Virginia Foreclosure Activity Level Increases in May

Statewide foreclosure filings up 20 percent in May; down 30 percent from one year ago

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,349 Virginia properties in May, up 20 percent from April, but still 30 percent below the level reported for May 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 766 Virginia housing units received a foreclosure filing in May, the nation’s 17th highest foreclosure rate. Meanwhile, the state’s economy continued to improve with unemployment falling well below the national average.

 

Fairfax City County posts top foreclosure rate for May

Fairfax City County posted the highest foreclosure rate of all Virginia counties in May, with one in every 247 housing units receiving a foreclosure filing — 3.1 times the state average. Caroline County reported the second highest foreclosure rate, where one in every 274 housing units received a foreclosure filing during the month — 2.8 times the state average. Prince William County came in third, with one in every 293 housing units receiving a foreclosure filing during the month — 2.6 times the state average.

 

Fairfax County led the state in foreclosure activity in May

Fairfax County led all counties, reporting 532 properties with foreclosure filings for the month. Prince William County was second highest, reporting 469 properties with foreclosure filings. Third highest in the state was Virginia Beach City, where 325 properties with foreclosure filings were reported. Chesapeake City was fourth highest, tallying 207 properties with foreclosure filings. Fifth highest was Loudoun County, where 206 properties with foreclosure filings were reported for the month.

 

State a moderate contributor to nation’s foreclosure crisis in May

Virginia accounted for 2 percent of the 214,927 properties with foreclosure filings reported nationwide in May. Total U.S. activity decreased by nearly 2 percent from April, and was down 33 percent from the level reported in May 2010. One in every 605 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure processing delays continue to mask the true face of the foreclosure situation, although there were some clues in the May numbers of what lies behind that mask,” said James J. Saccacio, chief executive officer of RealtyTrac. “First, activity spiked in May for various stages of the foreclosure process in some states, a pattern that has occurred in several states over the past few months. This pattern provides evidence that lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures and as they determine that some local markets are able to absorb more foreclosure inventory.

 

“Second, while the inventory of properties in the foreclosure process has declined steadily over the past six months — thanks in large part to 16 consecutive months of year-over-year declines in new default notices — the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months,” Saccacio continued. “That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory. Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each 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 – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

n/a

n/a

Virginia

16

0

2,537

0

1,796

4,349

766

0.79

n/a

 

 

 

 

 

 

 

 

 

 

Fairfax City

0

0

26

0

9

35

247

2.45

3.10

Caroline

0

0

17

0

26

43

274

2.21

2.80

Prince William

4

0

201

0

264

469

293

2.06

2.61

Manassas City

0

0

29

0

13

42

311

1.95

2.46

Spotsylvania

0

0

81

0

50

131

345

1.75

2.22

 

 

Virginia Top Foreclosure Totals by County – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 11

% Chg May 10

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

-1.98

-33.44

Virginia

16

0

2,537

0

1,796

4,349

766

19.68

-30.33

 

 

 

 

 

 

 

 

 

 

Fairfax

5

0

273

0

254

532

740

25.47

-44.93

Prince William

4

0

201

0

264

469

293

54.28

-11.34

Virginia Beach City

0

0

180

0

145

325

541

19.05

-20.54

Chesapeake City

2

0

141

0

64

207

402

33.55

-14.11

Loudoun

0

0

106

0

100

206

515

34.64

-31.56

 

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 © 2016 Renwood RealtyTrac LLC - All rights reserved