VERMONT FORECLOSURE ACTIVITY UP 69 PERCENT IN NOVEMBER

Foreclosure Filings Statewide Increase 267 Percent From November 2007

 

IRVINE, Calif. – Dec. 29, 2008 – Foreclosure filings were reported on 22 Vermont properties in November, an increase of 69 percent from the previous month and 267 percent above the level reported for November 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

Vermont’s foreclosure activity was on the rise in November, with significant increases both as compared to one month earlier and to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate jumped to 5.7 percent, reaching the highest level in 15 years. The tally of unemployed Vermonters reached 20,200 in November, compared to 13,300 in November of 2007.”

 

Vermont ranked 50th in the country in total properties with foreclosure filings for November. One in every 14,071 Vermont housing units received a foreclosure filing during the month, ranking 48th among the 50 states.

 

Franklin County tops in foreclosure activity for November

Franklin County led the state reporting five properties with foreclosure filings for the month. Washington County came in second highest, reporting three properties with foreclosure filings.

 

Franklin County post state’s top foreclosure rate for November

Franklin County posted the highest foreclosure rate in Vermont for November, with one in every 4,149 housing units receiving a foreclosure filing during the month — 3.4 times the state average. Essex County documented the second highest foreclosure rate, where one in every 4,874 housing units received a foreclosure filing — 2.9 times the state average. Addison County registered the third highest foreclosure rate, where one in every 8,132 housing units received a foreclosure filing during the month — 1.7 times the state average.

 

State a minor contributor to nation’s foreclosure total in November

Vermont accounted for less than 1 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 U.S. housing units received a foreclosure filing during the month.

 

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 Foreclosure Market Data by County – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

Vermont

1

0

1

0

20

22

14,071

0.03

n/a

 

 

 

 

 

 

 

 

 

 

Addison

0

0

0

0

2

2

8,132

0.06

1.73

Bennington

0

0

0

0

1

1

20,508

0.02

0.69

Caledonia

0

0

0

0

1

1

15,219

0.03

0.92

Chittenden

0

0

0

0

2

2

31,250

0.02

0.45

Essex

0

0

0

0

1

1

4,874

0.10

2.89

Franklin

1

0

0

0

4

5

4,149

0.12

3.39

Grand Isle

0

0

0

0

0

0

 n/a

0.00

0.00

Lamoille

0

0

0

0

1

1

11,912

0.04

1.18

Orange

0

0

0

0

1

1

13,804

0.04

1.02

Orleans

0

0

0

0

0

0

 n/a

0.00

0.00

Rutland

0

0

0

0

2

2

16,444

0.03

0.86

Washington

0

0

1

0

2

3

9,655

0.05

1.46

Windham

0

0

0

0

1

1

28,204

0.02

0.50

Windsor

0

0

0

0

2

2

16,602

0.03

0.85

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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