Vermont Foreclosure Activity Rises Substantially in Third Quarter

Total foreclosures filings up 470 percent compared to the second quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 245 Vermont properties during the third quarter, a 470 percent increase from the previous quarter and up 295 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Vermont reported 29 properties with foreclosure filings, a 71 percent increase from the previous month, but still 9 percent below the level reported for the same month last year. One in every 10,780 Vermont housing units received a foreclosure filing in September, the 50th highest foreclosure rate among the 50 states.

 

“Vermont foreclosure activity heated up in the third quarter of 2010 to nearly six times the level reached in the previous quarter and about four times what was reported for third quarter 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, the state remains one of the least affected in the country by foreclosures, a distinction that is undoubtedly helped by its comparatively low unemployment rate of 5.8 percent – well below the national average.”

 

One in every 1,276 Vermont housing units received a foreclosure filing during the quarter, the 48th highest state foreclosure rate in the nation.

 

Rutland County led state with top foreclosure rate in third quarter

Rutland County posts the highest foreclosure rate in the state during the third quarter of 2010, where one in every 823 housing units received a foreclosure filing — 1.6 times the state average. Bennington County posted the second highest foreclosure rate, where one in every 830 housing units received a foreclosure filing during the period — 1.5 times the state average. Franklin County documented the third highest foreclosure rate, where one in every 914 housing units received a foreclosure filing — 1.4 times the state average.

 

Rutland County posts state’s top foreclosure total in third quarter

Rutland County also led the state in foreclosure activity, reporting 40 properties with foreclosure filings for the quarter. Bennington County had the second highest total, reporting 25 properties with foreclosure filings. Franklin, Washington and Windsor counties were third, each tallying 23 properties with foreclosure filings.

 

State a minor contributor to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Vermont. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Vermont

0

0

15

0

230

245

1,276

0.11

n/a

 

 

 

 

 

 

 

 

 

 

Rutland

0

0

6

0

34

40

823

0.17

1.55

Bennington

0

0

2

0

23

25

830

0.17

1.54

Franklin

0

0

1

0

22

23

914

0.15

1.40

Orleans

0

0

0

0

16

16

987

0.14

1.29

Addison

0

0

0

0

15

15

1,104

0.13

1.16

 

 

Vermont Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Vermont

0

0

15

0

230

245

1,276

469.77

295.16

 

 

 

 

 

 

 

 

 

 

Rutland

0

0

6

0

34

40

823

344.44

344.44

Bennington

0

0

2

0

23

25

830

 

733.33

Franklin

0

0

1

0

22

23

914

228.57

228.57

Washington

0

0

0

0

23

23

1,273

475.00

283.33

Windsor

0

0

1

0

22

23

1,453

475.00

228.57

 

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