VIRGINIA FORECLOSURE ACTIVITY DOWN 26 PERCENT IN JANUARY

Filings Statewide Increase 4 Percent From January 2008; Rate Ranks No. 15

 

IRVINE, Calif. – Feb. 27, 2009 – Foreclosure filings were reported on 5,366 Virginia properties in January, down 26 percent from the previous month, but still 4 percent above the level reported for January 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 610 Virginia housing units received a foreclosure filing during the month, the 15th highest state foreclosure rate in the nation.

 

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.

 

“Although Virginia foreclosures decreased in January, the state remains among the nation’s top 10,” said James J. Saccacio, chief executive officer of RealtyTrac. “While unemployment has risen during the past year, the state still remains significantly below the national average. The major contributor to this is the large number of subprime loans issued throughout Virginia a few years back. If these struggling homeowners get some relief in the near future, we may see these numbers begin to come down a bit.”

 

California started off the new year as it closed out 2008, leading the nation once again in total foreclosure activity for the month. As it did all of last year, Florida trailed California, ranking second highest in total foreclosure activity, reporting 40,770 properties with foreclosure filings. Arizona took third position for the second straight month, reporting 14,674 properties with foreclosure filings. Illinois came in a close fourth, documenting 14,447 properties with foreclosure filings, followed by Nevada which took fifth place by a narrow margin, reporting 14,444 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in January were Michigan, Ohio, Georgia, Texas and Virginia.

 

Five counties account for bulk of state activity in January

Five Virginia counties accounted for 48 percent of all foreclosure activity in the state during January. Fairfax County led the pack, reporting 901 properties with foreclosure filings for the month. Prince William County was second highest, reporting 866 properties with foreclosure filings. Loudoun County came in third place, reporting 356 properties with foreclosure filings. Virginia Beach City came in fourth, documenting 249 properties with foreclosure filings. Fifth highest total activity was in Richmond City, where 197 properties with foreclosure filings were reported.

 

Manassas City posts state’s highest foreclosure rate for January

Manassas City reported the highest rate in Virginia for January, with one in every 122 housing units receiving a foreclosure filing — five times the state average and 3.8 times the national average. Prince William County posted the state’s second highest rate, with one in every 155 housing units received a foreclosure filing — four times the state average and three times the national average. Fairfax City documented the third highest foreclosure rate, where one in every 173 housing units received a foreclosure filing during the month — 3.5 times the state average and 2.7 times the national average.

 

State contributed 2 percent to nation’s foreclosure total in January

Virginia accounted for 2 percent of the 274,399 properties with foreclosure filings reported nationwide in January. The national total represented a decrease of more than 9 percent from the previous month but was still nearly 18 percent ahead of the total reported for January 2008. One in every 466 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 – January 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

46,681

52,435

80,986

27,520

66,777

274,399

466

n/a

n/a

Virginia

369

0

3,579

0

1,418

5,366

610

0.76

n/a

 

 

 

 

 

 

 

 

 

 

Accomack

0

0

3

0

1

4

5,296

0.09

0.12

Albemarle

19

0

15

0

1

35

1,165

0.40

0.52

Alexandria City

1

0

52

0

42

95

740

0.63

0.82

Alleghany

0

0

1

0

0

1

8,046

0.06

0.08

Amelia

0

0

6

0

0

6

892

0.52

0.68

Amherst

0

0

2

0

1

3

4,599

0.10

0.13

Appomattox

0

0

0

0

0

0

 n/a

0.00

0.00

Arlington

26

0

49

0

17

92

1,100

0.42

0.55

Augusta

0

0

4

0

0

4

7,569

0.06

0.08

Bath

0

0

0

0

0

0

 n/a

0.00

0.00

Bedford

0

0

5

0

0

5

6,205

0.08

0.10

Bedford city

0

0

2

0

0

2

1,383

0.34

0.44

Bland

0

0

0

0

0

0

 n/a

0.00

0.00

Botetourt

0

0

2

0

0

2

7,078

0.07

0.09

Bristol

0

0

1

0

0

1

8,855

0.05

0.07

Brunswick

0

0

1

0

0

1

7,871

0.06

0.08

Buchanan

0

0

1

0

0

1

12,103

0.04

0.05

Buckingham

0

0

0

0

0

0

 n/a

0.00

0.00

Buena Vista City

0

0

3

0

0

3

956

0.49

0.64

Campbell

0

0

7

0

0

7

3,433

0.14

0.18

Caroline

0

0

31

0

14

45

253

1.84

2.41

Carroll

0

0

1

0

0

1

15,846

0.03

0.04

Charles City

0

0

0

0

0

0

 n/a

0.00

0.00

Charlotte

0

0

1

0

0

1

6,230

0.07

0.10

Charlottesville City

5

0

8

0

0

13

1,443

0.32

0.42

Chesapeake City

2

0

112

0

39

153

536

0.87

1.14

Chesterfield

0

0

168

0

18

186

625

0.75

0.98

Clarke

3

0

3

0

3

9

695

0.67

0.88

Colonial Heights City

0

0

9

0

0

9

854

0.55

0.71

Covington City

0

0

1

0

0

1

3,224

0.14

0.19

Craig

0

0

1

0

0

1

2,793

0.17

0.22

Culpeper

2

0

61

0

22

85

221

2.11

2.77

Cumberland

0

0

2

0

0

2

2,239

0.21

0.27

Danville City

0

0

32

0

10

42

554

0.84

1.10

Dickenson

0

0

0

0

0

0

 n/a

0.00

0.00

Dinwiddie

0

0

8

0

0

8

1,368

0.34

0.45

Emporia City

0

0

2

0

0

2

1,314

0.35

0.46

Essex

0

0

0

0

0

0

 n/a

0.00

0.00

Fairfax

79

0

570

0

252

901

435

1.07

1.40

Fairfax City

6

0

30

0

14

50

173

2.70

3.53

Falls Church City

0

0

6

0

1

7

674

0.69

0.91

Fauquier

6

0

54

0

17

77

336

1.39

1.82

Floyd

0

0

0

0

0

0

 n/a

0.00

0.00

Fluvanna

0

0

4

0

0

4

2,574

0.18

0.24

Franklin

0

0

1

0

1

2

13,044

0.04

0.05

Franklin City

0

0

2

0

0

2

2,008

0.23

0.30

Frederick

6

0

62

0

31

99

296

1.57

2.06

Fredericksburg City

0

0

6

0

1

7

1,410

0.33

0.43

Galax City

0

0

1

0

1

2

1,643

0.28

0.37

Giles

0

0

1

0

0

1

8,154

0.06

0.07

Gloucester

0

0

14

0

1

15

1,079

0.43

0.57

Goochland

0

0

7

0

0

7

1,216

0.38

0.50

Grayson

0

0

0

0

0

0

 n/a

0.00

0.00

Greene

0

0

1

0

1

2

3,671

0.13

0.17

Greensville

0

0

0

0

0

0

 n/a

0.00

0.00

Halifax

0

0

2

0

0

2

8,738

0.05

0.07

Hampton City

0

0

63

0

17

80

748

0.62

0.82

Hanover

2

0

29

0

5

36

1,041

0.45

0.59

Harrisonburg City

2

0

5

0

4

11

1,402

0.33

0.44

Henrico

3

0

120

0

27

150

839

0.56

0.73

Henry

0

0

2

0

1

3

8,839

0.05

0.07

Highland

0

0

0

0

0

0

 n/a

0.00

0.00

Hopewell City

0

0

6

0

0

6

1,701

0.27

0.36

Isle Of Wight

0

0

21

0

0

21

693

0.67

0.88

James City

7

0

22

0

11

40

700

0.67

0.87

King And Queen

0

0

1

0

0

1

3,306

0.14

0.18

King George

0

0

12

0

4

16

567

0.82

1.08

King William

0

0

6

0

0

6

1,047

0.45

0.58

Lancaster

0

0

0

0

0

0

 n/a

0.00

0.00

Lee

0

0

2

0

0

2

5,757

0.08

0.11

Lexington City

0

0

2

0

0

2

1,213

0.38

0.50

Loudoun

31

0

196

0

129

356

285

1.63

2.14

Louisa

0

0

20

0

3

23

663

0.70

0.92

Lunenburg

0

0

1

0

0

1

5,894

0.08

0.10

Lynchburg City

0

0

19

0

0

19

1,568

0.30

0.39

Madison

0

0

4

0

0

4

1,496

0.31

0.41

Manassas City

7

0

62

0

37

106

122

3.82

5.00

Manassas Park City

0

0

0

0

0

0

 n/a

0.00

0.00

Martinsville City

0

0

1

0

0

1

7,308

0.06

0.08

Mathews

0

0

4

0

0

4

1,443

0.32

0.42

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

1

0

0

1

36,063

0.01

0.02

Nelson

0

0

3

0

1

4

2,397

0.19

0.25

New Kent

0

0

9

0

0

9

766

0.61

0.80

Newport News City

2

0

64

0

16

82

956

0.49

0.64

Norfolk City

17

0

118

0

61

196

487

0.96

1.25

Northampton

0

0

2

0

1

3

2,489

0.19

0.25

Northumberland

0

0

1

0

0

1

9,273

0.05

0.07

Norton City

0

0

0

0

0

0

 n/a

0.00

0.00

Nottoway

0

0

3

0

0

3

2,264

0.21

0.27

Orange

0

0

38

0

7

45

317

1.47

1.93

Page

0

0

2

0

0

2

5,700

0.08

0.11

Patrick

0

0

0

0

0

0

 n/a

0.00

0.00

Petersburg City

0

0

31

0

1

32

497

0.94

1.23

Pittsylvania

0

0

7

0

1

8

3,716

0.13

0.16

Poquoson City

0

0

0

0

0

0

 n/a

0.00

0.00

Portsmouth City

2

0

61

0

19

82

522

0.89

1.17

Powhatan

0

0

7

0

0

7

1,384

0.34

0.44

Prince Edward

0

0

1

0

0

1

8,409

0.06

0.07

Prince George

0

0

1

0

0

1

12,220

0.04

0.05

Prince William

91

0

485

0

290

866

155

3.02

3.95

Pulaski

0

0

2

0

0

2

8,574

0.05

0.07

Radford

0

0

1

0

0

1

6,447

0.07

0.09

Rappahannock

0

0

2

0

1

3

1,245

0.37

0.49

Richmond

0

0

0

0

0

0

 n/a

0.00

0.00

Richmond City

14

0

132

0

51

197

478

0.97

1.28

Roanoke

0

0

10

0

30

40

986

0.47

0.62

Roanoke City

0

0

27

0

6

33

1,404

0.33

0.43

Rockbridge

0

0

4

0

0

4

2,719

0.17

0.22

Rockingham

3

0

8

0

2

13

2,418

0.19

0.25

Russell

0

0

0

0

0

0

 n/a

0.00

0.00

Salem

0

0

6

0

3

9

1,188

0.39

0.51

Scott

0

0

0

0

0

0

 n/a

0.00

0.00

Shenandoah

0

0

31

0

2

33

592

0.79

1.03

Smyth

0

0

1

0

0

1

15,449

0.03

0.04

Southampton

0

0

9

0

0

9

843

0.55

0.72

Spotsylvania

6

0

122

0

49

177

253

1.84

2.42

Stafford

10

0

116

0

53

179

238

1.96

2.56

Staunton City

0

0

2

0

0

2

5,596

0.08

0.11

Suffolk City

0

0

71

0

13

84

385

1.21

1.58

Surry

0

0

2

0

0

2

1,864

0.25

0.33

Sussex

0

0

2

0

0

2

2,414

0.19

0.25

Tazewell

0

0

0

0

0

0

 n/a

0.00

0.00

Virginia Beach City

16

0

170

0

63

249

701

0.66

0.87

Warren

1

0

31

0

15

47

327

1.42

1.86

Washington

0

0

2

0

1

3

8,362

0.06

0.07

Waynesboro City

0

0

3

0

0

3

3,167

0.15

0.19

Westmoreland

0

0

1

0

0

1

10,509

0.04

0.06

Williamsburg City

0

0

0

0

0

0

 n/a

0.00

0.00

Winchester City

0

0

19

0

6

25

463

1.01

1.32

Wise

0

0

5

0

0

5

3,651

0.13

0.17

Wythe

0

0

0

0

0

0

 n/a

0.00

0.00

York

0

0

11

0

0

11

2,229

0.21

0.27

 

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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