Virginia Foreclosure Activity Rises in August

Filings increase 7 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 5,436 Virginia properties in August, a 7 percent increase from the previous month but a 9 percent decrease from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

“Virginia foreclosure activity jumped up in August, though it remained below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state remained flat at 7 percent, well below the national average, but still higher than this time last year.”

 

The state reported the 20th highest state foreclosure rate, as one in every 608 Virginia housing units received a foreclosure filing during the month.

 

Bedford City leads the state in foreclosure rate for August

Bedford City, where one in every 111 housing units received a foreclosure filing during the month, posted the top foreclosure rate in the state. One in every 143 housing units received a foreclosure filing in Clarke County, for the second highest rate in the state. Coming in third was Warren County, where one in every 220 housing units received a foreclosure filing in August. Fourth highest was Orange County, where one in every 220 housing units received a foreclosure filing. Caroline County came in fifth, with one in every 220 housing units receiving a foreclosure filing during the month.

 

Fairfax County posts top foreclosure total for August

Fairfax County led Virginia in total foreclosure activity for August, reporting 783 properties with foreclosure filings. Prince William County documented the second highest foreclosure activity, where 475 properties with foreclosure filings were reported. Chesterfield County came in third, tallying 310 properties with foreclosure filings. Fourth highest was Virginia Beach City, where 275 properties with foreclosure filings were reported. Loudon County came in fifth, reporting 251 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

Virginia accounted for 2 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Virginia

19

0

3,587

0

1,830

5,436

608

0.63

n/a

 

 

 

 

 

 

 

 

 

 

Bedford City

0

0

6

0

19

25

111

3.44

5.49

Clarke

0

0

42

0

2

44

143

2.66

4.25

Warren

0

0

45

0

26

71

220

1.73

2.77

Orange

0

0

33

0

33

66

220

1.73

2.76

Caroline

0

0

41

0

9

50

232

1.64

2.62

 

 

Virginia Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Virginia

19

0

3,587

0

1,830

5,436

608

7.18

-9.01

 

 

 

 

 

 

 

 

 

 

Fairfax

8

0

558

0

217

783

502

13.97

-34.97

Prince William

2

0

363

0

110

475

287

0.64

-45.59

Chesterfield

0

0

139

0

171

310

381

9.15

46.92

Virginia Beach City

0

0

183

0

92

275

638

-6.78

-3.51

Loudoun

0

0

200

0

51

251

415

-2.33

-51.82

 

 

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