VIRGINIA FORECLOSURE ACTIVITY DOWN 10 PERCENT IN FEBRUARY

 

Foreclosure Activity Increases 15 Percent From February 2008

 

IRVINE, Calif. – March 27, 2009 – Virginia reported 4,823 properties with foreclosure filings in February, a 10 percent decrease from the previous month, but still 15 percent above the level reported for February 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 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 decreased in February, though activity remained higher than the amount reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in Virginia recently hit a 17-year high, which will likely contribute to additional foreclosure activity in the coming months.”

 

Virginia ranked 10th in the country in total properties with foreclosure filings for February. One in every 679 Virginia housing units received a foreclosure filing during the month, the 15th highest state foreclosure rate in the nation.

 

Fairfax County leads state in foreclosure activity

Fairfax County led the state, reporting 820 properties with foreclosure filings for the month. Prince William County was second highest, reporting 633 properties with foreclosure filings. Third highest was Loudon County, reporting 320 properties with foreclosure filings. Virginia Beach City County was in fourth place, documenting 240 properties with foreclosure filings. Fifth highest total was tallied in Spotsylvania County, where 225 properties with foreclosure filings were reported.

 

Spotsylvania County posts top foreclosure rate

Spotsylvania County reported the highest county foreclosure rate in Virginia for February, with one in every 199 housing units receiving a foreclosure filing — 3.4 times the state average and 2.2 times the national average. Manassas City County came in second, with one in every 202 housing units receiving a foreclosure filing — 3.4 times the state average and 2.2 times the national average. Prince William County posted the third highest rate, where one in every 211 housing units received a foreclosure filing during the month — 3.2 times the state average and 2.1 times the national average.

 

State the tenth largest contributor to nation’s foreclosure total in February

Virginia accounted for 2 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 U.S. housing units received a foreclosure filing during the month.

 

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 month — 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 month — which is extremely rare — 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 Foreclosure Market Data by County – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Virginia

1

0

3,198

0

1,624

4,823

679

0.65

n/a

 

 

 

 

 

 

 

 

 

 

Accomack

0

0

0

0

1

1

21,184

0.02

0.03

Albemarle

0

0

2

0

2

4

10,192

0.04

0.07

Alexandria City

0

0

38

0

19

57

1,233

0.36

0.55

Alleghany

0

0

1

0

0

1

8,046

0.05

0.08

Amelia

0

0

4

0

2

6

892

0.49

0.76

Amherst

0

0

2

0

0

2

6,899

0.06

0.10

Appomattox

0

0

2

0

0

2

3,227

0.14

0.21

Arlington

0

0

41

0

20

61

1,658

0.27

0.41

Augusta

0

0

5

0

0

5

6,055

0.07

0.11

Bath

0

0

1

0

0

1

3,127

0.14

0.22

Bedford

0

0

9

0

4

13

2,387

0.18

0.28

Bedford City

0

0

2

0

0

2

1,383

0.32

0.49

Bland

0

0

0

0

0

0

 n/a

0.00

0.00

Botetourt

0

0

2

0

0

2

7,078

0.06

0.10

Bristol

0

0

4

0

0

4

2,214

0.20

0.31

Brunswick

0

0

0

0

1

1

7,871

0.06

0.09

Buchanan

0

0

0

0

0

0

 n/a

0.00

0.00

Buckingham

0

0

2

0

0

2

3,409

0.13

0.20

Buena Vista City

0

0

0

0

0

0

 n/a

0.00

0.00

Campbell

0

0

1

0

1

2

12,017

0.04

0.06

Caroline

0

0

30

0

12

42

271

1.62

2.51

Carroll

0

0

1

0

0

1

15,846

0.03

0.04

Charles City

0

0

1

0

1

2

1,581

0.28

0.43

Charlotte

0

0

0

0

1

1

6,230

0.07

0.11

Charlottesville City

0

0

5

0

0

5

3,751

0.12

0.18

Chesapeake City

0

0

101

0

34

135

608

0.72

1.12

Chesterfield

0

0

124

0

67

191

609

0.72

1.12

Clarke

0

0

4

0

5

9

695

0.63

0.98

Colonial Heights City

0

0

21

0

3

24

320

1.37

2.12

Covington City

0

0

7

0

0

7

461

0.96

1.47

Craig

0

0

0

0

0

0

 n/a

0.00

0.00

Culpeper

0

0

48

0

17

65

288

1.53

2.35

Cumberland

0

0

3

0

1

4

1,120

0.39

0.61

Danville City

0

0

17

0

9

26

895

0.49

0.76

Dickenson

0

0

0

0

0

0

 n/a

0.00

0.00

Dinwiddie

0

0

4

0

2

6

1,824

0.24

0.37

Emporia City

0

0

0

0

0

0

 n/a

0.00

0.00

Essex

0

0

1

0

1

2

2,835

0.16

0.24

Fairfax

0

0

569

0

251

820

478

0.92

1.42

Fairfax City

0

0

21

0

17

38

227

1.94

2.99

Falls Church City

0

0

3

0

2

5

943

0.47

0.72

Fauquier

0

0

52

0

27

79

327

1.34

2.07

Floyd

0

0

0

0

0

0

 n/a

0.00

0.00

Fluvanna

0

0

2

0

0

2

5,148

0.09

0.13

Franklin

0

0

3

0

4

7

3,727

0.12

0.18

Franklin City

0

0

4

0

0

4

1,004

0.44

0.68

Frederick

0

0

63

0

28

91

322

1.37

2.11

Fredericksburg City

0

0

16

0

5

21

470

0.94

1.44

Galax City

0

0

1

0

0

1

3,286

0.13

0.21

Giles

0

0

1

0

0

1

8,154

0.05

0.08

Gloucester

0

0

8

0

1

9

1,798

0.24

0.38

Goochland

0

0

7

0

0

7

1,216

0.36

0.56

Grayson

0

0

1

0

2

3

3,227

0.14

0.21

Greene

0

0

2

0

0

2

3,671

0.12

0.18

Greensville

0

0

0

0

0

0

 n/a

0.00

0.00

Halifax

0

0

3

0

0

3

5,825

0.08

0.12

Hampton City

0

0

45

0

27

72

831

0.53

0.82

Hanover

0

0

25

0

9

34

1,102

0.40

0.62

Harrisonburg City

0

0

4

0

6

10

1,542

0.29

0.44

Henrico

0

0

83

0

24

107

1,177

0.37

0.58

Henry

0

0

3

0

0

3

8,839

0.05

0.08

Highland

0

0

0

0

0

0

 n/a

0.00

0.00

Hopewell City

0

0

5

0

1

6

1,701

0.26

0.40

Isle Of Wight

0

0

8

0

1

9

1,617

0.27

0.42

James City

0

0

15

0

7

22

1,273

0.35

0.53

King And Queen

0

0

1

0

0

1

3,306

0.13

0.21

King George

0

0

6

0

5

11

825

0.53

0.82

King William

0

0

4

0

0

4

1,571

0.28

0.43

Lancaster

0

0

0

0

0

0

 n/a

0.00

0.00

Lee

0

0

1

0

0

1

11,513

0.04

0.06

Lexington City

0

0

0

0

0

0

 n/a

0.00

0.00

Loudoun

0

0

239

0

81

320

317

1.39

2.14

Louisa

0

0

14

0

18

32

476

0.92

1.43

Lunenburg

0

0

1

0

0

1

5,894

0.07

0.12

Lynchburg City

0

0

7

0

1

8

3,723

0.12

0.18

Madison

0

0

2

0

0

2

2,992

0.15

0.23

Manassas City

0

0

33

0

31

64

202

2.18

3.36

Manassas Park City

0

0

0

0

0

0

 n/a

0.00

0.00

Martinsville City

0

0

7

0

0

7

1,044

0.42

0.65

Mathews

0

0

1

0

1

2

2,886

0.15

0.24

Mecklenburg

0

0

2

0

0

2

9,314

0.05

0.07

Middlesex

0

0

0

0

0

0

 n/a

0.00

0.00

Montgomery

0

0

7

0

0

7

5,152

0.09

0.13

Nelson

0

0

0

0

0

0

 n/a

0.00

0.00

New Kent

0

0

9

0

0

9

766

0.57

0.89

Newport News City

0

0

69

0

37

106

739

0.60

0.92

Norfolk City

0

0

79

0

29

108

884

0.50

0.77

Northampton

0

0

3

0

1

4

1,867

0.24

0.36

Northumberland

0

0

1

0

2

3

3,091

0.14

0.22

Norton City

0

0

0

0

0

0

 n/a

0.00

0.00

Nottoway

0

0

3

0

1

4

1,698

0.26

0.40

Orange

0

0

35

0

18

53

269

1.64

2.52

Page

0

0

18

0

2

20

570

0.77

1.19

Patrick

0

0

2

0

0

2

5,199

0.08

0.13

Petersburg City

0

0

14

0

8

22

723

0.61

0.94

Pittsylvania

0

0

15

0

0

15

1,982

0.22

0.34

Poquoson City

0

0

1

0

0

1

4,684

0.09

0.14

Portsmouth City

0

0

55

0

26

81

528

0.83

1.29

Powhatan

0

0

11

0

1

12

807

0.55

0.84

Prince Edward

0

0

2

0

0

2

4,205

0.10

0.16

Prince George

0

0

2

0

0

2

6,110

0.07

0.11

Prince William

1

0

400

0

232

633

211

2.08

3.21

Pulaski

0

0

1

0

1

2

8,574

0.05

0.08

Radford

0

0

1

0

0

1

6,447

0.07

0.11

Rappahannock

0

0

0

0

1

1

3,735

0.12

0.18

Richmond

0

0

2

0

0

2

1,885

0.23

0.36

Richmond City

0

0

113

0

57

170

554

0.79

1.22

Roanoke

0

0

10

0

17

27

1,460

0.30

0.46

Roanoke City

0

0

17

0

74

91

509

0.86

1.33

Rockbridge

0

0

1

0

1

2

5,438

0.08

0.12

Rockingham

0

0

8

0

4

12

2,619

0.17

0.26

Russell

0

0

2

0

0

2

6,859

0.06

0.10

Salem

0

0

3

0

8

11

972

0.45

0.70

Scott

0

0

0

0

0

0

 n/a

0.00

0.00

Shenandoah

0

0

18

0

3

21

930

0.47

0.73

Smyth

0

0

2

0

1

3

5,150

0.09

0.13

Southampton

0

0

3

0

1

4

1,897

0.23

0.36

Spotsylvania

0

0

131

0

94

225

199

2.21

3.42

Stafford

0

0

120

0

73

193

221

1.99

3.08

Staunton City

0

0

3

0

0

3

3,730

0.12

0.18

Suffolk City

0

0

64

0

58

122

265

1.66

2.56

Surry

0

0

1

0

1

2

1,864

0.24

0.36

Sussex

0

0

0

0

0

0

 n/a

0.00

0.00

Tazewell

0

0

0

0

0

0

 n/a

0.00

0.00

Virginia Beach City

0

0

162

0

78

240

728

0.60

0.93

Warren

0

0

25

0

21

46

335

1.32

2.03

Washington

0

0

5

0

3

8

3,136

0.14

0.22

Waynesboro City

0

0

2

0

2

4

2,376

0.19

0.29

Westmoreland

0

0

1

0

3

4

2,627

0.17

0.26

Williamsburg City

0

0

0

0

0

0

 n/a

0.00

0.00

Winchester City

0

0

21

0

12

33

351

1.25

1.93

Wise

0

0

1

0

0

1

18,253

0.02

0.04

Wythe

0

0

2

0

1

3

4,482

0.10

0.15

York

0

0

8

0

1

9

2,724

0.16

0.25

 

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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