September Foreclosure Activity Drops Sharply In Fairfax

photoNational data shows U.S. foreclosure activity was down significantly in September and that trend was reflected in both Virginia and Fairfax County.

Statewide in September, 3,554 homes received foreclosure notices, a huge drop from 4,269 in August and a rate of one in every 937. In Fairfax County there were 404 foreclosure notices, down from 519 in August and a rate of one in every 960 housing units, an improvement over August’s one in every 760 units.

The data, compiled by RealtyTrac, an online marketplace for foreclosed properties, found the largest number of Fairfax foreclosures occurred in Alexandria, which recorded 81. Falls Church and Centreville each had 41, with Fairfax and Springfield both counting 31. Annandale had 30 foreclosure actions, Herndon had 28, Burke 25, Lorton 19 and Reston 18.

At the other end of the scale, Clinton had only three foreclosure actions during the month, Fairfax Station had four and McLean had eight.

Fairfax County’s foreclosure rate of one in every 975 homes compares favorably with neighboring Prince Williams’ one in every 416 and Loudoun’s one in every 561.

Arlington was one of the Commonwealth’s most stable counties during the month. It’s 32 foreclosure actions created a rate of one in every 3,244 properties.

The national trend shows most foreclosures remain in a small number of states, with other states showing a marked improvement. The question, however, is whether this trend is long term or short term.

“While foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up,” said James Saccacio, CEO of RealtyTrac.