Virginia Foreclosure Activity Up in Third Quarter

Total foreclosure filings up 8 percent from Q2, and up 4 percent from Q3 2008.

 

Virginia reported 16,687 properties with foreclosure filings in the third quarter of 2009, an increase of 8 percent from the previous quarter and 4 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Virginia foreclosures are up slightly for the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “At 6.6 percent, Virginia continues to hold one of the lower unemployment rates in the nation, and its home values have not declined as far as the national average. The root of the foreclosure situation here is a high concentration of subprime loans, which will take time to work itself out.”

 

One in every 196 Virginia housing units received a foreclosure filing in the third quarter, the 16th highest state foreclosure rate in the nation. The state ranked 11th in total foreclosures for the quarter when compared to the 50 states.

 

Foreclosure activity in the Old Dominion State was down 4 percent in September from the previous month to 5,755 properties with foreclosure filings, and declined on a yearly basis, down 10 percent from September 2008. The state’s foreclosure rate was 17th highest in the nation for the month — with one in every 569 housing units receiving a foreclosure filing.

 

Manassas City posts state’s top foreclosure rate in the third quarter

Manassas City posted the highest county foreclosure rate in the state for the third quarter, with one in every 47 housing units receiving a foreclosure filing — 2.9 times the national average and 4.1 times the state average. Prince William County was second, with one in every 54 housing units receiving a foreclosure filing during the quarter — 2.5 times the national average and 3.6 times the state average. Fairfax City posted the third highest foreclosure rate, where one in every 57 housing units received a foreclosure filing — 2.4 times the national average and 3.4 times the state average.

 

Five counties accounted for 52 percent of foreclosure activity in the third quarter

Fairfax County led the way, tallying 3,770 properties with foreclosure filings for the quarter. Prince William County came in second highest, reporting 2,461 properties with foreclosure filings. Loudoun County came in third, tallying 1,217 properties with foreclosure filings. Virginia Beach City posted the fourth highest foreclosure activity for the quarter, reporting 725 properties with foreclosure filings. Spotsylvania County documented 570 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State contributes 2 percent to nation’s foreclosure activity for quarter and month

Virginia accounted for two percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and two percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 Top Foreclosure Rates by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

Virginia

51

1

10,136

0

6,499

16,687

196.22

0.70

n/a

 

 

 

 

 

 

 

 

 

 

Manassas City

0

0

159

0

114

273

47

2.88

4.14

Prince William

13

0

1,557

0

891

2,461

54

2.51

3.61

Fairfax City

0

0

84

0

67

151

57

2.39

3.43

Spotsylvania

0

0

305

0

265

570

78

1.74

2.50

Loudoun

0

0

811

0

406

1,217

83

1.63

2.35

 

 

Virginia Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

Virginia

51

1

10,136

0

6,499

16,687

196.22

8.24

4.14

 

 

 

 

 

 

 

 

 

 

Fairfax

18

0

1,949

0

1,803

3,770

104

32.14

-8.94

Prince William

13

0

1,557

0

891

2,461

54

-3.83

-41.38

Loudoun

0

0

811

0

406

1,217

83

12.37

-11.94

Virginia Beach City

0

0

415

0

310

725

241

1.40

12.40

Spotsylvania

0

0

305

0

265

570

78

14.46

7.95

 

 

Virginia Top Foreclosure Rates by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

Virginia

30

0

3,697

0

2,028

5,755

569

0.65

n/a

 

 

 

 

 

 

 

 

 

 

Manassas City

0

0

49

0

39

88

147

2.53

3.87

Prince William

4

0

534

0

268

806

166

2.24

3.43

Spotsylvania

0

0

154

0

102

256

175

2.13

3.26

Caroline

0

0

31

0

34

65

175

2.13

3.25

Fairfax City

0

0

26

0

12

38

227

1.64

2.50

 

 

Virginia Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

Virginia

30

0

3,697

0

2,028

5,755

569

-3.67

-10.01

 

 

 

 

 

 

 

 

 

 

Fairfax

13

0

614

0

393

1,020

385

-15.28

-29.17

Prince William

4

0

534

0

268

806

166

-7.67

-45.94

Loudoun

0

0

282

0

86

368

276

-29.37

-24.90

Virginia Beach City

0

0

174

0

90

264

662

-7.37

3.13

Spotsylvania

0

0

154

0

102

256

175

23.67

63.06

 

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