Virginia Foreclosure Activity Falls in August

Statewide  filings down 1 percent from July

Foreclosure  filings — default notices, scheduled auctions and bank repossessions — fell in  Virginia, where 4,269 properties were reported in August, a 1 percent decrease  from July and 21 percent below the level reported for August 2010, according to the latest RealtyTrac®  U.S. Foreclosure Market Report.

Virginia had  the 19th highest foreclosure rate in the country with one in every 780  housing units with a foreclosure filing in August.

Manassas City posts top foreclosure rate in the  state for August
  One in every 242 housing  units in Manassas City received a foreclosure filing in August — 2.4 times the  national average and 3.2 times the state average — the highest foreclosure rate  of all Virginia counties for the month. Orange and Stafford counties had the second  highest rate of one in every 311 housing units with a foreclosure filing during  the month — 1.8 times the national average and 2.5 times the state average. Warren  County had the fourth highest rate of one in every 320 housing units with a  foreclosure filing during the month — 1.8 times the national average and 2.4  times the state average.

Fairfax County has top foreclosure total in August
  Fairfax County led all  counties in total foreclosure activity, reporting 518 properties with  foreclosure filings for the month. Prince William County was second highest, reporting  392 properties with foreclosure filings. Chesterfield County was third,  reporting 298 properties with foreclosure filings. Fourth highest was Virginia  Beach City, recording 272 properties with foreclosure filings. Loudon County  was fifth tallying 229 properties with a foreclosure filing.

State a moderate contributor to total foreclosure  activity in August
  Virginia accounted for 2 percent  of the 228,098 properties with foreclosure filings reported nationwide in August.  Total U.S. activity increased by more than 7 percent from July, but was down nearly  33 percent from the level reported in August 2010. One in every 570 U.S. housing  units received a foreclosure filing during the month.

“The big increase in new foreclosure actions may be  a signal that lenders are starting to push through some of the foreclosures  delayed by robo-signing and other documentation problems,” said James Saccacio,  chief executive officer of RealtyTrac. “It also foreshadows more bank  repossessions in the coming months as these new foreclosures make their way  through the process.”

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: DefaultNotice  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 – August 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

n/a

n/a

Virginia

12

0

2,620

0

1,637

4,269

780

0.73

n/a

 

 

 

 

 

 

 

 

 

 

Manassas City

2

0

37

0

15

54

242

2.36

3.23

Orange

2

0

31

0

14

47

311

1.83

2.51

Stafford

1

0

88

0

51

140

311

1.83

2.51

Warren

0

0

29

0

20

49

320

1.78

2.44

Spotsylvania

0

0

88

0

53

141

321

1.78

2.43

 

 

Virginia Top Foreclosure Totals by County – August 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 11

% Chg Aug 10

 

 

 

 

 

 

 

 

 

 

United States

40,765

38,115

63,347

21,058

64,813

228,098

570

7.21

-32.68

Virginia

12

0

2,620

0

1,637

4,269

780

-1.16

-21.47

 

 

 

 

 

 

 

 

 

 

Fairfax

2

0

321

0

195

518

760

-5.82

-33.84

Prince William

5

0

234

0

153

392

351

3.98

-17.47

Chesterfield

0

0

152

0

146

298

401

4.56

-3.87

Virginia Beach City

0

0

170

0

102

272

647

6.25

-1.09

Loudoun

0

0

111

0

118

229

463

32.37

-8.76

 

 

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