Foreclosure Activity in Virginia Down for First Half of 2011

Statewide foreclosure filings slide 26 percent from second half of 2010

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 19,534 Virginia properties during the first six months of 2011, a 26 percent drop from the second half of 2010 and 35 percent below the level reported for the first half of last year, according to the Midyear 2011 Foreclosure Market Report just released by RealtyTrac®.

 

One in every 170 Virginia housing units received a foreclosure filing during the half, the nation’s 24th highest foreclosure rate in the first half of 2011.

 

Foreclosure filings were reported on 3,756 Virginia properties in June, down 14 percent from May and down 36 percent from June 2010. One in every 887 Virginia housing units received a foreclosure filing in June, the 22nd highest state foreclosure rate in the nation.

 

Warren County posts top foreclosure rate at midyear

Warren County posted the top county foreclosure rate in the state for the first half of 2011, with one in every 67 housing units receiving a foreclosure filing — 2.6 times the state average. Caroline County came in second highest for the six-month period, with one in every 71 housing units receiving a foreclosure filing — 2.4 times the state average. Fairfax City County had the third highest foreclosure rate, with one in every 76 housing units receiving a foreclosure filing — 2.2 times the state average.

 

Fairfax County has state’s highest foreclosure total

Fairfax County had the highest total, reporting 2,343 properties with foreclosure filings for the period. Prince William County was second highest, reporting 1,736 properties with foreclosure filings. Virginia Beach City came in third, tallying 1,595 properties with foreclosure filings. Fourth highest was Chesterfield County, where 1,237 properties with foreclosure filings were reported. Loudon County was fifth, reporting 900 properties with foreclosure filings for the first half of the year.

 

State a moderate contributor to nation’s foreclosure total in first half of 2011

Virginia accounted for just over 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.

 

 

Virginia 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

Virginia

19,534

0.59

170

-25.64

-35.02

 

Fairfax

2,343

0.60

168

-29.49

-45.61

Prince William

1,736

1.26

79

-25.68

-44.13

Virginia Beach City

1,595

0.91

110

-0.31

-17.74

Chesterfield

1,237

1.04

97

-18.83

-11.20

Loudoun

900

0.85

118

-23.08

-46.52

 

 

Virginia 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

Virginia

11

0

2,372

0

1,373

3,756

887

-13.64

-35.85

 

 

Fairfax

1

0

370

0

138

509

774

-4.32

-36.14

Prince William

1

0

243

0

131

375

367

-20.04

-40.66

Virginia Beach City

0

0

219

0

105

324

543

-0.31

-26.86

Chesterfield

0

0

128

0

71

199

600

5.85

-26.84

Norfolk City

0

0

93

0

102

195

493

11.43

-23.83

 

 

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