VIRGINIA FORECLOSURE ACTIVITY DECREASES 11 PERCENT IN FIRST QUARTER

State Foreclosure Activity Up 12 Percent From Q1 2008; Foreclosure Rate Ranks No. 13

Monthly Activity Up 19 percent in March, Up 17 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 14,725 Virginia properties in the first quarter of 2009, an 11 percent decrease from the previous quarter, but still 12 percent ahead of the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 222 Virginia housing units received a foreclosure filing during the quarter, the 13th highest state foreclosure rate in the nation.

 

The Old Dominion State reported 5,755 properties with foreclosure filings in March, a 20 percent increase from the previous month and 17 percent above its March 2008 total.

 

“Although Virginia foreclosures decreased during the first quarter, the numbers are still well above where they were this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Virginia first appeared in the nation’s top ten last November and has been there every month since. Although the state’s unemployment rate remains below the national average, it still lost nearly 90,000 jobs during the past year. A large number of sub-prime mortgages combined with the economic downturn are likely to blame for the overall rise.”

 

Virginia documented the 10th highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 222 housing units received a foreclosure filing during the quarter — came in 13th among the 50 states.

 

Five counties largest contributors to state total for the quarter

Five Virginia counties accounted for 48 percent of the state’s overall foreclosure activity during the first quarter. Fairfax County came in first place, reporting 2,588 properties with foreclosure filings. Prince William County was second, reporting 2,231 properties with foreclosure filings for the quarter. Loudoun County was close behind in third, reporting 1,002 properties with foreclosure filings. Virginia Beach City registered the fourth highest total, documenting 696 properties with foreclosure filings. Chesterfield County posted the fifth highest total, where 557 properties with foreclosure filings were reported.

 

Manassas City scores highest rates in the state for first quarter

Manassas City’s foreclosure rate led the state, with one in every 51 housing units receiving a foreclosure filing — 4.4 times the state average and 3.1 times the national average. Prince William County came in second, with one in every 60 housing units receiving a foreclosure filing — 3.7 times the state average and 2.7 times the national average. Fairfax City registered the third highest rate, where one in every 75 housing units received a foreclosure filing during the month — three times the state average and 2.1 times the national average.

 

State the contributes 2 percent to nation’s foreclosure total for Q1 2009

Virginia accounted for 2 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter — broken out by type of filing at the county, state and national level. 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 filed against a property during the quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

 

                            Virginia Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%? from Q4 08

%? from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

Virginia

294

0

9,858

0

4,573

14,725

222

-10.73%

11.97%

 

 

 

 

 

 

 

 

 

 

Accomack

0

0

9

0

1

10

2,118

25.00%

400.00%

Albemarle

19

0

30

0

1

50

815

51.52%

614.29%

Alexandria City

1

0

135

0

83

219

321

4.29%

10.05%

Alleghany

0

0

4

0

0

4

2,012

300.00%

Amelia

0

0

21

0

0

21

255

425.00%

320.00%

Amherst

0

0

7

0

1

8

1,725

700.00%

100.00%

Appomattox

0

0

3

0

0

3

2,151

-57.14%

Arlington

26

0

161

0

52

239

423

3.46%

1.70%

Augusta

0

0

15

0

0

15

2,018

275.00%

150.00%

Bath

0

0

1

0

0

1

3,127

Bedford

0

0

24

0

1

25

1,241

733.33%

92.31%

Bedford city

0

0

9

0

0

9

307

350.00%

Bland

0

0

0

0

0

0

Botetourt

0

0

10

0

0

10

1,416

233.33%

42.86%

Bristol

0

0

5

0

2

7

1,265

40.00%

0.00%

Brunswick

0

0

2

0

0

2

3,936

100.00%

100.00%

Buchanan

0

0

2

0

0

2

6,052

100.00%

Buckingham

0

0

4

0

0

4

1,705

33.33%

100.00%

Buena Vista City

0

0

6

0

0

6

478

500.00%

500.00%

Campbell

0

0

12

0

0

12

2,003

300.00%

500.00%

Caroline

0

0

82

0

40

122

93

6.09%

32.61%

Carroll

0

0

2

0

0

2

7,923

0.00%

0.00%

Charles City

0

0

3

0

0

3

1,054

-50.00%

200.00%

Charlotte

0

0

3

0

0

3

2,077

50.00%

200.00%

Charlottesville City

5

0

17

0

1

23

815

43.75%

360.00%

Chesapeake City

1

0

315

0

107

423

194

-9.62%

246.72%

Chesterfield

0

0

448

0

109

557

209

42.46%

60.06%

Clarke

2

0

9

0

8

19

329

-36.67%

-13.64%

Colonial Heights City

0

0

39

0

2

41

187

78.26%

1266.67%

Covington City

0

0

9

0

0

9

358

800.00%

Craig

0

0

1

0

0

1

2,793

-50.00%

Culpeper

3

0

129

0

60

192

98

-2.54%

10.98%

Cumberland

0

0

13

0

0

13

344

160.00%

1200.00%

Danville City

0

0

68

0

29

97

240

36.62%

2.11%

Dickenson

0

0

0

0

0

0

Dinwiddie

0

0

19

0

1

20

547

185.71%

1900.00%

Emporia

0

0

5

0

0

5

526

400.00%

Essex

0

0

3

0

0

3

1,890

200.00%

Fairfax

62

0

1,676

0

850

2,588

152

-14.64%

-18.85%

Fairfax City

3

0

67

0

45

115

75

-23.33%

475.00%

Falls Church City

0

0

14

0

2

16

295

-42.86%

433.33%

Fauquier

4

0

109

0

75

188

138

13.94%

16.05%

Floyd

0

0

1

0

0

1

7,404

0.00%

0.00%

Fluvanna

0

0

12

0

1

13

792

44.44%

1200.00%

Franklin

0

0

11

0

3

14

1,863

250.00%

366.67%

Franklin City

0

0

8

0

0

8

502

0.00%

700.00%

Frederick

5

0

177

0

93

275

107

1.48%

43.98%

Fredericksburg City

0

0

29

0

9

38

260

-40.63%

11.76%

Galax City

0

0

2

0

1

3

1,095

-40.00%

Giles

0

0

6

0

0

6

1,359

200.00%

500.00%

Gloucester

0

0

33

0

1

34

476

-2.86%

466.67%

Goochland

0

0

26

0

1

27

315

350.00%

Grayson

0

0

5

0

1

6

1,613

500.00%

Greene

0

0

10

0

1

11

667

1000.00%

450.00%

Greensville

0

0

0

0

0

0

-100.00%

Halifax

0

0

7

0

0

7

2,496

75.00%

16.67%

Hampton City

0

0

163

0

67

230

260

-51.27%

219.44%

Hanover

2

0

79

0

18

99

379

-4.81%

80.00%

Harrisonburg City

2

0

16

0

11

29

532

-6.45%

625.00%

Henrico

3

0

286

0

85

374

337

-12.62%

14.02%

Henry

0

0

8

0

1

9

2,946

50.00%

200.00%

Highland

0

0

0

0

0

0

Hopewell City

0

0

18

0

0

18

567

38.46%

260.00%

Isle Of Wight

0

0

40

0

0

40

364

90.48%

185.71%

James City

5

0

61

0

21

87

322

17.57%

569.23%

King And Queen

0

0

3

0

0

3

1,102

-25.00%

200.00%

King George

0

0

33

0

14

47

193

14.63%

4.44%

King William

0

0

10

0

0

10

628

233.33%

400.00%

Lancaster

0

0

4

0

0

4

1,802

300.00%

300.00%

Lee

0

0

3

0

0

3

3,838

Lexington City

0

0

5

0

0

5

485

400.00%

Loudoun

23

0

642

0

337

1,002

101

-18.67%

-9.73%

Louisa

0

0

55

0

23

78

195

16.42%

1850.00%

Lunenburg

0

0

3

0

0

3

1,965

Lynchburg City

0

0

33

0

0

33

903

450.00%

153.85%

Madison

0

0

8

0

1

9

665

80.00%

200.00%

Manassas City

4

0

148

0

101

253

51

-30.30%

67.55%

Manassas Park City

0

0

0

0

0

0

-100.00%

Martinsville City

0

0

12

0

0

12

609

71.43%

1100.00%

Mathews

0

0

6

0

0

6

962

200.00%

Mecklenburg

0

0

5

0

0

5

3,726

0.00%

25.00%

Middlesex

0

0

1

0

0

1

7,142

-50.00%

Montgomery

0

0

20

0

0

20

1,803

300.00%

300.00%

Nelson

0

0

3

0

1

4

2,397

0.00%

New Kent

0

0

25

0

0

25

276

47.06%

1150.00%

Newport News City

1

0

192

0

83

276

284

-21.14%

268.00%

Norfolk City

13

0

270

0

164

447

214

-13.37%

66.79%

Northampton

0

0

6

0

1

7

1,067

40.00%

40.00%

Northumberland

0

0

4

0

1

5

1,855

400.00%

Norton City

0

0

0

0

0

0

Nottoway

0

0

16

0

0

16

425

100.00%

700.00%

Orange

0

0

92

0

41

133

107

13.68%

58.33%

Page

0

0

29

0

0

29

393

383.33%

262.50%

Patrick

0

0

4

0

0

4

2,599

100.00%

Petersburg City

0

0

67

0

5

72

221

118.18%

620.00%

Pittsylvania

0

0

32

0

1

33

901

-2.94%

371.43%

Poquoson City

0

0

1

0

0

1

4,684

-87.50%

0.00%

Portsmouth City

2

0

176

0

59

237

180

-39.39%

478.05%

Powhatan

0

0

30

0

0

30

323

76.47%

900.00%

Prince Edward

0

0

4

0

0

4

2,102

-50.00%

0.00%

Prince George

0

0

6

0

0

6

2,037

100.00%

100.00%

Prince William

68

0

1,279

0

884

2,231

60

-24.70%

-40.73%

Pulaski

0

0

11

0

0

11

1,559

175.00%

1000.00%

Radford

0

0

7

0

0

7

921

Rappahannock

0

0

4

0

5

9

415

-18.18%

-25.00%

Richmond

0

0

4

0

0

4

943

100.00%

100.00%

Richmond City

13

0

322

0

144

479

197

-40.42%

51.58%

Roanoke

0

0

37

0

51

88

448

486.67%

300.00%

Roanoke City

0

0

75

0

88

163

284

27.34%

608.70%

Rockbridge

0

0

7

0

0

7

1,554

600.00%

600.00%

Rockingham

2

0

35

0

8

45

698

12.50%

800.00%

Russell

0

0

3

0

0

3

4,573

200.00%

Salem

0

0

16

0

8

24

445

300.00%

700.00%

Scott

0

0

0

0

0

0

-100.00%

-100.00%

Shenandoah

0

0

65

0

3

68

287

33.33%

195.65%

Smyth

0

0

7

0

0

7

2,207

-12.50%

133.33%

Southampton

0

0

21

0

0

21

361

110.00%

Spotsylvania

3

0

322

0

209

534

84

-40.80%

17.11%

Stafford

10

0

341

0

176

527

81

13.58%

18.96%

Staunton City

0

0

11

0

0

11

1,017

1000.00%

22.22%

Suffolk City

0

0

192

0

93

285

113

70.66%

408.93%

Surry

0

0

4

0

0

4

932

-63.64%

Sussex

0

0

3

0

0

3

1,609

-70.00%

50.00%

Tazewell

0

0

2

0

0

2

10,482

-33.33%

100.00%

Virginia Beach City

11

0

477

0

208

696

251

17.97%

39.20%

Warren

1

0

71

0

46

118

130

-13.87%

19.19%

Washington

0

0

11

0

1

12

2,090

140.00%

140.00%

Waynesboro City

0

0

11

0

0

11

864

120.00%

1000.00%

Westmoreland

0

0

9

0

1

10

1,051

900.00%

Williamsburg City

0

0

1

0

0

1

4,608

Winchester City

0

0

41

0

30

71

163

-11.25%

36.54%

Wise

0

0

5

0

0

5

3,651

400.00%

Wythe

0

0

6

0

0

6

2,241

50.00%

500.00%

York

0

0

21

0

2

23

1,066

64.29%

109.09%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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