Virginia Foreclosure Activity Down in 2011

Filings down 47 percent from 2010; down 48 percent  from 2009

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — were  reported on 27,322 Virginia properties in 2011, down 47 percent from a year ago  and 48 percent below the level reported in 2009, according to the latest RealtyTrac® U.S. Foreclosure Market  Report.

The state posted the 28th  highest foreclosure rate in the nation, with one in every 122 Virginia housing  units receiving a foreclosure filing in 2011.

Foreclosure  filings were reported on 2,792 Virginia properties in December, a 12 percent increase  from November, but down 18 percent from December 2010. One in every 1,193 Virginia  housing units received a foreclosure filing in December, the 28th highest  state foreclosure rate in the nation.

Prince William County has top foreclosure rate honors in 2011
  One in every 48 housing units in Prince William County received a foreclosure  filing during 2011 – 1.4 times the national average and 2.5 times the state  average. Manassas City had the second highest rate with one in every 51 housing  units reporting a foreclosure filing – 1.4 times the national average and 2.4 times  the state average. Fairfax City had the third highest rate, reporting one in  every 55 housing units with a foreclosure filing – 1.3 times the national  average and 2.2 times the state average.

Fairfax County leads the state in foreclosure activity  for 2011
  Fairfax County led the way, reporting 3,738 properties with foreclosure  filings during 2011. Prince William County was second highest in the state,  reporting 2,860 properties with foreclosure filings. Third highest total was  tallied in Virginia Beach City, where 2,221 properties with foreclosure filings  were reported. Reporting 1,438 properties with foreclosure filings for the year,  Loudon County registered the fourth highest total in the state. Fifth highest  was Chesterfield County, where 1,377 properties with foreclosure filings were  reported for 2011.

State a moderate  contributor to nation’s foreclosure total in 2011
  Virginia accounted for 1 percent of the 1,887,777 properties with  foreclosure filings reported nationwide for 2011. Total U.S. activity was down 34  percent from 2010 and was down 33 percent from the level reported for 2009. One  in every 69 U.S. housing units received a foreclosure filing during the year.

“Foreclosures were in full delay mode in 2011,  resulting in a dramatic drop in foreclosure activity for the year,” said  Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity  regarding many of the documentation and legal issues plaguing the foreclosure  industry means that we are continuing to see a highly dysfunctional foreclosure  process that is inefficiently dealing with delinquent mortgages — particularly  in states with a judicial foreclosure process.

“There were strong signs in the second half of  2011 that lenders are finally beginning to push through some of the delayed  foreclosures in select local markets. We expect that trend to continue this  year, boosting foreclosure activity for 2012 higher than it was in 2011, though  still below the peak of 2010.”

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 –  2011                                                                                                                                                                                                                                                                              

County

Total

%    Housing Units

1/every    X HU (rate)

/National    Avg.

/State    Avg.

 

 

 

 

 

 

United States

1,887,777

1.45

69

n/a

n/a

Virginia

27,332

0.82

122

0.56

n/a

 

 

 

 

 

 

Prince William

2,860

2.08

48

1.43

2.53

Manassas City

257

1.97

51

1.36

2.40

Fairfax City

156

1.81

55

1.25

2.20

Caroline

212

1.80

56

1.24

2.20

Warren

281

1.79

56

1.24

2.19

 

                                             Virginia Top Foreclosure Totals By County –  2011                                                                                                                                                                                                                                                              

County

Total

%    Housing Units

1/every    X HU (rate)

%    Chg 2010

%    Chg 2009

 

 

 

 

 

 

United States

1,887,777

1.45

69

-34.27

-33.17

Virginia

27,332

0.82

122

-47.04

-47.59

 

 

 

 

 

 

Fairfax

3,738

0.95

105

-47.02

-61.88

Prince William

2,860

2.08

48

-43.12

-62.23

Virginia Beach City

2,221

1.26

79

-32.04

-9.97

Loudoun

1,438

1.36

74

-45.61

-60.41

Chesterfield

1,377

1.15

87

-47.50

-29.89

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