VERMONT FORECLOSURE ACTIVITY UP 117 PERCENT IN OCTOBER

Foreclosure Activity Increases 44 Percent From October 2007

 

IRVINE, Calif. – Nov. 26, 2008 – Vermont reported 13 properties with foreclosure filings in October, a 117 percent increase from the previous month, and 44 percent ahead of the level reported for October 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Although Vermont foreclosures were up in October, the state still holds fewer foreclosures than any other state,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that Vermont’s unemployment rate still remains well below the national average. This is likely contributing to the very low foreclosure rate.”

 

Vermont held the lowest total foreclosures for the month in the country. With one in every 23,812 housing units receiving a foreclosure filing, its foreclosure rate also ranked the lowest among the 50 states.

 

Three counties dominate state’s foreclosure activity for October

Three Vermont counties accounted for 46 percent of all foreclosure activity in the state for October. Chittenden, Lamoille and Windsor counties each reported two properties with foreclosure filings for the month. Nearly all remaining counties reported one property with a foreclosure filing.

 

Grand Isle County posts top foreclosure rate for October

Grand Isle County tallied the highest county foreclosure rate in Vermont for October, with one in every 4,906 housing units receiving a foreclosure filing for the month — 4.9 times the state average. Lamoille County posted the state’s second highest foreclosure rate, with one in every 5,956 housing units receiving a foreclosure filing during the month — four times the state average. The third highest foreclosure rate in Vermont was reported in Orange County, where one in every 13,804 housing units received a foreclosure filing in October — 1.7 times the state average.

 

State accounts for less than 1 percent of nation’s foreclosure total in October

Vermont accounted for less than 1 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented an increase of more than 5 percent from the previous month but was almost 25 percent ahead of the total reported for October 2007. The nation’s foreclosure rate rose to one in every 452 U.S. housing units receiving a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Vermont

0

0

2

0

11

13

23,812

0.02

n/a

 

 

 

 

 

 

 

 

 

 

Addison

0

0

0

0

1

1

16,264

0.03

1.46

Bennington

0

0

0

0

0

0

 n/a

0.00

0.00

Caledonia

0

0

0

0

0

0

 n/a

0.00

0.00

Chittenden

0

0

2

0

0

2

31,250

0.01

0.76

Essex

0

0

0

0

0

0

 n/a

0.00

0.00

Franklin

0

0

0

0

1

1

20,747

0.02

1.15

Grand Isle

0

0

0

0

1

1

4,906

0.09

4.85

Lamoille

0

0

0

0

2

2

5,956

0.08

4.00

Orange

0

0

0

0

1

1

13,804

0.03

1.73

Orleans

0

0

0

0

1

1

15,564

0.03

1.53

Rutland

0

0

0

0

0

0

 n/a

0.00

0.00

Washington

0

0

0

0

1

1

28,964

0.02

0.82

Windham

0

0

0

0

1

1

28,204

0.02

0.84

Windsor

0

0

0

0

2

2

16,602

0.03

1.43

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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