Vermont Reports Only 35 Properties With Foreclosure Filings in First Half of 2009

Statewide foreclosure activity down 56 percent from previous six months

Foreclosure filings decrease 33 percent in Q2; Up 83 percent in June

 

Vermont reported 35 properties with foreclosure filings throughout the first six months of 2009, a 56 percent decrease from the previous six months and 43 percent behind the first half of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Green Mountain State reported 14 properties with foreclosure filings for the second quarter of the year, a 33 percent decrease from the previous quarter and 62 percent behind the total reported for the same quarter last year. For June, the state reported 11 properties with foreclosure filings, up 83 percent from the previous month but a 67 percent decrease from June 2008.

 

“Although Vermont foreclosures spiked in June, it still holds the lowest number of foreclosures in the nation so far this year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate continues to remain well below the national average and home prices have not declined as far as most states. These factors are definitely helping to keep foreclosures in Vermont rare.”

 

Vermont reported the fewest total foreclosures for the first six months of 2009. With one in every 8,898 housing units receiving a foreclosure filing, its foreclosure rate ranked lowest again among the 50 states.

 

Washington County leads in midyear foreclosure filings

Washington County accounted for 20 percent of Vermont’s foreclosure activity for the first half of 2009, where seven properties with foreclosure filings were reported. Franklin County came in second highest, reporting six properties with foreclosure filings halfway through the year. Chittenden County was third highest, documenting five properties with foreclosure filings.

 

Franklin County dominates in midyear foreclosure rate rankings

Franklin County posted Vermont’s highest foreclosure rate, with one in every 3,484 housing units receiving a foreclosure filing during the first six months of 2009. Washington County was second, with one in every 4,167 housing units receiving a foreclosure filing during the period. Lamoille County had the third highest foreclosure rate, with one in every 6,054 housing units receiving a foreclosure filing. Caledonia County was fourth, with one in every 7,663 housing units receiving a foreclosure filing, followed by fifth place Orleans County, where one in every 7,849 housing units received a foreclosure filing during the six month period.

 

State contributes less than 1 percent to nation’s foreclosure total through midyear Vermont accounted for less than 1 percent of the 1,528,364 properties with foreclosure filings reported nationwide halfway through 2009. The national total represented a greater than 9 percent increase in activity from the previous six month period and was almost 15 percent ahead of the total reported for the first half of 2008. One in every 84 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

       January – June 2009

 

County Name

Total Properties with FC Filings

% Housing Units

1/every X HU (rate)

% Chg From Jul-Dec 08

% Chg From Jan-Jun  08

 

 

 

 

 

 

United States

1,528,364

1.195

84

9.46

14.66

Vermont

35

0.01

8,898

-55.70

-42.62

 

 

 

 

 

 

Addison

2

0.01

8,225

-33.33

-66.67

Bennington

0

0.00

 n/a

-100.00

 n/a

Caledonia

2

0.01

7,663

-33.33

-33.33

Chittenden

5

0.01

12,576

-50.00

-50.00

Essex

0

0.00

 n/a

-100.00

-100.00

Franklin

6

0.03

3,484

-50.00

-33.33

Grand Isle

0

0.00

 n/a

-100.00

 n/a

Lamoille

2

0.02

6,054

-60.00

-60.00

Orange

0

0.00

 n/a

-100.00

 n/a

Orleans

2

0.01

7,849

-50.00

0.00

Rutland

4

0.01

8,235

-55.56

0.00

Washington

7

0.02

4,167

-12.50

16.67

Windham

1

0.00

28,317

-75.00

-85.71

Windsor

4

0.01

8,330

-55.56

-50.00

              

  

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