Virginia Foreclosure Activity Falls in October

Foreclosure filings down 4 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 5,728 Virginia properties during in October, a 4 percent decrease from the previous month, but still up 4 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Virginia foreclosure activity fell slightly in October, though it remained above the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state continued on its slow-but-steady downward trend which started earlier this year, recently falling to 6.8 percent and helping to keep foreclosure filings at bay.”

 

One in every 577 Virginia housing units received a foreclosure filing in October, the 18th highest foreclosure rate in the nation.

 

Caroline County posts state’s top foreclosure rate for October

Caroline County posted the highest county foreclosure rate in Virginia for the month, with one in every 184 housing units receiving a foreclosure filing during October — 3.1 times the state average. Winchester City registered the second highest foreclosure rate, with one in every 248 housing units receiving a foreclosure filing during the month — 2.3 times the state average. Culpeper County was third highest, with one in every 256 housing units receiving a foreclosure filing — 2.3 times the state average.

 

Fairfax County led the state in foreclosure activity in October

Fairfax County had the top foreclosure total, reporting 536 properties with foreclosure filings for the month. Virginia Beach City tallied the second highest foreclosure level, reporting 428 properties with foreclosure filings. Third highest total was in Chesterfield County, where 416 properties with foreclosure filings were reported. Fourth highest was Prince William County, where 410 properties with foreclosure filings were reported. Henrico County was in fifth, tallying 375 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

Virginia accounted for 2 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Virginia

8

1

3,939

0

1,780

5,728

577

0.67

n/a

 

 

 

 

 

 

 

 

 

 

Caroline

0

0

31

0

32

63

184

2.11

3.13

Winchester City

0

0

23

0

24

47

248

1.57

2.33

Culpeper

0

0

39

0

37

76

256

1.52

2.26

Warren

0

0

29

0

32

61

256

1.52

2.26

Portsmouth City

0

0

94

0

71

165

261

1.49

2.21

 

 

Virginia Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Virginia

8

1

3,939

0

1,780

5,728

577

-3.71

4.45

 

 

 

 

 

 

 

 

 

 

Fairfax

3

1

382

0

150

536

734

-33.58

-35.89

Virginia Beach City

0

0

345

0

83

428

410

15.36

65.89

Chesterfield

0

0

296

0

120

416

284

1.46

69.11

Prince William

2

0

298

0

110

410

332

-29.07

-38.62

Henrico

0

0

297

0

78

375

339

100.53

82.93

 

 

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