Virginia Foreclosures Down Slightly in 2010

Foreclosure filings fall 1 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 51,588 Virginia properties for 2010, down 1 percent from a year ago, but still 5 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 3,416 Virginia properties in December 2010, a 27 percent decrease from November and 26 percent below the level reported in December 2009. One in every 968 Virginia housing units received a foreclosure filing during the month.

 

“Virginia reported a slight decline in foreclosure activity between 2009 and 2010, though the annual number of filings remained higher than in pre-recession 2008,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even with a significant decrease in filings toward the end of the year and an unemployment rate well below many of its East Coast neighbors, Virginia was one of the harder-hit states in the nation in 2010 in terms of foreclosure.”

 

One in every 64 Virginia housing units received a foreclosure filing in 2010, the 19th highest state foreclosure rate in the nation for the year.

 

Caroline County posts state’s top foreclosure rate in 2010

Caroline County posted the highest foreclosure rate in Virginia in 2010, with one in every 27 housing units receiving a foreclosure filing — 2.4 times the state average. Manassas City came in second, with one in every 27 housing units receiving a foreclosure filing in 2010 — 2.4 times the state average. The third highest was Prince William County, where one in every 27 housing units received a foreclosure filings during the year — 2.4 times the state average.

 

Fairfax County led the state in foreclosure activity in 2010

Fairfax County led Virginia in foreclosure activity, reporting 7,055 properties with foreclosure filings. Next highest was Prince William County, where 5,028 properties with foreclosure filings were reported. Virginia Beach City was third highest, reporting 3,268 properties with foreclosure filings for the year. Loudon County came in fourth, tallying 2,644 properties with foreclosure filings. Fifth highest total for the year was in Chesterfield County, where 2,623 properties with foreclosure filings were reported.

 

State a moderate contributor to total foreclosure activity in 2010

Virginia accounted for 2 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Virginia

175

7

29,823

0

21,583

51,588

64

0.70

n/a

 

 

 

 

 

 

 

 

 

 

Caroline

0

0

175

0

261

436

27

1.69

2.41

Manassas City

2

0

295

0

190

487

27

1.68

2.40

Prince William

36

1

2,872

0

2,119

5,028

27

1.66

2.37

Fairfax City

2

0

191

0

109

302

29

1.57

2.24

Warren

0

0

251

0

280

531

29

1.53

2.18

 

 

Virginia Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

Virginia

175

7

29,823

0

21,583

51,588

64

-1.03

5.26

 

 

 

 

 

 

 

 

 

 

Fairfax

67

3

4,340

0

2,645

7,055

56

-28.05

-40.88

Prince William

36

1

2,872

0

2,119

5,028

27

-33.60

-50.65

Virginia Beach City

0

0

2,112

0

1,156

3,268

54

32.47

69.15

Loudoun

0

0

1,622

0

1,022

2,644

39

-27.20

-30.48

Chesterfield

0

0

1,527

0

1,096

2,623

45

33.55

84.98

 

 

 

Virginia Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Virginia

30

0

1,974

0

1,412

3,416

968

0.52

n/a

 

 

 

 

 

 

 

 

 

 

Caroline

0

0

12

0

27

39

298

1.68

3.25

Orange

0

0

22

0

19

41

355

1.41

2.73

Fairfax City

1

0

13

0

8

22

393

1.27

2.46

Prince William

6

0

179

0

134

319

427

1.17

2.27

Stafford

2

0

57

0

38

97

447

1.12

2.17

 

 

Virginia Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Virginia

30

0

1,974

0

1,412

3,416

968

-26.52

-25.64

 

 

 

 

 

 

 

 

 

 

Fairfax

11

0

260

0

167

438

898

-16.41

-33.94

Prince William

6

0

179

0

134

319

427

-34.76

-45.84

Virginia Beach City

0

0

155

0

82

237

741

33.90

-25.00

Henrico

0

0

106

0

74

180

705

-13.46

16.13

Chesapeake City

6

0

56

0

89

151

548

-17.93

-38.11

 

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