Foreclosure Activity in Vermont Down for First Half of 2011

Statewide foreclosure filings slide 82 percent from second half of 2010

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported 52 Vermont properties during the first six months of 2011, an 82 percent drop from the second half of 2010 and 33 percent below the level reported for the first half of last year, according to the Midyear 2011 Foreclosure Market Report just released by RealtyTrac®.

 

Foreclosure filings were reported on 8 Vermont properties in June, unchanged from May but down 33 percent from June 2010. One in every 39,281 Vermont housing units received a foreclosure filing in June, the 50th highest state foreclosure rate in the nation.

 

 

Essex County posts state’s top foreclosure rate in first half of 2011

Essex County posted Vermont‘s top foreclosure rate, with one in every 1,639 housing units receiving a foreclosure filing in the first half of the year — 3.7 times the state average.

Grand Isle County came in second highest, with a rate of one in every 2,491 housing units receiving a foreclosure filing up through the midyear period — 2.4 times the state average. Bennington County was third highest for the six-month period, with one in every 3,477 housing units receiving a foreclosure filing — 1.7 times the state average.

 

Rutland County dominates state foreclosure totals in first half of year

Rutland County led all counties, reporting 9 properties with foreclosure filings for the midyear period. Windsor County was second highest, reporting 7 properties with foreclosure filings. Bennington County came in third, tallying 6 properties with foreclosure filings. Fourth highest was Washington County, where 6 properties with foreclosure filings were reported. Chittenden County was fifth, reporting 4 properties with foreclosure filings for the first half of the year.

 

State contributes less than 1 percent to nation’s foreclosure total in first half of 2011

Vermont accounted for less than 1 percent of the 1,170,402 properties with foreclosure filings reported nationwide for the first half of 2011. Total U.S. activity decreased 25 percent from the second half of 2010, and was down 29 percent from the level reported for the first half of 2010. One in every 111 U.S. housing units received a foreclosure filing during the first six months of the year.

 

“It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn’t appear to be the case.

 

“Processing and procedural delays are pushing foreclosures further and further out – we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later. This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number.”

 

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: 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 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.

 

 

Vermont Market Data By County – Midyear 2011

 

County

Total Properties with Filings

% Housing Units

1 every X HU

% chg July-Dec 10

% chg Jan-June 2010

 

United States

1,170,402

0.90

111

-25.49

-29.27

Vermont

52

0.02

6,043

-82.19

-33.33

 

Rutland

9

0.03

3,673

-81.63

-35.71

Windsor

7

0.02

4,789

-74.07

0.00

Bennington

6

0.03

3,477

-82.35

100.00

Washington

6

0.02

4,907

-76.00

0.00

Chittenden

4

0.01

15,896

-84.00

-66.67

 

 

Vermont Market Data by County – June 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg May 11

% Chg June 10

 

 

United States

30,202

33,661

68,023

22,003

68,851

222,740

584

3.64

-29.03

Vermont

0

0

0

0

8

8

39,281

0.00

-33.33

 

 

Bennington

0

0

0

0

2

2

10,430

n/a

n/a

Essex

0

0

0

0

2

2

2,459

n/a

n/a

Chittenden

0

0

0

0

1

1

63,583

n/a

-50.00

Grand Isle

0

0

0

0

1

1

4,982

n/a

0.00

Rutland

0

0

0

0

1

1

33,059

-50.00

-66.67

 

 

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