VERMONT FORECLOSURE ACTIVITY UP 83 PERCENT IN FEBRUARY

Foreclosure Activity Increases 175 Percent From February 2008

 

IRVINE, Calif. – March 27, 2009 – Vermont reported 11 properties with foreclosure filings in February, an 83 percent increase from the previous month, and 175 percent above the level reported for February 2008, 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 foreclosures were up in February and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Vermont had one of the highest declines in home sales in 2008. Even so, Vermont continues to report the lowest number of foreclosures nationwide.”

 

Vermont held the lowest number of foreclosures in the country for the month. With one in every 28,312 housing units receiving a foreclosure filing, its foreclosure rate ranked 49th among the 50 states.

 

Five counties account for bulk of state foreclosure activity in February

Five Vermont counties accounted for 81 percent of all foreclosure activity in the state during February. Windsor County led the way, reporting three properties with foreclosure filings for the month. Chittenden, Franklin and Washington counties followed, with each reporting two properties with foreclosure filings.

 

Franklin County posts highest foreclosure rate in February

Franklin County reported the highest county foreclosure rate in the state for February, with one in every 10,453 housing units receiving a foreclosure filing — 2.7 times the state average. Windsor County came in second, with one in every 11,107 housing units receiving a foreclosure filing — 2.6 times the state average. Washington County posted the third highest foreclosure rate, where one in every 14,586 housing units received a foreclosure filing during the month — 1.9 times the state average.

 

State contributes less than 1 percent to nation’s foreclosure total in February

Vermont accounted for less than 1 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 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 – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Vermont

0

0

0

0

11

11

28,312

0.02

n/a

 

 

 

 

 

 

 

 

 

 

Addison

0

0

0

0

0

0

 n/a

0.00

0.00

Bennington

0

0

0

0

0

0

 n/a

0.00

0.00

Caledonia

0

0

0

0

1

1

15,325

0.03

1.85

Chittenden

0

0

0

0

2

2

31,440

0.01

0.90

Essex

0

0

0

0

0

0

 n/a

0.00

0.00

Franklin

0

0

0

0

2

2

10,453

0.04

2.71

Grand Isle

0

0

0

0

0

0

 n/a

0.00

0.00

Lamoille

0

0

0

0

0

0

 n/a

0.00

0.00

Orange

0

0

0

0

0

0

 n/a

0.00

0.00

Orleans

0

0

0

0

0

0

 n/a

0.00

0.00

Rutland

0

0

0

0

1

1

32,940

0.01

0.86

Washington

0

0

0

0

2

2

14,586

0.03

1.94

Windham

0

0

0

0

0

0

 n/a

0.00

0.00

Windsor

0

0

0

0

3

3

11,107

0.04

2.55

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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