the third quarter, ranking 50th among the 50 states.

 

Grand Isle County posts state’s top foreclosure rate in the third quarter

Grand Isle County posted the highest county foreclosure rate in the state for the third quarter, with one in every 2,472 housing units receiving a foreclosure filing — twice the state average. Franklin County came in second, with one in every 2,987 housing units receiving a foreclosure filing during the quarter — 1.7 times the state average. Rutland County posted the third highest foreclosure rate, where one in every 3,660 housing units received a foreclosure filing — 1.4 times the state average.

 

Chittenden County leads state in foreclosure activity in the third quarter

Chittenden County led the state, reporting 11 properties with foreclosure filings for the quarter. Rutland County had the second highest foreclosure total, reporting nine properties with foreclosure filings. Franklin and Windsor counties came in third, each tallying seven properties with foreclosure filings.

 

State a minor contributor to nation’s foreclosure activity for quarter and month

Vermont accounted for less than 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and less than 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Vermont

2

1

7

0

52

62

5,023

0.03

n/a

 

 

 

 

 

 

 

 

 

 

Grand Isle

0

0

0

0

2

2

2,472

0.06

2.03

Franklin

0

0

0

0

7

7

2,987

0.05

1.68

Rutland

0

0

0

0

9

9

3,660

0.04

1.37

Caledonia

0

0

0

0

4

4

3,831

0.04

1.31

Orleans

0

0

1

0

3

4

3,924

0.03

1.28

 

 

Vermont Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Vermont

2

1

7

0

52

62

5,023

342.86

169.57

 

 

 

 

 

 

 

 

 

 

Chittenden

0

1

4

0

6

11

5,716

266.67

120.00

Rutland

0

0

0

0

9

9

3,660

200.00

200.00

Franklin

0

0

0

0

7

7

2,987

600.00

600.00

Windsor

0

0

0

0

7

7

4,760

600.00

133.33

Washington

0

0

1

0

5

6

4,862

200.00

50.00

 

 

Vermont Top Foreclosure Rates By County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Vermont

0

0

4

0

28

32

9,732

0.04

n/a

 

 

 

 

 

 

 

 

 

 

Rutland

0

0

0

0

7

7

4,706

0.08

2.07

Essex

0

0

0

0

1

1

4,887

0.08

1.99

Grand Isle

0

0

0

0

1

1

4,944

0.08

1.97

Franklin

0

0

0

0

3

3

6,969

0.05

1.40

Caledonia

0

0

0

0

2

2

7,663

0.05

1.27

 

 

Vermont Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Vermont

0

0

4

0

28

32

9,732

-3.03

433.33

 

 

 

 

 

 

 

 

 

 

Rutland

0

0

0

0

7

7

4,706

75.00

 n/a

Chittenden

0

0

3

0

3

6

10,480

-14.29

 n/a

Franklin

0

0

0

0

3

3

6,969

50.00

 n/a

Windham

0

0

0

0

3

3

9,439

-25.00

 n/a

Windsor

0

0

0

0

3

3

11,107

0.00

 n/a

 

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