Virginia Foreclosure Activity Level Drops in April

Foreclosure activity decreases 19 percent in April; 49 percent down from April 2010

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 3,634 Virginia properties in April, down 19 percent from March and 49 percent below the level reported for April 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 916 Virginia housing units received a foreclosure filing in April, the nation’s 25th highest foreclosure rate. The state’s unemployment rate remained relatively low at 6.5 percent.

 

Wythe County top in foreclosure rate for April

Wythe County posted the highest foreclosure rate among all Virginia counties, with one in every 138 housing units receiving a foreclosure filing in April — 6.7 times the state average. Warren County posted the second highest foreclosure rate, where one in every 241 housing units received a foreclosure filing during the month — 3.8 times the state average. Caroline County came in third, with one in every 245 housing units receiving a foreclosure filing during the month — 3.7 times the state average.

 

Fairfax County led the state in foreclosure activity in April

Fairfax County led all counties, reporting 424 properties with foreclosure filings for the month. Prince William County was second highest, reporting 304 properties with foreclosure filings. Third highest in the state was Virginia Beach City County, where 273 properties with foreclosure filings were reported. Chesterfield County was fourth highest, tallying 223 properties with foreclosure filings. Norfolk City County came in fifth, reporting 170 properties with foreclosure filings.

 

State a minor contributor to nation’s foreclosure crisis in April

Virginia accounted for 2 percent of the 219,258 properties with foreclosure filings reported nationwide in April. Total U.S. activity decreased by nearly 9 percent from March, and was down 34 percent from the level reported in April 2010. One in every 593 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.

 

“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued. “Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure 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: 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 – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

n/a

n/a

Virginia

13

0

2,301

0

1,320

3,634

916

0.65

n/a

 

 

 

 

 

 

 

 

 

 

Wythe

0

0

0

0

100

100

138

4.31

6.66

Warren

0

0

35

0

30

65

241

2.46

3.80

Caroline

2

0

23

0

23

48

245

2.42

3.74

Spotsylvania

0

0

72

0

43

115

394

1.51

2.33

Manassas City

0

0

22

0

9

31

421

1.41

2.18

 

 

Virginia Top Foreclosure Totals by County – April 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 11

% Chg Apr 10

 

 

 

 

 

 

 

 

 

 

United States

31,684

31,738

65,898

20,406

69,532

219,258

593

-8.56

-34.32

Virginia

13

0

2,301

0

1,320

3,634

916

-19.05

-48.56

 

 

 

 

 

 

 

 

 

 

Fairfax

4

0

310

0

110

424

929

-28.01

-55.79

Prince William

3

0

203

0

98

304

453

-20.00

-61.62

Virginia Beach City

0

0

152

0

121

273

644

-26.42

-32.26

Chesterfield

0

0

138

0

85

223

536

-46.65

-14.89

Norfolk City

0

0

81

0

89

170

566

-16.26

-44.08

 

 

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