Virginia Foreclosure Activity Rises in October

Statewide filings up 4 percent  from September

Foreclosure filings — default  notices, scheduled auctions and bank repossessions — were reported on 3,690 Virginia properties in  October, a 4 percent increase from September, but still 36 percent below the  level reported for October 2010, according  to the latest RealtyTrac® U.S. Foreclosure Market Report.

Virginia had the 23rd highest foreclosure  rate in the nation, reporting one in every 903 housing units with a foreclosure  filing in October.

Colonial Heights City posts top foreclosure rate in  the state for October
  One in every 226 housing units in Colonia Heights  City had a foreclosure filing in October  — 2.5 times the national average and four times the state average — the highest  foreclosure rate of all Virginia  counties for the month. Caroline County had the second highest rate of one in  every 280 housing units with a foreclosure filing during the month — two times  the national average and 3.2 times the state average. Prince William County had  the third highest rate of one in every 354 housing units with a foreclosure filing  during the month — 1.6 times the national average and 2.6 times the the state  average.

Fairfax County has state’s highest foreclosure  total in October
  Fairfax County tallied the highest level of foreclosure activity  in the state, reporting 442 properties with foreclosure filings for the month. Prince  William County was second highest, reporting 389 properties with foreclosure  filings. Chesterfield County was third, reporting 260 properties with  foreclosure filings. Fourth highest was Virginia Beach City, recording 240  properties with foreclosure filings. Henrico County was fifth highest, tallying  170 properties with foreclosure filings for the month.

State a moderate contributor to total foreclosure  activity in October
  Virginia accounted for 2 percent of the 230,678  properties with foreclosure filings reported nationwide in October. Total U.S. activity  increased by more than 7 percent from September, but was down nearly 31 percent  from the level reported in October 2010. One in every 563 U.S. housing units received  a foreclosure filing during the month.

“The October foreclosure numbers continue to show strong signs that  foreclosure activity is coming out of the rain delay we’ve been in for the past  year as lenders corrected foreclosure paperwork and processing problems,” said  James Saccacio, chief executive officer of RealtyTrac. “However, recent state  court rulings and new state laws keep changing the rules of the foreclosure  game on the fly, creating more uncertainty in the housing market and threatening  to prolong the road to a robust real estate recovery.”

Virginia Top Foreclosure Rates By County – October 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

n/a

n/a

Virginia

17

0

2,210

0

1,463

3,690

903

0.62

n/a

 

 

 

 

 

 

 

 

 

 

Colonial Heights City

0

0

10

0

24

34

226

2.49

3.99

Caroline

0

0

19

0

23

42

280

2.01

3.22

Prince William

3

0

217

0

169

389

354

1.59

2.55

Culpeper

0

0

26

0

27

53

367

1.53

2.46

Louisa

0

0

19

0

22

41

390

1.44

2.31

 Virginia Top Foreclosure Totals by County – October 2011

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sep 11

% Chg Oct 10

 

 

 

 

 

 

 

 

 

 

United States

38,451

39,282

59,380

25,941

67,624

230,678

563

7.36

-30.55

Virginia

17

0

2,210

0

1,463

3,690

903

3.83

-35.58

 

 

 

 

 

 

 

 

 

 

Fairfax

7

0

286

0

149

442

891

9.41

-17.54

Prince William

3

0

217

0

169

389

354

17.52

-5.12

Chesterfield

0

0

122

0

138

260

460

25.00

-37.50

Virginia Beach City

0

0

139

0

101

240

733

21.83

-43.93

Henrico

0

0

116

0

54

170

749

24.09

-54.67

 

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