Virginia Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings down from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in Virginia rose 9 percent during the first quarter of 2010, but was down one percent from the same period last year. In all, the state reported 14,534 properties with foreclosure filings during the quarter.

 

During the month of March, the state reported 5,924 properties with foreclosure filings, a 34 percent increase from the previous month, and three percent above the level reported in March 2009. One in every 558 Virginia housing units received a foreclosure filing during the month, ranking it 20th in its foreclosure rate nationally.

 

“After a significant drop during the previous quarter, Virginia foreclosures rose slightly during quarter one of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in auctions, which climbed 12 percent for the month. While the state’s unemployment rate remains well below the national average, it did experience a decline in home sales last quarter while most states showed increases. This is likely contributing to the recent rise.”

 

Virginia ranked 14th in the country in total foreclosures for the first quarter. With one in every 227 housing units receiving a foreclosure filing, its foreclosure rate ranked 22nd among the 50 states.

 

Fairfax City tops in foreclosure rate for the first quarter

Fairfax City posted the highest county foreclosure rate in Virginia during the first quarter, as one in every 79 housing units received a foreclosure filing — 2.9 times the state average. Manassas City came in second, with one in every 84 housing units receiving a foreclosure filing — 2.7 times the state average. Caroline County came in third highest foreclosure rate, with one in every 85 housing units receiving a foreclosure filing — 2.7 times the state average.

 

Fairfax County led state in total foreclosures for the first quarter

Fairfax County also documented Virginia’s top foreclosure total, reporting 2,081 properties with foreclosure filings for the quarter. Prince William County was second, reporting 1,575 properties with foreclosure filings. Reporting 892 properties with foreclosure filings for the month, Virginia Beach City came in third.

 

State contributes less than 1 percent to the nation’s quarterly foreclosure total

Virginia represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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: 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Virginia

46

0

9,266

0

5,222

14,534

227

0.01

n/a

 

 

 

 

 

 

 

 

 

 

Fairfax City

1

0

77

0

31

109

79

1.75

2.87

Manassas City

1

0

110

0

44

155

84

1.65

2.71

Caroline

0

0

50

0

87

137

85

1.63

2.68

Prince William

14

0

1,039

0

522

1,575

86

1.60

2.63

Orange

0

0

86

0

61

147

99

1.40

2.30

 

 

 

Virginia Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Virginia

46

0

9,266

0

5,222

14,534

227

9.00

-1.30

 

 

 

 

 

 

 

 

 

 

Fairfax

14

0

1,470

0

597

2,081

189

0.10

-19.59

Prince William

14

0

1,039

0

522

1,575

86

-5.75

-29.40

Virginia Beach City

0

0

534

0

358

892

197

27.07

28.16

Loudoun

0

0

574

0

285

859

121

-4.13

-14.27

Chesterfield

0

0

466

0

238

704

168

16.75

26.39

 

 

 

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