Virginia Foreclosures Down 16 Percent in November

Statewide filings down 19 percent from previous year

 

Virginia foreclosure activity fell in November to 4,590 properties with foreclosure filings, down 16 percent from the previous month, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is 19 percent behind the level reported in November 2008.

 

“Virginia foreclosures fell during November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which fell 17 percent for the month. The state’s unemployment rate is still below the national average and home sales are beginning to pick up. These factors are likely contributing to the decline.”

 

Virginia ranked 14th in the country in total foreclosures reported for the month. With one in every 713 housing units receiving a foreclosure filing, its foreclosure rate ranked 22nd among the 50 states.

 

Prince William County posts state’s highest foreclosure rate in November

Prince William County posted the highest county foreclosure rate in the state for November, with one in every 217 housing units receiving a foreclosure filing — 3.3 times the state average. Manassas City had the second highest foreclosure rate, with one in every 219 housing units receiving a foreclosure filing — 3.3 times the state average. Spotsylvania County came in third highest, with one in every 254 housing units receiving a foreclosure filing — 2.8 times the state average.

 

Fairfax County led state in total foreclosure filings for November

Fairfax County led all counties, totaling 757 properties with foreclosure filings for the month. Prince William County was second highest once again, documenting 617 properties with foreclosure filings. Reporting 265 properties with foreclosure filings for the month, Loudoun County had the third highest total in the state, while Chesterfield County was fourth highest, reporting 209 properties with foreclosure filings for the month.

 

State contributed 1 percent to nation’s foreclosure total in November

Virginia accounted for 1 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 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 – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

Virginia

31

0

2,998

0

1,561

4,590

713

0.58

n/a

 

 

 

 

 

 

 

 

 

 

Prince William

3

0

350

0

264

617

217

1.92

3.29

Manassas City

0

0

34

0

25

59

219

1.90

3.25

Spotsylvania

0

0

91

0

85

176

254

1.64

2.81

Caroline

0

0

25

0

16

41

277

1.50

2.57

Culpeper

0

0

50

0

16

66

284

1.47

2.51

 

 

 

Virginia Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

Virginia

31

0

2,998

0

1,561

4,590

713

-16.30

-19.39

 

 

 

 

 

 

 

 

 

 

Fairfax

21

0

471

0

265

757

518

0.80

1.38

Prince William

3

0

350

0

264

617

217

1.92

3.29

Loudoun

0

0

167

0

98

265

383

1.09

1.86

Chesterfield

0

0

174

0

35

209

556

0.75

1.28

Virginia Beach City

0

0

128

0

76

204

856

0.49

0.83

 

 

 

 

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