Virginia Foreclosure Activity Fell in May

Statewide foreclosure filings down 12 percent from April

 

Foreclosure activity in Virginia fell 12 percent in May to 6,242 properties with foreclosure filings. This latest state total still represents a 16 percent increase from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Though it remained above the level reported for this time last year, Virginia’s foreclosure activity slowed in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “Contributing to the recent improvement is the state’s unemployment rate, which was already well below the national average and at 6.7 percent continues to improve.”

 

The state’s foreclosure rate ranked 17th in the nation, as one in every 530 Virginia housing units received a foreclosure filing during the month.

 

Manassas City led the state in foreclosure rate for May

Manassas City posted the highest foreclosure rate in Virginia for May, with one in every 237 housing units receiving a foreclosure filing — 2.2 times the state average. Culpeper County had the second highest foreclosure rate, with one in every 243 housing units receiving a foreclosure filing — 2.2 times the state average. Caroline County documented the third highest foreclosure rate in Virginia, with one in every 253 housing units receiving a foreclosure filing — 2.1 times the state average. Prince William County posted the fourth highest foreclosure rate in May, with one in every 257 housing units receiving a foreclosure filing — 2.1 times the state average.

 

Fairfax County tops in foreclosure total for May

Fairfax County led the state in foreclosure activity, reporting 966 properties with foreclosure filings for the month. Prince William County had the second highest foreclosure total, documenting 529 properties with foreclosure filings. Reporting 409 properties with foreclosure filings for the month, Virginia Beach City had the third highest foreclosure total. Chesterfield County was fourth highest, reporting 322 properties with foreclosure filings.

 

State a moderate contributor to nation’s monthly foreclosure total in May

Virginia accounted for 2 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 U.S. housing units received a foreclosure filing during the month.

 

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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Virginia

25

0

4,464

0

1,753

6,242

530

0.75

n/a

 

 

 

 

 

 

 

 

 

 

Manassas City

1

0

43

0

11

55

237

1.69

2.24

Culpeper

0

0

56

0

24

80

243

1.65

2.18

Caroline

0

0

30

0

16

46

253

1.58

2.10

Prince William

6

0

414

0

109

529

257

1.55

2.06

Frederick

0

0

74

0

41

115

259

1.54

2.04

 

 

Virginia Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Virginia

25

0

4,464

0

1,753

6,242

530

-11.65

15.91

 

 

 

 

 

 

 

 

 

 

Fairfax

10

0

629

0

327

966

407

0.73

-7.91

Prince William

6

0

414

0

109

529

257

-33.21

-38.49

Virginia Beach City

0

0

326

0

83

409

429

1.49

61.02

Chesterfield

0

0

250

0

72

322

367

22.90

76.92

Loudoun

0

0

215

0

86

301

346

-10.68

3.44

 

 

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