Virginia Foreclosure Activity Trends Downward in May

Total foreclosure filings statewide down 14 percent from April

State’s foreclosure rate No. 14 in the nation

 

Virginia foreclosure activity fell in May to 5,385 properties with foreclosure filings, a 14 percent decline from the previous month, but still 2 percent ahead of May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report.  One in every 608 Virginia housing units received a foreclosure filing in May, the 14th highest state foreclosure rate in the nation for the month.

 

Virginia foreclosures headed downward in May,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate is holding at nearly 3 percent below the national average. This is likely helping to bring down the number of foreclosures here.”

 

Outranked by California, Florida, Nevada, Arizona, Michigan, Ohio, Illinois, Georgia and Texas, Virginia placed 10th highest in total foreclosure filings in May, reporting 5,385 properties with foreclosure filings. Combined, the top 10 states accounted for 75 percent of all foreclosure activity in the nation for the month.

 

Five counties accounted for 49 percent of state’s foreclosure activity for May

Fairfax County led all counties, reporting 1,049 properties with foreclosure filings for the month. Prince William County posted the second highest total, where 860 properties with foreclosure filings were reported. Loudoun County had the third highest total, reporting 291 properties with foreclosure filings, followed by Virginia Beach City, where 254 properties with foreclosure filings were tallied. Spotsylvania County held the fifth highest total, where 194 properties with foreclosure filings were reported for the month.

 

Manassas City posts state’s highest foreclosure rate for May

Manassas City posted the highest county foreclosure rate in Virginia, with one in every 138 housing units receiving a foreclosure filing during the month. Prince William County had the second highest rate, with one in every 156 housing units receiving a foreclosure filing. Fairfax City posted the third highest rate, where one in every 188 housing units received a foreclosure filing during the month.

 

State contributes 2 percent to nation’s foreclosure activity for May

Foreclosure activity in Virginia represented 2 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Virginia

3

0

4,221

0

1,161

5,385

608

-13.90

2.26

 

 

 

 

 

 

 

 

 

 

Accomack

0

0

4

0

0

4

5,296

-50.00

300.00

Albemarle

0

0

23

0

0

23

1,772

-41.03

666.67

Alexandria City

0

0

63

0

13

76

925

-2.56

8.57

Alleghany

0

0

0

0

1

1

8,046

0.00

 n/a

Amelia

0

0

4

0

0

4

1,337

-42.86

0.00

Amherst

0

0

2

0

0

2

6,899

-33.33

100.00

Appomattox

0

0

3

0

0

3

2,151

200.00

 n/a

Arlington

0

0

67

0

27

94

1,076

-10.48

5.62

Augusta

0

0

10

0

1

11

2,752

-8.33

120.00

Bath

0

0

0

0

0

0

 n/a

 n/a

 n/a

Bedford

0

0

14

0

0

14

2,216

-22.22

250.00

Bedford city

0

0

6

0

0

6

461

100.00

 n/a

Bland

0

0

0

0

0

0

 n/a

 n/a

 n/a

Botetourt

0

0

12

0

0

12

1,180

20.00

140.00

Bristol

0

0

3

0

1

4

2,214

33.33

 n/a

Brunswick

0

0

6

0

0

6

1,312

200.00

 n/a

Buchanan

0

0

1

0

0

1

12,103

 n/a

 n/a

Buckingham

0

0

0

0

0

0

 n/a

-100.00

 n/a

Buena Vista City

0

0

4

0

1

5

573

0.00

400.00

Campbell

0

0

7

0

0

7

3,433

0.00

 n/a

Caroline

0

0

36

0

5

41

277

-2.38

-8.89

Carroll

0

0

1

0

0

1

15,846

-66.67

0.00

Charles City

0

0

1

0

0

1

3,161

-50.00

 n/a

Charlotte

0

0

2

0

0

2

3,115

100.00

 n/a

Charlottesville City

0

0

11

0

0

11

1,705

-21.43

266.67

Chesapeake City

0

0

94

0

35

129

636

-15.13

258.33

Chesterfield

0

0

146

0

36

182

639

-4.71

59.65

Clarke

0

0

5

0

6

11

568

-8.33

22.22

Colonial Heights City

0

0

14

0

3

17

452

30.77

1600.00

Covington City

0

0

0

0

0

0

 n/a

-100.00

 n/a

Craig

0

0

2

0

0

2

1,397

 n/a

 n/a

Culpeper

0

0

45

0

9

54

347

25.58

-38.64

Cumberland

0

0

2

0

0

2

2,239

-66.67

100.00

Danville City

0

0

31

0

8

39

596

77.27

62.50

Dickenson

0

0

0

0

0

0

 n/a

 n/a

 n/a

Dinwiddie

0

0

1

0

0

1

10,945

-75.00

 n/a

Emporia City

0

0

1

0

0

1

2,628

-50.00

 n/a

Essex

0

0

4

0

0

4

1,417

300.00

 n/a

Fairfax

2

0

789

0

258

1,049

374

-12.22

-22.64

Fairfax City

0

0

39

0

7

46

188

-6.12

820.00

Falls Church City

0

0

8

0

1

9

524

-18.18

 n/a

Fauquier

0

0

64

0

12

76

340

15.15

31.03

Floyd

0

0

3

0

0

3

2,468

 n/a

 n/a

Fluvanna

0

0

5

0

0

5

2,059

66.67

 n/a

Franklin

0

0

11

0

1

12

2,174

-20.00

 n/a

Franklin City

0

0

2

0

0

2

2,008

-81.82

100.00

Frederick

0

0

69

0

44

113

260

11.88

10.78

Fredericksburg City

0

0

18

0

8

26

380

100.00

13.04

Galax City

0

0

1

0

0

1

3,286

0.00

 n/a

Giles

0

0

3

0

0

3

2,718

-25.00

200.00

Gloucester

0

0

13

0

0

13

1,245

-53.57

1200.00

Goochland

0

0

4

0

0

4

2,127

-60.00

 n/a

Grayson

0

0

0

0

0

0

 n/a

 n/a

 n/a

Greene

0

0

1

0

0

1

7,341

-75.00

 n/a

Greensville

0

0

1

0

0

1

4,096

 n/a

0.00

Halifax

0

0

6

0

0

6

2,913

100.00

500.00

Hampton City

0

0

53

0

14

67

893

-42.24

252.63

Hanover

0

0

30

0

8

38

986

18.75

72.73

Harrisonburg City

0

0

10

0

0

10

1,542

-9.09

 n/a

Henrico

0

0

102

0

23

125

1,007

-11.97

28.87

Henry

0

0

3

0

0

3

8,839

-25.00

0.00

Highland

0

0

0

0

0

0

 n/a

 n/a

 n/a

Hopewell City

0

0

9

0

0

9

1,134

-10.00

28.57

Isle Of Wight

0

0

9

0

0

9

1,617

50.00

200.00

James City

0

0

35

0

7

42

667

40.00

740.00

King And Queen

0

0

3

0

0

3

1,102

 n/a

 n/a

King George

0

0

12

0

8

20

454

-28.57

17.65

King William

0

0

4

0

0

4

1,571

33.33

0.00

Lancaster

0

0

4

0

0

4

1,802

300.00

33.33

Lee

0

0

0

0

0

0

 n/a

 n/a

 n/a

Lexington City

0

0

3

0

0

3

809

50.00

 n/a

Loudoun

0

0

255

0

36

291

349

-22.81

-44.99

Louisa

0

0

13

0

3

16

953

-44.83

433.33

Lunenburg

0

0

0

0

0

0

 n/a

-100.00

-100.00

Lynchburg City

0

0

12

0

0

12

2,482

-14.29

500.00

Madison

0

0

2

0

0

2

2,992

-66.67

 n/a

Manassas City

0

0

61

0

33

94

138

-19.66

261.54

Manassas Park City

0

0

0

0

0

0

 n/a

 n/a

-100.00

Martinsville City

0

0

6

0

1

7

1,044

40.00

133.33

Mathews

0

0

1

0

0

1

5,772

0.00

 n/a

Mecklenburg

0

0

7

0

0

7

2,661

16.67

600.00

Middlesex

0

0

1

0

0

1

7,142

-50.00

0.00

Montgomery

0

0

11

0

0

11

3,278

-45.00

 n/a

Nelson

0

0

4

0

0

4

2,397

-42.86

 n/a

New Kent

0

0

5

0

0

5

1,379

-61.54

150.00

Newport News City

0

0

82

0

34

116

676

-16.55

510.53

Norfolk City

0

0

111

0

44

155

616

-14.36

12.32

Northampton

0

0

2

0

0

2

3,734

-50.00

100.00

Northumberland

0

0

2

0

0

2

4,637

100.00

 n/a

Norton City

0

0

0

0

0

0

 n/a

 n/a

 n/a

Nottoway

0

0

2

0

0

2

3,397

-66.67

 n/a

Orange

0

0

31

0

14

45

317

-25.00

36.36

Page

0

0

16

0

0

16

712

14.29

1500.00

Patrick

0

0

1

0

0

1

10,397

-80.00

 n/a

Petersburg City

0

0

34

0

1

35

454

16.67

1066.67

Pittsylvania

0

0

14

0

0

14

2,124

-12.50

180.00

Poquoson City

0

0

2

0

1

3

1,561

-40.00

200.00

Portsmouth City

0

0

60

0

34

94

455

-9.62

422.22

Powhatan

0

0

10

0

0

10

969

-9.09

66.67

Prince Edward

0

0

2

0

0

2

4,205

-60.00

 n/a

Prince George

0

0

6

0

0

6

2,037

100.00

 n/a

Prince William

1

0

663

0

196

860

156

-17.62

-43.27

Pulaski

0

0

8

0

0

8

2,144

33.33

300.00

Radford

0

0

2

0

0

2

3,224

100.00

 n/a

Rappahannock

0

0

0

0

0

0

 n/a

-100.00

 n/a

Richmond

0

0

0

0

0

0

 n/a

-100.00

-100.00

Richmond City

0

0

98

0

27

125

754

-21.88

54.32

Roanoke

0

0

21

0

19

40

986

-25.93

900.00

Roanoke City

0

0

55

0

1

56

827

-55.56

522.22

Rockbridge

0

0

4

0

0

4

2,719

0.00

 n/a

Rockingham

0

0

12

0

2

14

2,245

-30.00

100.00

Russell

0

0

0

0

0

0

 n/a

 n/a

 n/a

Salem

0

0

14

0

0

14

764

-6.67

1300.00

Scott

0

0

1

0

0

1

11,765

-50.00

 n/a

Shenandoah

0

0

26

0

0

26

751

-3.70

225.00

Smyth

0

0

0

0

0

0

 n/a

-100.00

 n/a

Southampton

0

0

4

0

0

4

1,897

-33.33

 n/a

Spotsylvania

0

0

152

0

42

194

231

10.86

31.97

Stafford

0

0

117

0

57

174

245

-10.77

-11.68

Staunton City

0

0

6

0

0

6

1,865

-25.00

 n/a

Suffolk City

0

0

39

0

8

47

688

-41.98

176.47

Surry

0

0

0

0

0

0

 n/a

-100.00

 n/a

Sussex

0

0

3

0

0

3

1,609

-25.00

 n/a

Tazewell

0

0

0

0

0

0

 n/a

-100.00

 n/a

Virginia Beach City

0

0

209

0

45

254

688

-16.72

44.32

Warren

0

0

47

0

19

66

233

26.92

65.00

Washington

0

0

2

0

0

2

12,543

-33.33

0.00

Waynesboro City

0

0

3

0

0

3

3,167

-25.00

 n/a

Westmoreland

0

0

5

0

0

5

2,102

-28.57

66.67

Williamsburg City

0

0

0

0

0

0

 n/a

 n/a

 n/a

Winchester City

0

0

24

0

5

29

399

-6.45

20.83

Wise

0

0

3

0

0

3

6,084

50.00

 n/a

Wythe

0

0

2

0

0

2

6,723

0.00

 n/a

York

0

0

9

0

2

11

2,229

-21.43

266.67

 

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