Virginia Foreclosure Activity Higher in Second Quarter

Activity level rises 22 percent from Q1

Foreclosure filings increase 6 percent mid-year; down 6 percent in June

 

Virginia reported 17,669 properties with foreclosure filings for the second quarter of 2010, the 11th highest activity level in the nation. This latest total represents a 22 percent increase from the first quarter of the year and is nearly 15 percent above the level reported for the second quarter of 2009.

 

Activity level in the Old Dominion rose during the first half of 2010, but dropped in June. For the first six months of the year, Virginia reported 30,063 properties with foreclosure filings, a 4 percent rise in activity from the second half of 2009, and 6 percent above the level reported mid-year 2009. In June the state tallied 5,855 properties with foreclosure filings, a decrease of 6 percent from the previous month but up 13 percent from June 2009.

 

“Although Virginia foreclosures were down during the month of June, they have risen during the second quarter and during the first half of the year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the state’s unemployment rate is below the national average, its home sales did not increase as they have in most states during the past year. This has likely led to the overall rise.”

 

One in every 187 Virginia housing units received a foreclosure filing during the quarter, giving the state the 16th highest foreclosure rate in the nation.

 

Manassas City County posts state’s top foreclosure rate for the quarter

Manassas City County posted the highest county foreclosure rate in Virginia during the second quarter, with one in every 67 housing units receiving a foreclosure filing in the county — 2.8 times the state average. Prince William County posted the second highest foreclosure rate, with one in every 75 housing units receiving a foreclosure filing — 2.5 times the state average. Warren County reported the third highest foreclosure rate, with one in every 80 housing units receiving a foreclosure filing during the second quarter — 2.3 times the state average.

 

Fairfax County leads state in total foreclosures for the second quarter

Fairfax County reported 2,524 properties with foreclosure filings for the quarter, while Prince William County documented the second highest foreclosure total, reporting 1,805 properties with foreclosure filings. Reporting 1,167 properties with foreclosure filings for the quarter, Virginia Beach City came in third. Loudoun County was fourth, reporting 925 properties with foreclosure filings. Fifth highest total was Chesterfield County, where 798 properties with foreclosure filings were reported for the quarter.

 

State contributes 2 percent to nation’s quarterly total

Foreclosure activity in Virginia represented 2 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Virginia

46

8

12,067

0

5,548

17,669

187

0.77

n/a

 

 

 

 

 

 

 

 

 

 

Manassas City

1

0

121

0

72

194

67

2.15

2.79

Prince William

10

1

1,133

0

661

1,805

75

1.91

2.48

Warren

0

0

122

0

73

195

80

1.80

2.34

Frederick

0

0

222

0

141

363

82

1.76

2.28

Caroline

0

0

91

0

46

137

85

1.70

2.21

 

 

Virginia Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Virginia

46

8

12,067

0

5,548

17,669

187

21.57

14.61

 

 

 

 

 

 

 

 

 

 

Fairfax

20

3

1,688

0

813

2,524

156

21.29

-11.53

Prince William

10

1

1,133

0

661

1,805

75

14.60

-29.46

Virginia Beach City

0

0

875

0

292

1,167

150

30.83

63.22

Loudoun

0

0

625

0

300

925

113

7.68

-14.59

Chesterfield

0

0

577

0

221

798

148

13.35

62.20

 

 

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