Vermont Foreclosures Up in 2010

Foreclosure filings up 175 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 393 Vermont properties for 2010, up 175 percent from a year ago and 187 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 15 Vermont properties in December 2010, a 50 percent increase from November, but 12 percent lower than the level reported in December 2009. One in every 20,841 Vermont housing units received a foreclosure filing during the month.

 

Vermont foreclosures were up in 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “This is likely due to the state’s decline in home values and homes sales, which both fell further than the national average for most of the year. Even so, the state continued to hold the lowest number of total foreclosures in the country.”

Vermont ranked lowest in the nation in total foreclosures for 2010. Its foreclosure rate of one in every 795 housing units receiving a foreclosure filing during the year, ranked it the lowest again among the 50 states.

Franklin County achieves top foreclosure rate honors in 2010

Franklin County posted the highest foreclosure rate in Vermont for 2010, with one in every 467 housing units receiving a foreclosure filing — 1.7 times the state average. Rutland County reported the second highest foreclosure rate, with one in every 484 housing units receiving a foreclosure filing for the year — 1.6 times the state average. Bennington County came in third, with one in every 561 housing units receiving a foreclosure filing — 1.4 times the state average.

 

Rutland County dominates state foreclosure activity in 2010

Foreclosure activity was heaviest in Rutland County, which reported 68 properties with foreclosure filings for the year. Franklin County tallied the second highest foreclosure level, reporting 45 properties with foreclosure filings. Third highest total was in Chittenden County where 38 properties with foreclosure filings were reported. Fourth highest was Bennington County, where 37 properties with foreclosure filings were reported. Windsor County filled out the state’s top five with 36 properties with foreclosure filings for the year.

 

State contributes less than 1 percent to total foreclosure activity in 2010

Vermont accounted for less than 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Vermont

0

0

34

0

359

393

795

0.06

n/a

 

 

 

 

 

 

 

 

 

 

Franklin

0

0

1

0

44

45

467

0.10

1.70

Rutland

0

0

13

0

55

68

484

0.09

1.64

Bennington

0

0

7

0

30

37

561

0.08

1.42

Orleans

0

0

1

0

24

25

632

0.07

1.26

Essex

0

0

1

0

6

7

699

0.06

1.14

 

Vermont Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

492

1.67

23.23

Vermont

0

0

34

0

359

393

795

174.83

186.86

 

 

 

 

 

 

 

 

 

 

Rutland

0

0

13

0

55

68

484

257.89

466.67

Franklin

0

0

1

0

44

45

467

125.00

114.29

Chittenden

0

0

0

0

38

38

1,664

65.22

100.00

Bennington

0

0

7

0

30

37

561

516.67

1,750.00

Windsor

0

0

1

0

35

36

928

11.76

111.76

 

 

 

Vermont Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Vermont

0

0

1

0

14

15

20,841

0.02

n/a

 

 

 

 

 

 

 

 

 

 

Bennington

0

0

1

0

2

3

6,919

0.07

3.01

Franklin

0

0

0

0

3

3

7,008

0.07

2.97

Orleans

0

0

0

0

2

2

7,896

0.06

2.64

Addison

0

0

0

0

2

2

8,279

0.06

2.52

Orange

0

0

0

0

1

1

13,823

0.04

1.51

 

 

Vermont Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Vermont

0

0

1

0

14

15

20,841

50.00

-11.76

 

 

 

 

 

 

 

 

 

 

Bennington

0

0

1

0

2

3

6,919

0.00

n/a

Franklin

0

0

0

0

3

3

7,008

n/a

0.00

Addison

0

0

0

0

2

2

8,279

100.00

n/a

Orleans

0

0

0

0

2

2

7,896

n/a

n/a

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