Virginia Foreclosures Fall in October

Statewide filings down 5 percent from September

 

Virginia reported 5,484 properties with foreclosure filings, down 5 percent from the previous month and 16 percent below the level reported in October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 597 Virginia housing units received a foreclosure filing in October, the 19th highest foreclosure rate in the nation.

 

Virginia welcomed a drop in foreclosure activity in October, bringing the level well below what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Contributing to this recent drop is a new state program aimed at helping homeowners keep their homes, though high unemployment figures could quickly reverse this trend.”

 

Caroline County posts state’s top foreclosure rate in October

Caroline County posted the highest county foreclosure rate in the state for October, with one in every 105 housing units receiving a foreclosure filing — 5.7 times the state average. Manassas City County ranked second, reporting one in every 151 housing units receiving a foreclosure filing — four times the state average. Spotsylvania County had the third highest rate, with one in every 185 housing units receiving a foreclosure filing — three times the state average. Prince William County posted the fourth highest foreclosure rate, where one in every 200 housing units received a foreclosure filing during the month — three times the state average.

 

Fairfax County tops state in foreclosure totals during October

Fairfax County led all counties, totaling 836 properties with foreclosure filings for the month. Prince William County was second highest, documenting 668 properties with foreclosure filings. Loudon County posted the third highest foreclosure total in the state, reporting 436 properties with foreclosure filings for the month. Virginia Beach City County came in fourth, reporting 258 properties with foreclosure filings, while the fifth highest total was in Chesterfield County, where 246 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in October

Virginia accounted for 2 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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 – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Virginia

21

0

3,618

0

1,845

5,484

597

0.64

n/a

 

 

 

 

 

 

 

 

 

 

Caroline

0

0

33

0

75

108

105

3.65

5.67

Manassas City

1

0

49

0

36

86

151

2.56

3.97

Spotsylvania

0

0

109

0

133

242

185

2.08

3.23

Prince William

9

0

431

0

228

668

200

1.92

2.98

Fairfax City

1

0

38

0

4

43

201

1.92

2.97

 

 

Virginia Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Virginia

21

0

3,618

0

1,845

5,484

597

-4.71

-16.34

 

 

 

 

 

 

 

 

 

 

Fairfax

6

0

568

0

262

836

469

-18.04

-33.86

Prince William

9

0

431

0

228

668

200

-17.12

-51.35

Loudoun

0

0

252

0

184

436

233

18.48

-19.11

Virginia Beach City

0

0

159

0

99

258

677

-2.27

20.56

Chesterfield

0

0

195

0

51

246

473

13.89

108.47

 

 

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