VIRGINIA FORECLOSURE ACTIVITY DOWN 19 PERCENT IN FEBRUARY

Yearly Foreclosure Activity Up 483 Percent From February 2007

 

IRVINE, Calif. – March 26, 2008 – Virginia reported 4,187 properties with foreclosure filings for February 2008, a 19 percent decrease from the previous month, but still a 483 percent increase from February 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 million 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.

 

“Although Virginia has experienced a significant rise in foreclosures since this time last year, it is one of the few states to show a decrease in February,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the Virginia’s unemployment rate is far below the national average. This is likely contributing to the recent decline.”

 

Virginia ranked 15th in the country in total foreclosure filings reported for the month. One in every 758 households received a foreclosure filing in February. Virginia’s foreclosure rate was ranked 19th among the 50 states.

 

Five counties account for largest share of state total

Five counties accounted for 71 percent of all properties with foreclosure filings in Virginia for February. Prince William County held the highest foreclosure total for the month, reporting 1,147 properties with foreclosure filings. Fairfax County was second, reporting 1,074 properties with foreclosure filings for the month. Loudoun County posted the third highest foreclosure total, reporting 393 properties with foreclosure filings. Virginia Beach City was fourth, reporting 194 properties with foreclosure filings, followed by Stafford County with 162 properties with foreclosure filings.

 

Prince William County posts highest foreclosure rate

Prince William County reported the highest foreclosure rate in Virginia for February, one in every 110 households receiving a foreclosure filing — 6.9 times the state average and 5.1 times the national average. Manassas City County registered the second highest foreclosure rate, one in every 231 households receiving a foreclosure filing — 3.3 times the state average and 2.4 times the national average. Loudoun County was third, reporting one in every 238 households receiving a foreclosure filing — 3.2 times the state average and 2.3 times the national average. Stafford County came in fourth, reporting one in every 248 households receiving a foreclosure filing — 3.1 times the state average and 2.2 times the national average.

 

State contributes 2 percent to nation’s monthly total

Total foreclosure filings in Virginia accounted for 2 percent of the 223,651 foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, and is 60 percent above the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing 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 – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

Virginia

1,063

2,355

0

0

769

4,187

758

0.73

n/a

 

 

 

 

 

 

 

 

 

 

Accomack

0

1

0

0

0

1

20,578

0.03

0.04

Albemarle

0

0

0

0

0

0

 n/a

0.00

0.00

Alexandria City

0

47

0

0

16

63

1,086

0.51

0.70

Alleghany

0

1

0

0

0

1

8,023

0.07

0.09

Amelia

0

0

0

0

0

0

 n/a

0.00

0.00

Amherst

0

0

0

0

0

0

 n/a

0.00

0.00

Appomattox

0

0

0

0

0

0

 n/a

0.00

0.00

Arlington

30

40

0

0

12

82

1,130

0.49

0.67

Augusta

0

2

0

0

0

2

14,726

0.04

0.05

Bath

0

0

0

0

0

0

 n/a

0.00

0.00

Bedford

0

1

0

0

0

1

29,683

0.02

0.03

Bedford City

0

0

0

0

0

0

 n/a

0.00

0.00

Bland

0

0

0

0

0

0

 n/a

0.00

0.00

Botetourt

0

2

0

0

0

2

6,873

0.08

0.11

Bristol City

0

0

0

0

0

0

 n/a

0.00

0.00

Brunswick

0

0

0

0

0

0

 n/a

0.00

0.00

Buchanan

0

1

0

0

0

1

12,090

0.05

0.06

Buckingham

0

1

0

0

0

1

6,629

0.08

0.11

Buena Vista City

0

0

0

0

0

0

 n/a

0.00

0.00

Campbell

0

2

0

0

0

2

11,746

0.05

0.06

Caroline

0

17

0

0

7

24

432

1.29

1.75

Carroll

0

0

0

0

0

0

 n/a

0.00

0.00

Charles City

0

0

0

0

0

0

 n/a

0.00

0.00

Charlotte

0

1

0

0

0

1

6,142

0.09

0.12

Charlottesville City

0

1

0

0

0

1

18,268

0.03

0.04

Chesapeake City

0

16

0

0

16

32

2,478

0.22

0.31

Chesterfield

0

85

0

0

1

86

1,299

0.43

0.58

Clarke

8

0

0

0

0

8

747

0.74

1.01

Colonial Heights City

0

1

0

0

0

1

7,619

0.07

0.10

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

16

25

0

0

17

58

279

2.00

2.72

Cumberland

0

0

0

0

0

0

 n/a

0.00

0.00

Danville City

28

19

0

0

17

64

364

1.53

2.08

Dickenson

0

0

0

0

0

0

 n/a

0.00

0.00

Dinwiddie

0

0

0

0

0

0

 n/a

0.00

0.00

Emporia City

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

434

491

0

0

149

1,074

360

1.55

2.11

Fairfax City

0

6

0

0

0

6

1,435

0.39

0.53

Falls Church City

0

1

0

0

0

1

4,694

0.12

0.16

Fauquier

1

33

0

0

19

53

463

1.20

1.64

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

1

0

0

0

1

25,106

0.02

0.03

Franklin City

0

0

0

0

0

0

 n/a

0.00

0.00

Frederick

2

48

0

0

9

59

461

1.21

1.64

Fredericksburg City

0

6

0

0

3

9

1,026

0.54

0.74

Galax City

0

0

0

0

0

0

 n/a

0.00

0.00

Giles

0

1

0

0

0

1

8,068

0.07

0.09

Gloucester

0

2

0

0

0

2

7,832

0.07

0.10

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

1

0

0

0

1

6,967

0.08

0.11

Greensville

0

1

0

0

0

1

4,009

0.14

0.19

Halifax

0

3

0

0

0

3

5,783

0.10

0.13

Hampton City

0

17

0

0

9

26

2,262

0.25

0.34

Hanover

1

11

0

0

8

20

1,823

0.31

0.42

Harrisonburg City

0

0

0

0

0

0

 n/a

0.00

0.00

Henrico

2

68

0

0

2

72

1,705

0.33

0.44

Henry

0

1

0

0

0

1

26,463

0.02

0.03

Highland

0

0

0

0

0

0

 n/a

0.00

0.00

Hopewell City

1

0

0

0

0

1

9,938

0.06

0.08

Isle Of Wight

0

5

0

0

0

5

2,732

0.20

0.28

James City

0

1

0

0

2

3

8,607

0.06

0.09

King And Queen

0

0

0

0

0

0

 n/a

0.00

0.00

King George

0

10

0

0

0

10

828

0.67

0.92

King William

0

0

0

0

0

0

 n/a

0.00

0.00

Lancaster

0

0

0

0

0

0

 n/a

0.00

0.00

Lee

0

0

0

0

0

0

 n/a

0.00

0.00

Lexington City

0

1

0

0

0

1

2,411

0.23

0.31

Loudoun

106

218

0

0

69

393

238

2.34

3.19

Louisa

0

1

0

0

1

2

6,997

0.08

0.11

Lunenburg

0

0

0

0

0

0

 n/a

0.00

0.00

Lynchburg City

1

1

0

0

0

2

14,491

0.04

0.05

Madison

0

1

0

0

0

1

5,791

0.10

0.13

Manassas City

0

55

0

0

0

55

231

2.41

3.29

Manassas Park City

0

3

0

0

0

3

1,392

0.40

0.54

Martinsville City

0

1

0

0

0

1

7,254

0.08

0.10

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

0

0

0

0

0

 n/a

0.00

0.00

Nelson

0

0

0

0

0

0

 n/a

0.00

0.00

New Kent

1

0

0

0

0

1

6,293

0.09

0.12

Newport News City

0

6

0

0

18

24

3,226

0.17

0.24

Norfolk City

30

32

0

0

21

83

1,160

0.48

0.65

Northampton

0

2

0

0

0

2

3,636

0.15

0.21

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

1

0

0

0

1

6,661

0.08

0.11

Orange

9

10

0

0

6

25

528

1.05

1.44

Page

0

1

0

0

0

1

11,075

0.05

0.07

Patrick

0

0

0

0

0

0

 n/a

0.00

0.00

Petersburg City

0

4

0

0

1

5

3,183

0.17

0.24

Pittsylvania

0

4

0

0

0

4

7,335

0.08

0.10

Poquoson City

0

1

0

0

0

1

4,549

0.12

0.17

Portsmouth City

0

13

0

0

1

14

3,038

0.18

0.25

Powhatan

0

1

0

0

0

1

9,056

0.06

0.08

Prince Edward

0

0

0

0

0

0

 n/a

0.00

0.00

Prince George

0

0

0

0

0

0

 n/a

0.00

0.00

Prince William

273

632

0

0

242

1,147

110

5.08

6.92

Pulaski

0

0

0

0

0

0

 n/a

0.00

0.00

Radford

0

0

0

0

0

0

 n/a

0.00

0.00

Rappahannock

0

2

0

0

3

5

714

0.78

1.06

Richmond

0

1

0

0

0

1

3,694

0.15

0.21

Richmond City

1

75

0

0

29

105

888

0.63

0.85

Roanoke

0

0

0

0

0

0

 n/a

0.00

0.00

Roanoke City

0

3

0

0

0

3

15,412

0.04

0.05

Rockbridge

0

0

0

0

0

0

 n/a

0.00

0.00

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

1

0

0

0

1

11,722

0.05

0.06

Shenandoah

0

2

0

0

0

2

9,292

0.06

0.08

Smyth

0

0

0

0

0

0

 n/a

0.00

0.00

Southampton

0

0

0

0

0

0

 n/a

0.00

0.00

Spotsylvania

0

102

0

0

12

114

368

1.51

2.06

Stafford

27

97

0

0

38

162

248

2.24

3.05

Staunton City

0

2

0

0

0

2

5,442

0.10

0.14

Suffolk City

0

9

0

0

1

10

3,055

0.18

0.25

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

0

0

0

0

0

 n/a

0.00

0.00

Virginia Beach City

91

63

0

0

40

194

884

0.63

0.86

Warren

1

25

0

0

0

26

568

0.98

1.33

Washington

0

1

0

0

0

1

24,583

0.02

0.03

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

Williamsburg City

0

0

0

0

0

0

 n/a

0.00

0.00

Winchester City

0

10

0

0

0

10

1,132

0.49

0.67

Wise

0

0

0

0

0

0

 n/a

0.00

0.00

Wythe

0

0

0

0

0

0

 n/a

0.00

0.00

York

0

4

0

0

0

4

5,974

0.09

0.13

               

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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