Virginia Foreclosures Drop Slightly in August

Foreclosure activity in Virginia fell 7 percent in August to 5,974 properties with foreclosure filings, but was still up 12 percent from the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity in Virginia dropped between July and August, though it remained well above the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Improvements in the state’s job market have helped slow the rate of mounting foreclosures, as unemployment within the Old Dominion State fell for the second consecutive month to 6.5 percent — the fifth lowest rate in the nation.”

 

One in every 548 Virginia housing units received a foreclosure filing in August, the 19th highest foreclosure rate in the nation.

 

Manassas City County posts state’s top foreclosure rate in August

Manassas City County posted the highest county foreclosure rate in Virginia for August, with one in every 127 housing units receiving a foreclosure filing — 2.8 times the national average and 4.3 times the state average. Prince William County had the second highest foreclosure rate, with one in every 153 housing units receiving a foreclosure filing during the month — 2.3 times the national average and 3.6 times the state average. Loudoun County posted the third highest rate, where one in every 195 housing units received a foreclosure filing — 1.8 times the national average and 2.8 times the state average.

 

Fairfax County leads the state in foreclosure totals for August

Fairfax County tallied the highest activity level, tallying 1,204 properties with foreclosure filings for the month. Prince William County had the second highest total of foreclosure filings, documenting 873 properties with foreclosure filings. Reporting 521 properties with foreclosure filings for the month, Loudoun County reported the third highest total in the state. Virginia Beach City County was fourth highest, reporting 285 properties with foreclosure filings, while the fifth highest total was in Chesterfield County, where 211 properties with foreclosure filings were reported for the month.

 

State a contributor to the nation’s foreclosure activity in August

Virginia accounted for 2 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 Top Foreclosure Rates By County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Virginia

31

1

3,835

0

2,107

5,974

31

0.65

n/a

 

 

 

 

 

 

 

 

 

 

Manassas City

0

0

68

0

34

102

127

2.81

4.32

Prince William

10

0

559

0

304

873

153

2.33

3.57

Loudoun

0

0

321

0

200

521

195

1.83

2.81

Fairfax City

0

0

29

0

14

43

201

1.78

2.73

Warren

0

0

33

0

42

75

205

1.74

2.67

 

 

Virginia Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Virginia

31

1

3,835

0

2,107

5,974

548

-6.74

12.31

 

 

 

 

 

 

 

 

 

 

Fairfax

10

0

727

0

467

1,204

326

-33.77

-5.42

Prince William

10

0

559

0

304

873

153

-16.30

-36.09

Loudoun

0

0

321

0

200

521

195

17.34

20.32

Virginia Beach City

0

0

170

0

115

285

613

24.45

15.85

Chesterfield

1

0

172

0

38

211

551

21.26

137.08

 

 

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