Virginia Foreclosure Activity Rises in January

Statewide filings up 14 percent from December

 

Foreclosure activity in Virginia increased in January to 5,236 properties with foreclosure filings, a 14 percent increase from December 2009, but still down 2 percent from January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Virginia foreclosure activity heated up a bit in January, though filings were down slightly compared to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even with unemployment within the state well below the national average, Virginia remains one of the harder-hit states in terms of foreclosure activity.”

 

One in every 631 Virginia housing units received a foreclosure filing in January, the 19th highest foreclosure rate in the nation.

 

Caroline County posts top foreclosure rate in the state for January

Caroline County posted the state’s highest county foreclosure rate in January, with one in every 168 housing units receiving a foreclosure filing — 2.4 times the national average. Manassas City County had the second highest foreclosure rate, with one in every 194 housing units receiving a foreclosure filing — 2.1 times the national average. Fairfax City County was third, with one in every 201 housing units receiving a foreclosure filing — twice the national average. Orange County came in fourth highest, with one in every 211 housing units receiving a foreclosure filing — 1.9 times the national average. Frederick County posted the fifth highest rate, where one in every 238 housing units received a foreclosure filing during the month — 1.7 times the national average.

 

Fairfax County led the state in total foreclosure filings for January

Fairfax County led all counties, totaling 716 properties with foreclosure filings for the month. Prince William County was second highest, documenting 564 properties with foreclosure filings. Reporting 329 properties with foreclosure filings for the month, Chesterfield County had the third highest foreclosure total. Virginia Beach City County came in fourth highest, reporting 289 properties with foreclosure filings, followed by Loudon County where 284 properties with foreclosure filings were reported.

 

State a minor contributor to nation’s foreclosure total in January

Virginia accounted for 2 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

Virginia

15

0

3,499

0

1,722

5,236

631

0.65

n/a

 

 

 

 

 

 

 

 

 

 

Caroline

0

0

22

0

47

69

168

2.41

3.75

Manassas City

0

0

54

0

13

67

194

2.08

3.25

Fairfax City

0

0

32

0

11

43

201

2.01

3.14

Orange

0

0

48

0

21

69

211

1.92

2.99

Frederick

0

0

79

0

46

125

238

1.70

2.65

 

 

Virginia Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

Virginia

15

0

3,499

0

1,722

5,236

631

13.97

-2.42

 

 

 

 

 

 

 

 

 

 

Fairfax

7

0

487

0

222

716

549

7.99

-20.53

Prince William

5

0

351

0

208

564

241

-4.24

-34.87

Chesterfield

0

0

250

0

79

329

359

52.31

76.88

Virginia Beach City

0

0

149

0

140

289

607

-8.54

16.06

Loudoun

0

0

191

0

93

284

367

4.80

-20.22

 

 

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