VIRGINIA FORECLOSURE ACTIVITY DOWN 13 PERCENT IN NOVEMBER

Filings Statewide Increase 121 Percent From November 2007

 

IRVINE, Calif. – Dec. 29, 2008 – Virginia broke into the nation’s top 10 in November despite a 13 decrease in foreclosure activity from the previous month to 5,694 properties with foreclosure filings, 121 percent ahead of the level reported in November 2007, 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.

 

“This demonstrates the craziness of the economic environment we’re in that foreclosure activity in Virginia declined in November but placed the state in the nation’s top 10 for the first time this year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Home sales were up statewide during the third quarter, indicating that the foreclosure inventory is finally beginning to move at drastically reduced prices. Although the state’s unemployment rate has risen during the past year, it still remains 2 percent below the national average and is expected to improve early next year.”

 

Foreclosure activity in the Old Dominion State was 10th highest in the nation for November, and was far below the level set by national leader California which reported 60,491 properties with foreclosure filings in November. Virginia was also well behind second place Florida, which reported 49,190 properties with foreclosure filings for the month. Michigan climbed from seventh to third highest for the month, documenting 14,594 properties with foreclosure filings. Nevada remained in fourth place, reporting 13,962 properties with foreclosure filings. Arizona fell from third to fifth highest, reporting 13,136 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in November were Ohio, Georgia, Illinois and Texas.

 

One in every 567 Virginia housing units received a foreclosure filing during the month, the 13th highest state foreclosure rate in the nation.

 

The Old Dominion State moved from 11th to 10th highest with 5,694 properties with foreclosure filings. Although the state is now in the top ten, its foreclosure numbers still rank far below that of the top two states California and Florida with 60,941 and 49,190 properties with foreclosure filings.

 

Five counties responsible for majority of state’s foreclosure activity in November

The state’s top five counties accounted for 54 percent of its foreclosure activity during November. Leading the way was Fairfax County, reporting 1,152 properties with foreclosure filings. Second highest was Prince William County, reporting 1,014 properties with foreclosure filings. Loudoun County was in third place, reporting 484 properties with foreclosure filings. Virginia Beach City came in fourth place, documenting 236 properties with foreclosure filings, followed by Spotsylvania County reporting 202 properties with foreclosure filings for the month.

 

Manassas Park City posts top foreclosure rate for November

With one in every 84 housing units receiving a foreclosure filing — 6.8 times the state average and 5.8 times the national average — Manassas Park City reported the highest foreclosure rate in the state for November. Second highest rate was reported in Fairfax City, where one in every 129 housing units received a foreclosure filing — 4.4 times the state average and 3.8 times the national average. Third highest rate was documented in Prince William County, where one in every 129 housing units received a foreclosure filing during the month — 4.4 times the state average and 3.8 times the national average.

 

State a significant contributor to nation’s foreclosure total in November

Virginia accounted for 2 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 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 – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

Virginia

1,287

0

2,606

0

1,801

5,694

567

0.86

n/a

 

 

 

 

 

 

 

 

 

Accomack

0

0

1

0

0

1

20,959

0.02

0.03

Albemarle

7

0

0

0

0

7

5,724

0.09

0.10

Alexandria City

30

0

32

0

32

94

743

0.66

0.76

Alleghany

0

0

0

0

0

0

 n/a

0.00

0.00

Amelia

0

0

1

0

0

1

5,227

0.09

0.11

Amherst

0

0

0

0

0

0

 n/a

0.00

0.00

Appomattox

0

0

4

0

0

4

1,585

0.31

0.36

Arlington

16

0

50

0

30

96

976

0.50

0.58

Augusta

0

0

2

0

0

2

14,976

0.03

0.04

Bath

0

0

0

0

0

0

 n/a

0.00

0.00

Bedford

0

0

1

0

0

1

30,375

0.02

0.02

Bedford city

0

0

1

0

1

2

1,376

0.35

0.41

Bland

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

0

2

0

0

2

4,401

0.11

0.13

Brunswick

0

0

1

0

0

1

7,819

0.06

0.07

Buchanan

0

0

0

0

0

0

 n/a

0.00

0.00

Buckingham

0

0

1

0

0

1

6,719

0.07

0.08

Buena Vista City

0

0

1

0

0

1

2,823

0.17

0.20

Campbell

0

0

1

0

0

1

23,789

0.02

0.02

Caroline

9

0

7

0

25

41

268

1.82

2.12

Carroll

0

0

1

0

0

1

15,702

0.03

0.04

Charles City

0

0

1

0

0

1

3,131

0.16

0.18

Charlotte

0

0

1

0

0

1

6,189

0.08

0.09

Charlottesville City

1

0

3

0

0

4

4,586

0.11

0.12

Chesapeake City

58

0

64

0

70

192

423

1.15

1.34

Chesterfield

1

0

74

0

23

98

1,166

0.42

0.49

Clarke

3

0

3

0

5

11

562

0.87

1.01

Colonial Heights City

0

0

10

0

0

10

766

0.64

0.74

Covington 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

24

0

27

0

14

65

271

1.80

2.10

Cumberland

0

0

2

0

0

2

2,207

0.22

0.26

Danville City

0

0

15

0

1

16

1,454

0.34

0.39

Dickenson

0

0

0

0

0

0

 n/a

0.00

0.00

Dinwiddie

0

0

2

0

0

2

5,405

0.09

0.10

Emporia City

0

0

0

0

0

0

 n/a

0.00

0.00

Essex

0

0

1

0

0

1

5,512

0.09

0.10

Fairfax

286

0

543

0

323

1,152

339

1.44

1.67

Fairfax City

16

0

35

0

16

67

129

3.79

4.41

Falls Church City

4

0

4

0

6

14

336

1.45

1.69

Fauquier

15

0

35

0

9

59

427

1.14

1.33

Floyd

0

0

2

0

0

2

3,674

0.13

0.15

Fluvanna

2

0

2

0

0

4

2,527

0.19

0.22

Franklin

0

0

0

0

0

0

 n/a

0.00

0.00

Franklin City

0

0

3

0

0

3

1,314

0.37

0.43

Frederick

43

0

49

0

34

126

225

2.16

2.52

Fredericksburg City

1

0

11

0

11

23

418

1.17

1.36

Galax City

0

0

0

0

0

0

 n/a

0.00

0.00

Giles

0

0

1

0

0

1

8,118

0.06

0.07

Gloucester

0

0

10

0

0

10

1,592

0.31

0.36

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

0

0

0

0

0

 n/a

0.00

0.00

Hampton City

22

0

40

0

22

84

709

0.69

0.80

Hanover

16

0

7

0

5

28

1,322

0.37

0.43

Harrisonburg City

4

0

5

0

1

10

1,523

0.32

0.37

Henrico

32

0

52

0

53

137

909

0.54

0.62

Henry

0

0

0

0

0

0

 n/a

0.00

0.00

Highland

0

0

0

0

0

0

 n/a

0.00

0.00

Hopewell City

0

0

2

0

0

2

5,034

0.10

0.11

Isle Of Wight

0

0

10

0

1

11

1,287

0.38

0.44

James City

10

0

14

0

5

29

929

0.52

0.61

King And Queen

0

0

1

0

1

2

1,625

0.30

0.35

King George

2

0

4

0

5

11

799

0.61

0.71

King William

0

0

2

0

0

2

3,034

0.16

0.19

Lancaster

0

0

0

0

1

1

7,078

0.07

0.08

Lee

0

0

0

0

0

0

 n/a

0.00

0.00

Lexington City

0

0

0

0

0

0

 n/a

0.00

0.00

Loudoun

119

0

193

0

172

484

203

2.40

2.79

Louisa

7

0

3

0

1

11

1,335

0.37

0.42

Lunenburg

0

0

0

0

0

0

 n/a

0.00

0.00

Lynchburg City

0

0

3

0

1

4

7,352

0.07

0.08

Madison

0

0

1

0

2

3

1,967

0.25

0.29

Manassas City

18

0

44

0

91

153

84

5.82

6.77

Manassas Park City

0

0

0

0

0

0

 n/a

0.00

0.00

Martinsville City

0

0

1

0

1

2

3,623

0.13

0.16

Mathews

0

0

0

0

0

0

 n/a

0.00

0.00

Mecklenburg

0

0

1

0

2

3

6,162

0.08

0.09

Middlesex

0

0

0

0

0

0

 n/a

0.00

0.00

Montgomery

0

0

1

0

0

1

35,439

0.01

0.02

Nelson

0

0

2

0

0

2

4,726

0.10

0.12

New Kent

0

0

5

0

1

6

1,103

0.44

0.51

Newport News City

15

0

83

0

33

131

595

0.82

0.95

Norfolk City

102

0

50

0

26

178

546

0.89

1.04

Northampton

0

0

3

0

0

3

2,463

0.20

0.23

Northumberland

0

0

0

0

0

0

 n/a

0.00

0.00

Norton City

0

0

0

0

0

0

 n/a

0.00

0.00

Nottoway

0

0

4

0

0

4

1,680

0.29

0.34

Orange

8

0

24

0

16

48

289

1.69

1.96

Page

0

0

1

0

1

2

5,637

0.09

0.10

Patrick

0

0

1

0

0

1

10,334

0.05

0.05

Petersburg City

0

0

7

0

1

8

1,988

0.25

0.29

Pittsylvania

0

0

6

0

0

6

4,929

0.10

0.12

Poquoson City

0

0

2

0

0

2

2,316

0.21

0.25

Portsmouth City

35

0

46

0

50

131

326

1.50

1.74

Powhatan

0

0

2

0

1

3

3,133

0.16

0.18

Prince Edward

0

0

5

0

0

5

1,659

0.29

0.34

Prince George

0

0

1

0

0

1

12,023

0.04

0.05

Prince William

143

0

457

0

414

1,014

129

3.78

4.40

Pulaski

0

0

2

0

0

2

8,522

0.06

0.07

Radford

0

0

0

0

0

0

 n/a

0.00

0.00

Rappahannock

1

0

2

0

2

5

725

0.67

0.78

Richmond

0

0

0

0

0

0

 n/a

0.00

0.00

Richmond City

30

0

98

0

62

190

494

0.99

1.15

Roanoke

0

0

2

0

0

2

19,534

0.02

0.03

Roanoke City

0

0

9

0

1

10

4,632

0.11

0.12

Rockbridge

0

0

0

0

0

0

 n/a

0.00

0.00

Rockingham

5

0

9

0

0

14

2,185

0.22

0.26

Russell

0

0

0

0

0

0

 n/a

0.00

0.00

Salem

0

0

2

0

1

3

3,567

0.14

0.16

Scott

0

0

1

0

0

1

11,752

0.04

0.05

Shenandoah

1

0

14

0

5

20

955

0.51

0.59

Smyth

2

0

2

0

0

4

3,861

0.13

0.15

Southampton

0

0

5

0

0

5

1,502

0.32

0.38

Spotsylvania

63

0

67

0

72

202

216

2.26

2.63

Stafford

24

0

102

0

70

196

213

2.29

2.66

Staunton City

0

0

0

0

0

0

 n/a

0.00

0.00

Suffolk City

0

0

60

0

2

62

509

0.96

1.11

Surry

0

0

2

0

0

2

1,837

0.27

0.31

Sussex

0

0

1

0

0

1

4,751

0.10

0.12

Tazewell

0

0

0

0

0

0

 n/a

0.00

0.00

Virginia Beach City

79

0

105

0

52

236

734

0.66

0.77

Warren

11

0

23

0

9

43

352

1.38

1.61

Washington

0

0

1

0

0

1

24,880

0.02

0.02

Waynesboro City

0

0

2

0

0

2

4,694

0.10

0.12

Westmoreland

0

0

0

0

0

0

 n/a

0.00

0.00

Williamsburg City

0

0

0

0

0

0

 n/a

0.00

0.00

Winchester City

21

0

6

0

13

40

288

1.69

1.97

Wise

0

0

0

0

1

1

18,243

0.03

0.03

Wythe

0

0

0

0

0

0

 n/a

0.00

0.00

York

1

0

4

0

4

9

2,691

0.18

0.21

 

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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