Virginia Foreclosure Activity Decreased in Third Quarter

Total foreclosure filings decline 14 percent statewide from the second quarter

Auctions and default notices down, REOs up for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 15,264 Virginia properties during the third quarter, nearly a 14 percent decrease from the previous quarter and down 9 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Virginia reported 5,949 properties with foreclosure filings, a 9 percent increase from the previous month and 3 percent above the level reported for the same month last year. It ranked 12th in the nation in total foreclosures reported for the month. One in every 556 Virginia housing units received a foreclosure filing in September, ranking the 18th highest foreclosure rate among the 50 states.

 

Virginia foreclosures were down during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which fell 23 percent for the quarter. The state’s unemployment rate remains well below the national average and home values here actually showed a small increase earlier this year. These factors are likely driving the overall rise.”

 

Virginia ranked 14th in total foreclosures reported for the third quarter when compared to the 50 states. One in every 217 Virginia housing units received a foreclosure filing during the quarter, giving the state the 20th highest foreclosure rate in the nation.

 

Bedford City led state with top foreclosure rate in third quarter

Bedford City posts the highest foreclosure rate in the state during the third quarter of 2010, where one in every 71 housing units received a foreclosure filing — 3.1 times the state average. Orange County posted the second highest foreclosure rate, where one in every 84 housing units received a foreclosure filing during the period — 2.6 times the state average. Warren County documented the third highest foreclosure rate, where one in every 93 housing units received a foreclosure filing — 2.3 times the state average.

 

Fairfax County posts state’s top foreclosure total for third quarter

Fairfax County dominated the state’s foreclosure activity, reporting 2,107 properties with foreclosure filings for the quarter. Prince William County was second, reporting 1,410 properties with foreclosure filings. Chesterfield County was third, tallying 908 properties with foreclosure filings. Virginia Beach City was fourth highest, reporting 881 properties with foreclosure filings. Loudoun County came in last for the state’s top five, reporting 702 properties with foreclosure filings for the quarter.

 

State contributes less than 1 percent 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 Virginia. 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.

 

 

Virginia 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

Virginia

51

0

9,288

0

5,925

15,264

217

n/a

n/a

 

 

 

 

 

 

 

 

 

 

Bedford City

0

0

12

0

27

39

71

1.95

3.05

Orange

0

0

68

0

106

174

84

1.66

2.59

Warren

0

0

96

0

72

168

93

1.49

2.33

Shenandoah

0

0

66

0

142

208

95

1.46

2.28

Prince William

6

0

951

0

453

1,410

97

1.44

2.24

 

 

Virginia 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

Virginia

51

0

9,288

0

5,925

15,264

217

-13.61

-8.53

 

 

 

 

 

 

 

 

 

 

Fairfax

22

0

1,417

0

668

2,107

187

-16.52

-44.11

Prince William

6

0

951

0

453

1,410

97

-21.88

-42.71

Chesterfield

0

0

504

0

404

908

130

13.78

65.09

Virginia Beach City

0

0

595

0

286

881

199

-24.51

21.52

Loudoun

0

0

474

0

228

702

149

-24.11

-42.32

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2017 Renwood RealtyTrac LLC - All rights reserved