Virginia Foreclosure Activity Drops Substantially in November

Statewide filings down 32 percent from October; 46 percent from November 2010

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,503 Virginia properties in November, a 32 percent decrease from October and 46 percent below the level reported for November 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

Virginia had the 29th highest foreclosure rate in the nation, reporting one in every 1,331 housing units with a foreclosure filing in November.

Warren County posts top foreclosure rate in the state for November
 One in every 448 housing units in Warren County had a foreclosure filing in November — 1.3 times the national average and three times the state average — the highest foreclosure rate of all Virginia counties for the month. Prince William County had the second highest rate of one in every 553 housing units with a foreclosure filing during the month — 1.1 times the national average and 2.4 times the state average. Culpeper County had the third highest rate of one in every 608 housing units with a foreclosure filing during the month — on par with the national average and 2.2 the state average.

Fairfax County has the highest foreclosure total in November
 Fairfax County tallied the highest level of foreclosure activity in the state, reporting 371 properties with foreclosure filings for the month. Prince William County had the second highest total, reporting 249 properties with foreclosure filings. Virginia Beach City was third, reporting 193 properties with foreclosure filings. Fourth highest was Loudoun County, recording 143 properties with foreclosure filings. Chesterfield County was fifth highest, tallying 137 properties with foreclosure filings for the month.

State a minor contributor to total foreclosure activity in November
 Virginia accounted for 1 percent of the 224,394 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 3 percent from October and was down over 14 percent from the level reported in November 2010. One in every 579 U.S. housing units received a foreclosure filing during the month.

“Despite a seasonal slowdown similar to what we’ve seen in each of the past four years, November’s numbers suggest a new set of incoming foreclosure waves, many of which may roll into the market as REOs or short sales sometime early next year,” said James Saccacio, co-founder of RealtyTrac. “Overall foreclosure activity is down 14 percent from a year ago, the smallest annual decrease over the past 12 months, and some bellwether states such as California, Ohio and Massachusetts actually posted year-over-year increases in foreclosure activity in November.

“Scheduled foreclosure auctions reached a nine-month high in November, corresponding to a recent surge in default notices that began back in August,” Saccacio continued. “Many of the new defaults that started the foreclosure process over the past few months are now being scheduled for public foreclosure auction.”

 

Virginia Top Foreclosure Rates By County – November 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

37,397

34,333

74,100

22,440

56,124

224,394

579

n/a

n/a

Virginia

0

0

1,840

0

663

2,503

1,331

0.44

n/a

 

 

 

 

 

 

 

 

 

 

Warren

0

0

26

0

9

35

448

1.29

2.97

Prince William

0

0

134

0

115

249

553

1.05

2.41

Culpeper

0

0

28

0

4

32

608

0.95

2.19

Orange

0

0

14

0

9

23

636

0.91

2.09

Fluvanna

0

0

15

0

1

16

658

0.88

2.02

 Virginia Top Foreclosure Totals by County – November 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 11

% Chg Nov 10

 

 

 

 

 

 

 

 

 

 

United States

37,397

34,333

74,100

22,440

56,124

224,394

579

-2.72

-14.46

Virginia

0

0

1,840

0

663

2,503

1,331

-32.17

-46.16

 

 

 

 

 

 

 

 

 

 

Fairfax

0

0

236

0

135

371

1,061

-16.06

-29.20

Prince William

0

0

134

0

115

249

553

-35.99

-49.08

Virginia Beach City

0

0

149

0

44

193

912

-19.58

9.04

Loudoun

0

0

85

0

58

143

741

-4.03

-34.10

Chesterfield

0

0

103

0

34

137

872

-47.31

-28.27

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