Virginia Foreclosures Fall in November

Foreclosure filings down 19 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,649 Virginia properties in November, down 19 percent from the previous month but a one percent rise from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

Virginia foreclosures were down in November,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which fell 29 percent for the month. The state’s unemployment rate is currently 3 percent below the national average, and its home values and sales did not decline as far as most states during the past year. These factors are definitely contributing to the recent decline.”

Virginia ranked 13th in the nation in total foreclosures reported for the month. Its foreclosure rate of one in every 711 housing units receiving a foreclosure filing during the month, ranked it 18th among the 50 states.

Frederick County achieves top foreclosure rate honors in November

Frederick County posted the highest foreclosure rate in Virginia for November, with one in every 238 housing units receiving a foreclosure filing — 2.1 times the national average and three times the state average. Prince William County reported the second highest foreclosure rate, with one in every 278 housing units receiving a foreclosure filing for the month — 1.8 times the national average and 2.6 times the state average. Fairfax City County came in third, with one in every 279 housing units receiving a foreclosure filing — 1.8 times the national average and 2.6 times the state average.

 

Fairfax County dominates state foreclosure activity in November

Foreclosure activity was heaviest in Fairfax County, which reported 524 properties with foreclosure filings for the month. Prince William County tallied the second highest foreclosure level, reporting 489 properties with foreclosure filings. Third highest total was in Norfolk City, where 253 properties with foreclosure filings were reported. Fourth highest was Loudoun County, where 217 properties with foreclosure filings were reported. Henrico County filled out the top five for the month, reporting 208 properties with foreclosure filings.

 

State contributes 2 percent to nation’s foreclosure total

Virginia accounted for 2 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

Virginia

13

0

2,795

0

1,841

4,649

711

0.69

n/a

 

 

 

 

 

 

 

 

 

 

Frederick

0

0

96

0

29

125

238

2.06

2.98

Prince William

1

0

241

0

247

489

278

1.77

2.55

Fairfax City

0

0

17

0

14

31

279

1.76

2.55

Caroline

0

0

24

0

17

41

283

1.74

2.51

Spotsylvania

0

0

105

0

53

158

286

1.72

2.48

 

 

Virginia Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

Virginia

13

0

2,795

0

1,841

4,649

711

-18.84

1.29

 

 

 

 

 

 

 

 

 

 

Fairfax

4

0

258

0

262

524

751

-2.24

-30.78

Prince William

1

0

241

0

247

489

278

19.27

-20.75

Norfolk City

0

0

173

0

80

253

378

-10.28

134.26

Loudoun

0

0

129

0

88

217

480

-7.66

-18.11

Henrico

0

0

89

0

119

208

610

-44.53

26.83

 

 

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