Vermont Foreclosure Activity Declines in October

Foreclosure filings down 24 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 22 Vermont properties during October, a 24 percent decrease from the previous month but up 47 percent from October of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Vermont foreclosures were down in October,” said James J. Saccacio chief executive officer of RealtyTrac. “The largest decline was in auctions, which fell 29 percent for the month. The state’s unemployment rate continues to decrease and is now nearly 4 percent below the national average. This is definitely helping to keep foreclosures here lowest in the country.”

 

Vermont ranked 50th in the nation in total foreclosures reported for October. Its foreclosure rate of one in every 14,210 housing units receiving a foreclosure filing during the month ranked it 50th among the 50 states.

 

Bennington County posts state’s top foreclosure rate for October

Bennington County posted the highest county foreclosure rate in Vermont for the month, with one in every 6,919 housing units receiving a foreclosure filing during October — 2.1 times the state average. Windham County registered the second highest foreclosure rate, with one in every 7,095 housing units receiving a foreclosure filing during the month — twice the state average. Caledonia County was third highest, with one in every 7,694 housing units receiving a foreclosure filing — 1.9 times the state average.

 

Rutland County dominates state foreclosure activity in October

Foreclosure activity was heaviest in Rutland and Windham Counties, which reported four properties each with foreclosure filings for the month, followed by Bennington County with three properties with foreclosure filings. Caledonia and Chittenden Counties rounded out the top five, each reporting two properties with foreclosure filings for October.

 

State contributes less than 1 percent to nation’s monthly foreclosure total

Vermont accounted for less than 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

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 Top Foreclosure Rates By County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Vermont

0

0

10

0

12

22

14,210

-24.14

46.67

 

 

 

 

 

 

 

 

 

 

Bennington

0

0

2

0

1

3

6,919

0.06

2.05

Windham

0

0

4

0

0

4

7,095

0.05

2.00

Caledonia

0

0

0

0

2

2

7,694

0.05

1.85

Orleans

0

0

1

0

1

2

7,896

0.05

1.80

Rutland

0

0

3

0

1

4

8,233

0.05

1.73

 

 

Vermont Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Vermont

0

0

10

0

12

22

14,210

-24.14

46.67

 

 

 

 

 

 

 

 

 

 

Rutland

0

0

3

0

1

4

8,233

-33.33

100.00

Windham

0

0

0

11

0

4

7,095

-20.00

n/a

Bennington

0

0

2

0

1

3

6,919

50.00

50.00

Caledonia

0

0

0

0

2

2

7,694

100.00

n/a

Chittenden

0

0

0

0

2

2

31,624

-33.33

100.00

 

           

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