Virginia Foreclosure Activity Rises in April

Statewide foreclosure filings up 19 percent from March; foreclosure rate #16 nationally

 

Monthly foreclosure activity in Virginia rose 19 percent from the previous month to 7,065 properties with foreclosure filings. This latest state total also represents a 13 percent year-over-year increase in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state ranked as the 16th highest state foreclosure rate in the nation with one in every 468 Virginia housing units receiving a foreclosure filing during the month.

 

“Virginia foreclosures were up in April,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest Jump was in auctions, which rose 35 percent during the month. While its unemployment rate remains lower than the national average, home sales here showed a decrease at the end of last year, while most states experienced increases. This is likely contributing to the recent rise.”

 

California continued to lead the nation in highest level of foreclosure activity in April with 69,727 properties with foreclosure filings. Florida followed, reporting 48,385 properties with foreclosure filings for the month. Michigan rose to third highest, documenting 19,173 properties with foreclosure filings. Illinois came in at fourth highest, reporting 18,870 properties with foreclosure filings. Nevada rose two spots to fifth, tallying 16,217 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in April were Arizona (16,088), Georgia (13,963), Texas (13,133), Virginia (11,936) and Virginia (7,065). In all, the top 10 accounted for 70 percent of all foreclosure filings in the nation for April.

 

Manassas City County posts top foreclosure rate for April

Manassas City posted the highest county foreclosure rate in Virginia for April, with one in every 136 housing units receiving a foreclosure filing — 2.8 times the national average and 3.4 times the state average. Warren County came in second, with one in every 159 housing units receiving a foreclosure filing — 2.4 times the national average and 2.9 times the state average. Prince William County was third, with one in every 172 housing units receiving a foreclosure filing — 2.2 times the national average and 2.7 times the state average.

 

Fairfax County led the state in total foreclosures for April

Fairfax County continued to lead the way, reporting 959 properties with foreclosure filings for the month. Prince William County remained second highest, documenting 792 properties with foreclosure filings. Reporting 403 properties with foreclosure filings for the month, Virginia Beach City ranked third highest. Loudoun County was fourth, reporting 337 properties with foreclosure filings. A total 304 properties with foreclosure filings were reported in Norfolk City, the fifth highest county total in April.

 

State contributes 2 percent to nation’s month foreclosure total

Virginia accounted for 2 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 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: DefaultNotice 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

Virginia

10

9

5,142

0

1,904

7,065

468

0.83

n/a

 

 

 

 

 

 

 

 

 

 

Manassas City

0

0

65

0

31

96

136

2.85

3.45

Warren

0

0

86

0

12

98

159

2.43

2.94

Prince William

0

1

498

0

293

792

172

2.25

2.72

Frederick

0

0

112

0

51

163

183

2.12

2.56

Stafford

0

2

156

0

63

221

196

1.97

2.39

 

 

 

Virginia Top Foreclosure Totals by County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

Virginia

10

9

5,142

0

1,904

7,065

468

19.26

12.97

 

 

 

 

 

 

 

 

 

 

Fairfax

8

3

706

0

242

959

410

0.94

1.14

Prince William

0

1

498

0

293

792

172

2.25

2.72

Virginia Beach City

0

0

321

0

82

403

436

0.89

1.07

Loudoun

0

0

250

0

87

337

309

1.25

1.51

Norfolk City

0

0

222

0

82

304

315

1.23

1.49

 

 

 

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