Virginia Foreclosure Activity Among Nation’s Highest in 2009

Statewide filings up 6 percent from 2008; Monthly activity up less than 1 percent

 

Virginia tallied 52,127 properties with foreclosure filings in 2009, a 6 percent increase from the total reported for 2008, and is 219 percent higher than the level reported for all of 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The state reported 4,594 properties with foreclosure filings in December, a less than 1 percent increase over the previous month, and down 37 percent from December 2008. The state’s foreclosure rate — one in every 713 housing units received a foreclosure filing — ranked 27th in the nation for the month.

 

Virginia held one of the higher numbers in foreclosures for 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although its unemployment rate remains well below the national average, home prices declined further than most states. On the positive side, home sales did pick up toward the end of the year. If this trend continues, we may see foreclosures decline here in 2010.”

 

With one in every 63 housing units receiving a foreclosure filing, Virginia’s foreclosure rate ranked 16th highest in the nation for the year.

 

California came in first for the year, reporting 632,573 properties with foreclosure filings in 2009. Second-place Florida reported 516,711 properties with foreclosure filings, and Arizona came in a distant third, reporting 163,210 properties with foreclosure filings. Illinois took fourth place, documenting 131,132 properties with foreclosure filings. Fifth place went to Michigan, which reported 118,302 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings for 2009 were Nevada (112,097), Georgia (106,110), Ohio (101,614), Texas (100,045) and New Jersey (63,208). Activity in the top five states accounted for 55 percent of all foreclosure filings in the nation for 2009.

 

Manassas City posts state’s highest foreclosure rate for 2009

Manassas City posted the highest county foreclosure rate in Virginia for the year, with one in every 15 housing units receiving a foreclosure filing in 2009. Prince William County had the second highest foreclosure rate with one in every 18 housing units receiving a foreclosure filing. Fairfax City came in third, with one in every 20 housing units receiving a foreclosure filing. Spotsylvania County posted the fourth highest foreclosure rate, with one in every 26 housing units receiving a foreclosure filing, followed by Caroline County, with one in every 28 housing units receiving a foreclosure filing.

 

Fairfax County posts state’s highest total foreclosure filings in 2009

Fairfax County led the state in total foreclosures in 2009, reporting a total of 9,805 properties with foreclosure filings for the year. Prince William County came in second, documenting 7,572 properties with foreclosure filings. Loudoun County had the third highest total in the state, reporting 3,632 properties with foreclosure filings for the year. Virginia Beach City was fourth highest, reporting 2,467 properties with foreclosure filings, followed by Chesterfield County in fifth place, tallying 1,964 properties with foreclosure filings for all of 2009.

 

State contributes 2 percent to nation’s foreclosure total in 2009

Virginia accounted for 2 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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.

 

 

Virginia Top Foreclosure Rates by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Virginia

52,127

1.59

63

6.36

219.66

 

 

 

 

 

 

Manassas City

847

6.54

15

-40.52

49.38

Prince William

7,572

5.66

18

-25.68

84.68

Fairfax City

432

5.00

20

-15.13

332.00

Spotsylvania

1,734

3.88

26

10.03

176.11

Caroline

408

3.59

28

25.15

312.12

 

 

Virginia Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Virginia

52,127

1.59

63

6.36

219.66

 

 

 

 

 

 

Fairfax

9,805

2.50

40

-17.83

218.76

Prince William

7,572

5.66

18

-25.68

84.68

Loudoun

3,632

3.58

28

-4.50

74.53

Virginia Beach City

2,467

1.41

71

27.69

190.24

Chesterfield

1,964

1.69

59

38.50

928.27

 

 

Virginia Top Foreclosure Rates by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Virginia

11

0

2,906

0

1,677

4,594

713

0.51

n/a

 

 

 

 

 

 

 

 

 

 

Manassas City

0

0

36

0

34

70

185

1.97

3.85

Fairfax City

0

0

20

0

18

38

227

1.61

3.13

Prince William

7

0

334

0

248

589

227

1.61

3.13

Caroline

0

0

21

0

22

43

265

1.38

2.69

Warren

0

0

23

0

33

56

275

1.33

2.59

 

 

Virginia Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Virginia

11

0

2,906

0

1,677

4,594

713

0.09

-36.59

 

 

 

 

 

 

 

 

 

 

Fairfax

0

0

444

0

219

663

592

-12.42

-49.43

Prince William

7

0

334

0

248

589

227

-4.54

-46.50

Virginia Beach City

0

0

235

0

81

316

553

54.90

14.91

Loudoun

0

0

188

0

83

271

375

2.26

-38.55

Chesapeake City

2

0

149

0

93

244

336

139.22

52.50

 

 

 

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