VIRGINIA FORECLOSURES INCREASE 22 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 412 Percent From a Year Ago

 

IRVINE, Calif. – June 15, 2007 – Virginia reported 1,770 foreclosure filings in May, a 22 percent increase from the previous month, and a 412 percent increase from May 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

Virginia foreclosures are up more than five times what they were this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show significant job losses in the apparel manufacturing and wireless telecommunications sectors. This may be contributing to the overall increase.”

 

Virginia ranked 21st in the country in total foreclosures reported for May. The state’s foreclosure rate of one foreclosure filing for every 1,631 households ranked it 25th among the 50 states.

 

Prince William County accounts for largest share of state total

Prince William County reported the highest foreclosure total for the month, reporting 586 foreclosure filings. Loudoun County documented the second highest foreclosure total, with 313 foreclosure filings, followed by Fairfax County with 186 foreclosure filings. Virginia Beach City held the fourth highest foreclosure total, with 101 foreclosure filings, followed by Manassas City with 86 foreclosure filings.

 

Manassas City posts highest foreclosure rate

Manassas City posted the highest foreclosure rate in Massachusetts for May, reporting one foreclosure filing for every 141 households — 11.6 times the state average and 4.7 times the national average. Prince William County reported the second highest foreclosure rate, with one foreclosure filing for every 168 households — 9.7 times the state average and 3.9 times the national average. Loudoun County posted the third highest foreclosure rate, with one filing for every 199 households — 8.2 times the state average and 3.3 times the national average. Stafford County reported the fourth highest foreclosure rate, with one foreclosure for every 393 households — 4.2 times the state average and 1.7 times the national average. Orange County posted the fifth highest foreclosure rate, with one filing for every 421 households — 3.9 times the state average and 1.6 times the national average.

 

State contributes 1 percent to national total

Total foreclosure filings in Virginia accounted for 1 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 657 U.S. households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

                      Virginia Foreclosure Market by County – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

Virginia

686

684

0

0

400

1,770

1,631

0.40

n/a

 

 

 

 

 

 

 

 

 

 

Accomack

0

0

0

0

0

0

n/a

0.00

0.00

Albemarle

0

1

0

0

0

1

33,720

0.02

0.05

Alexandria City

0

6

0

0

7

13

4,942

0.13

0.33

Alleghany

0

0

0

0

0

0

n/a

0.00

0.00

Amelia

0

0

0

0

0

0

n/a

0.00

0.00

Amherst

0

1

0

0

0

1

12,958

0.05

0.13

Appomattox

0

0

0

0

0

0

n/a

0.00

0.00

Arlington

23

7

0

0

5

35

2,584

0.25

0.63

Augusta

0

1

0

0

0

1

26,738

0.02

0.06

Bath

0

0

0

0

0

0

n/a

0.00

0.00

Bedford

0

0

0

0

0

0

n/a

0.00

0.00

Botetourt

0

0

0

0

0

0

n/a

0.00

0.00

Bristol

0

2

0

0

0

2

4,235

0.16

0.39

Brunswick

0

0

0

0

0

0

n/a

0.00

0.00

Buckingham

0

1

0

0

0

1

6,290

0.10

0.26

Campbell

0

1

0

0

0

1

22,088

0.44

1.10

Caroline

0

0

0

0

6

6

1,482

0.44

1.10

Carroll

0

1

0

0

0

1

14,680

0.04

0.11

Charlotte

0

0

0

0

0

0

n/a

0.00

0.00

Charlottesville City

0

2

0

0

0

2

8,796

0.07

0.19

Chesapeake City

2

14

0

0

11

27

2,692

0.24

0.61

Chesterfield

1

10

0

0

0

11

8,882

0.07

0.18

Clarke

0

1

0

0

0

1

5,388

0.12

0.30

Colonial Heights City

0

0

0

0

0

0

n/a

0.00

0.00

Craig

0

0

0

0

0

0

n/a

0.00

0.00

Culpeper

0

12

0

0

4

16

804

0.82

2.03

Danville City

6

3

0

0

7

16

1,444

0.45

1.13

Dinwiddie

0

0

0

0

0

0

n/a

0.00

0.00

Essex

0

0

0

0

0

0

n/a

0.00

0.00

Fairfax

5

176

0

0

5

186

1,932

0.34

0.84

Fairfax City

0

7

0

0

0

7

1,172

0.56

1.39

Falls Church City

1

0

0

0

0

1

4,725

0.14

0.35

Fauquier

0

7

0

0

6

13

1,619

0.41

1.01

Floyd

0

0

0

0

0

0

n/a

0.00

0.00

Fluvanna

0

0

0

0

0

0

n/a

0.00

0.00

Franklin

0

2

0

0

0

2

11,359

0.06

0.14

Franklin City

0

0

0

0

0

0

n/a

0.00

0.00

Frederick

23

0

0

0

9

32

729

0.90

2.24

Fredericksburg City

0

1

0

0

2

3

2,963

0.22

0.55

Galax City

0

1

0

0

0

1

3,217

0.20

0.51

Giles

0

1

0

0

0

1

7,732

0.08

0.21

Gloucester

0

0

0

0

0

0

n/a

0.00

0.00

Goochland

0

0

0

0

0

0

n/a

0.00

0.00

Grayson

0

0

0

0

0

0

n/a

0.00

0.00

Greene

0

0

0

0

0

0

n/a

0.00

0.00

Greensville

0

0

0

0

0

0

n/a

0.00

0.00

Halifax

0

2

0

0

0

2

8,477

0.08

0.19

Hampton City

0

1

0

0

2

3

19,104

0.03

0.09

Hanover

0

3

0

0

4

7

3,028

0.22

0.54

Harrisonburg City

0

0

0

0

0

0

n/a

0.00

0.00

Henrico

1

10

0

0

0

11

10,234

0.06

0.16

Henry

0

0

0

0

0

0

n/a

0.00

0.00

Hopewell City

0

0

0

0

0

0

n/a

0.00

0.00

Isle of Wight

0

0

0

0

0

0

n/a

0.00

0.00

James City

1

0

0

0

0

1

20,772

0.03

0.08

King and Queen

0

0

0

0

0

0

n/a

0.00

0.00

King George

2

0

0

0

0

2

3,410

0.19

0.48

King William

0

0

0

0

0

0

n/a

0.00

0.00

Lancaster

0

3

0

0

0

3

2,166

0.30

0.75

Loudoun

156

102

0

0

55

313

11,855

3.31

8.21

Louisa

0

1

0

0

0

1

11,855

0.06

0.14

Lunenburg

0

0

0

0

0

0

n/a

0.00

0.00

Lynchburg

0

3

0

0

0

3

9,213

0.07

0.18

Manassas City

48

16

0

0

22

86

141

4.66

11.58

Manassas Park City

0

2

0

0

0

2

1,683

0.39

0.97

Martinsville City

0

1

0

0

0

1

7,249

0.09

0.23

Mathews

0

0

0

0

0

0

n/a

0.00

0.00

Mecklenburg

0

0

0

0

0

0

n/a

0.00

0.00

Middlesex

0

0

0

0

0

0

n/a

0.00

0.00

Montgomery

0

1

0

0

0

1

32,527

0.02

0.05

Nelson

0

0

0

0

0

0

n/a

0.00

0.00

New Kent

1

0

0

0

0

1

5,203

0.13

0.31

Newport News City

0

1

0

0

0

1

n/a

0.00

0.00

Norfolk City

9

15

0

0

18

42

2,248

0.29

0.73

Northampton

0

1

0

0

0

1

6,547

0.10

0.25

Northumberland

0

0

0

0

0

0

n/a

0.00

0.00

Nottoway

0

0

0

0

0

0

n/a

0.00

0.00

Orange

14

10

0

0

3

27

421

1.56

3.88

Page

0

0

0

0

0

0

n/a

0.00

0.00

Patrick

0

0

0

0

0

0

n/a

0.00

0.00

Petersburg City

0

2

0

0

0

2

7,978

0.08

0.20

Pittsylvania

0

1

0

0

1

2

14,006

0.05

0.12

Poquoson City

0

0

0

0

0

0

n/a

0.00

0.00

Portsmouth City

2

7

0

0

3

12

3,467

0.19

0.47

Powhatan

0

2

0

0

0

2

3,755

0.17

0.43

Prince Edward

0

3

0

0

0

3

2,509

0.26

0.65

Prince George

0

0

0

0

0

0

n/a

0.00

0.00

Prince William

294

118

0

0

174

586

168

3.91

9.70

Pulaski

0

1

0

0

0

1

16,325

0.04

0.10

Radford

0

0

0

0

0

0

n/a

0.00

0.00

Rappahannock

0

0

0

0

0

0

n/a

0.00

0.00

Richmond

0

0

0

0

0

0

n/a

0.00

0.00

Richmond City

1

5

0

0

1

7

13,183

0.05

0.12

Roanoke

0

2

0

0

0

2

18,061

0.04

0.09

Roanoke City

0

2

0

0

0

2

22,629

0.03

0.07

Rockingham

0

0

0

0

0

0

n/a

0.00

0.00

Russell

0

0

0

0

0

0

n/a

0.00

0.00

Salem

0

0

0

0

0

0

n/a

0.00

0.00

Scott

0

0

0

0

0

0

n/a

0.00

0.00

Shenandoah

0

2

0

0

0

2

8,355

0.08

0.20

Smyth

0

1

0

0

0

1

15,111

0.04

0.11

Spotsylvania

0

44

0

0

18

62

538

1.22

3.03

Stafford

31

30

0

0

19

80

393

1.67

4.15

Staunton City

0

1

0

0

0

1

10,427

0.06

0.16

Suffolk City

0

9

0

0

2

11

2,246

0.29

0.73

Surry

0

0

0

0

0

0

n/a

0.00

0.00

Sussex

0

0

0

0

0

0

n/a

0.00

0.00

Tazewell

0

1

0

0

0

1

20,390

0.03

0.08

Virginia Beach City

65

21

0

0

15

101

1,607

0.41

1.02

Warren

0

0

0

0

0

0

n/a

0.00

0.00

Washington

0

2

0

0

0

2

11,493

0.06

0.14

Waynesboro City

0

0

0

0

0

0

n/a

0.00

0.00

Westmoreland

0

0

0

0

0

0

n/a

0.00

0.00

Winchester City

0

0

0

0

1

1

10,587

0.06

0.15

York

0

0

0

0

0

0

n/a

0.00

0.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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