Virginia Foreclosure Activity Climbs in February

Statewide foreclosure filings up 12 percent

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,403 Virginia properties in February, a 12 percent increase in foreclosure activity from January, but still 23 percent below the level reported for February 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Contributing to the recent rise in foreclosure activity within the state is Virginia‘s climbing unemployment rate, which recently rose to 6.9 percent. One in every 979 Virginia housing units received a foreclosure filing in February, the nation’s 25th highest foreclosure rate for the month.

 

Suffolk City County posts state’s top foreclosure rate in February

Suffolk City County posted the highest foreclosure rate of all Virginia counties, with one in every 348 housing units receiving a foreclosure filing in February — 2.8 times the state average. Caroline and Frederick counties had the second highest rate, each with one in every 406 housing units receiving a foreclosure filing during the month — 2.4 times the state average. One in every 422 housing units in Virginia Beach City County received a foreclosure filing, the fourth highest foreclosure rate in the state — 2.3 times the state average.

 

Virginia Beach City County records highest state foreclosure totals in February

Virginia Beach City County had the highest total, reporting 417 properties with a foreclosure filing. Fairfax County reported 279 properties with foreclosure filings, the second highest foreclosure total in the state. Chesterfield County came in third, reporting 261 properties with foreclosure filings. Prince William County was fourth, tallying 251 properties with foreclosure filings. Fifth highest was Norfolk City County, where 165 properties with foreclosure filings were reported for the month.

 

State a moderate contributor to nation’s foreclosure total in February

Two percent of the 225,101 properties with foreclosure filings reported nationwide in February were located in Virginia. Total U.S. activity decreased by nearly 14 percent from January, and was down 27 percent from the level reported in February 2010. One in every 577 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity dropped to a 36-month low in February as allegations of improper foreclosure processing continued to dog the mortgage servicing industry and disrupt court dockets,” said James J. Saccacio, chief executive officer of RealtyTrac. “While a small part of February’s decrease can be attributed to it being a short month and bad weather, the bottom line is that the industry is in the midst of a major overhaul that has severely restricted its capacity to process foreclosures. We expect to see the numbers bounce back, but that will likely take several months. And monthly volume may never return to its peak in March 2010 of more than 367,000 properties receiving foreclosure filings.”

 

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 Top Foreclosure Rates By County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

n/a

n/a

Virginia

6

0

2,262

0

1,135

3,403

979

0.59

n/a

 

 

 

 

 

 

 

 

 

 

Suffolk City

0

0

46

0

49

95

348

1.66

2.81

Caroline

1

0

20

0

8

29

406

1.42

2.41

Frederick

0

0

39

0

35

74

406

1.42

2.41

Virginia Beach City

0

0

174

0

243

417

422

1.37

2.32

Poquoson City

0

0

6

0

5

11

432

1.34

2.26

 

 

Virginia Top Foreclosure Totals by County – February 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 11

% Chg Feb 10

 

 

 

 

 

 

 

 

 

 

United States

32,184

30,981

79,195

18,098

64,643

225,101

577

-13.86

-27.04

Virginia

6

0

2,262

0

1,135

3,403

979

12.20

-22.71

 

 

 

 

 

 

 

 

 

 

Virginia Beach City

0

0

174

0

243

417

422

162.26

25.23

Fairfax

2

0

217

0

60

279

1,411

-20.29

-51.48

Chesterfield

0

0

188

0

73

261

458

65.19

44.20

Prince William

2

0

189

0

60

251

548

-10.99

-38.33

Norfolk City

0

0

95

0

70

165

583

14.58

-17.91

 

 

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