VIRGINIA FORECLOSURE ACTIVITY DOWN 7 PERCENT IN AUGUST

Statewide Foreclosure Activity Increases 39 Percent From August 2007

 

IRVINE, Calif. – Sept. 26, 2008 – Foreclosure filings were reported on 5,319 Virginia properties in August, a decrease of 7 percent from the previous month, but still 39 percent above the level reported for August 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.

 

“Virginia’s unemployment rate recently reached a five-year high, playing a major role in keeping the state’s foreclosure activity elevated compared to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac.

 

Virginia ranked 12th in the country in total properties with foreclosure filings reported for August. One in every 607 Virginia households received a foreclosure filing during the month, ranking 14th among the 50 states.

 

Prince William County leads state in foreclosure activity for August

Prince William County led the state reporting 1,366 properties with foreclosure filings for the month. Fairfax County posted the second highest foreclosure total, reporting 1,273 properties with foreclosure filings. Loudon County registered the third highest foreclosure total, reporting 433 properties with foreclosure filings. Stafford County came in fourth place, documenting 249 properties with foreclosure filings. Virginia Beach City County came in fifth, reporting 246 properties with foreclosure filings during the month.

 

Manassas City County reports highest foreclosure rate for August

Manassas City County posted the top county foreclosure rate in Virginia, with one in every 70 households receiving a foreclosure filing during the month — 8.7 times the state average and 6.0 times the national average. Prince William County posted the second highest foreclosure rate, where one in every 96 households received a foreclosure filing — 6.3 times the state average and 4.3 times the national average. Fairfax City County registered third highest foreclosure, where one in every 160 households received a foreclosure filing — 3.8 times the state average and 2.6 times the national average.

 

State a modest contributor to nation’s foreclosure total in August

Virginia accounted for 2 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 U.S. households receiving 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 – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

Virginia

1,362

0

1,969

0

1,988

5,319

607

0.68

n/a

 

 

 

 

 

 

 

 

 

 

Accomack

0

0

0

0

0

0

n/a

0.00

0.00

Albemarle

0

0

1

0

0

1

40,068

0.01

0.02

Alexandria City

15

0

31

0

12

58

1,205

0.35

0.50

Alleghany

0

0

0

0

0

0

n/a

0.00

0.00

Amelia

0

0

0

0

0

0

n/a

0.00

0.00

Amherst

0

0

1

0

0

1

13,635

0.03

0.04

Appomattox

0

0

0

0

0

0

n/a

0.00

0.00

Arlington

20

0

27

0

31

78

1,201

0.35

0.51

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

0.01

0.02

Bedford city

0

0

1

0

0

1

2,751

0.15

0.22

Bland

0

0

0

0

0

0

n/a

0.00

0.00

Botetourt

0

0

1

0

1

2

7,002

0.06

0.09

Bristol

0

0

0

0

0

0

n/a

0.00

0.00

Brunswick

0

0

1

0

0

1

7,819

0.05

0.08

Buchanan

0

0

0

0

0

0

n/a

0.00

0.00

Buckingham

0

0

0

0

0

0

n/a

0.00

0.00

Buena Vista City

0

0

0

0

0

0

n/a

0.00

0.00

Campbell

0

0

0

0

0

0

n/a

0.00

0.00

Caroline

9

0

9

0

18

36

305

1.36

1.99

Carroll

0

0

1

0

0

1

15,702

0.03

0.04

Charles City

0

0

0

0

0

0

n/a

0.00

0.00

Charlotte

0

0

0

0

0

0

n/a

0.00

0.00

Charlottesville City

0

0

0

0

1

1

18,344

0.02

0.03

Chesapeake City

1

0

46

0

10

57

1,425

0.29

0.43

Chesterfield

5

0

73

0

11

89

1,284

0.32

0.47

Clarke

4

0

1

0

1

6

1,031

0.40

0.59

Colonial Heights City

0

0

3

0

0

3

2,553

0.16

0.24

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

15

0

29

0

26

70

251

1.65

2.42

Cumberland

0

0

0

0

0

0

n/a

0.00

0.00

Danville City

6

0

9

0

9

24

969

0.43

0.63

Dickenson

0

0

0

0

0

0

n/a

0.00

0.00

Dinwiddie

1

0

0

0

0

1

10,809

0.04

0.06

Emporia City

0

0

0

0

1

1

2,618

0.16

0.23

Essex

0

0

0

0

0

0

n/a

0.00

0.00

Fairfax

361

0

427

0

485

1,273

307

1.35

1.98

Fairfax City

19

0

13

0

22

54

160

2.60

3.80

Falls Church City

7

0

5

0

4

16

294

1.41

2.06

Fauquier

19

0

24

0

29

72

350

1.19

1.74

Floyd

0

0

0

0

0

0

 

0.00

0.00

Fluvanna

1

0

1

0

0

2

5,054

0.08

0.12

Franklin

0

0

1

0

0

1

25,685

0.02

0.02

Franklin City

0

0

2

0

0

2

1,972

0.21

0.31

Frederick

25

0

35

0

36

96

296

1.40

2.05

Fredericksburg City

3

0

9

0

12

24

401

1.04

1.52

Galax City

0

0

2

0

0

2

1,641

0.25

0.37

Giles

0

0

0

0

0

0

n/a

0.00

0.00

Gloucester

0

0

0

0

1

1

15,924

0.03

0.04

Goochland

0

0

1

0

0

1

8,247

0.05

0.07

Grayson

0

0

0

0

0

0

n/a

0.00

0.00

Greene

0

0

1

0

0

1

7,161

0.06

0.08

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

0

0

15

0

6

21

2,837

0.15

0.21

Hanover

8

0

17

0

7

32

1,157

0.36

0.52

Harrisonburg City

0

0

1

0

0

1

15,230

0.03

0.04

Henrico

2

0

64

0

7

73

1,707

0.24

0.36

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

0

0

0

0

n/a

0.00

0.00

Isle Of Wight

0

0

2

0

1

3

4,721

0.09

0.13

James City

1

0

8

0

1

10

2,695

0.15

0.23

King And Queen

0

0

0

0

0

0

n/a

0.00

0.00

King George

3

0

5

0

3

11

799

0.52

0.76

King William

0

0

2

0

0

2

3,034

0.14

0.20

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

0

0

0

0

0

n/a

0.00

0.00

Loudoun

145

0

121

0

167

433

227

1.83

2.67

Louisa

0

0

1

0

2

3

4,896

0.08

0.12

Lunenburg

0

0

2

0

0

2

2,941

0.14

0.21

Lynchburg City

1

0

0

0

1

2

14,704

0.03

0.04

Madison

1

0

3

0

1

5

1,180

0.35

0.51

Manassas City

45

0

64

0

75

184

70

5.96

8.71

Manassas Park City

0

0

0

0

0

0

n/a

0.00

0.00

Martinsville City

0

0

2

0

0

2

3,623

0.11

0.17

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

1

0

1

0

0

2

17,720

0.02

0.03

Nelson

2

0

0

0

0

2

4,726

0.09

0.13

New Kent

0

0

0

0

0

0

n/a

0.00

0.00

Newport News City

3

0

11

0

36

50

1,559

0.27

0.39

Norfolk City

108

0

53

0

44

205

474

0.88

1.28

Northampton

0

0

0

0

0

0

n/a

0.00

0.00

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

0

0

0

0

n/a

0.00

0.00

Orange

8

0

13

0

12

33

421

0.99

1.44

Page

0

0

0

0

0

0

n/a

0.00

0.00

Patrick

0

0

0

0

0

0

n/a

0.00

0.00

Petersburg City

1

0

8

0

0

9

1,767

0.24

0.34

Pittsylvania

0

0

1

0

0

1

29,571

0.01

0.02

Poquoson City

0

0

0

0

1

1

4,631

0.09

0.13

Portsmouth City

0

0

35

0

5

40

1,067

0.39

0.57

Powhatan

0

0

0

0

0

0

n/a

0.00

0.00

Prince Edward

0

0

0

0

1

1

8,295

0.05

0.07

Prince George

0

0

1

0

0

1

12,023

0.03

0.05

Prince William

322

0

425

0

619

1,366

96

4.34

6.34

Pulaski

0

0

0

0

0

0

n/a

0.00

0.00

Radford

0

0

1

0

0

1

6,395

0.07

0.09

Rappahannock

0

0

0

0

1

1

3,624

0.11

0.17

Richmond

0

0

0

0

0

0

n/a

0.00

0.00

Richmond City

15

0

44

0

8

67

1,400

0.30

0.43

Roanoke

0

0

0

0

1

1

39,067

0.01

0.02

Roanoke City

1

0

3

0

1

5

9,264

0.04

0.07

Rockbridge

0

0

0

0

0

0

n/a

0.00

0.00

Rockingham

0

0

2

0

0

2

15,298

0.03

0.04

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

0

0

0

0

0

n/a

0.00

0.00

Shenandoah

0

0

5

0

0

5

3,820

0.11

0.16

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

34

0

80

0

51

165

264

1.58

2.30

Stafford

33

0

77

0

139

249

168

2.48

3.62

Staunton City

0

0

0

0

0

0

n/a

0.00

0.00

Suffolk City

0

0

23

0

2

25

1,263

0.33

0.48

Surry

0

0

1

0

0

1

3,673

0.11

0.17

Sussex

0

0

0

0

0

0

n/a

0.00

0.00

Tazewell

0

0

0

0

1

1

20,895

0.02

0.03

Virginia Beach City

101

0

77

0

68

246

705

0.59

0.86

Warren

12

0

22

0

1

35

433

0.96

1.40

Washington

0

0

0

0

0

0

n/a

0.00

0.00

Waynesboro City

0

0

4

0

0

4

2,347

0.18

0.26

Westmoreland

0

0

0

0

1

1

10,241

0.04

0.06

Williamsburg City

0

0

0

0

0

0

n/a

0.00

0.00

Winchester City

4

0

16

0

14

34

339

1.23

1.79

Wise

0

0

0

0

0

0

n/a

0.00

0.00

Wythe

0

0

1

0

0

1

13,342

0.03

0.05

York

0

0

0

0

1

1

24,221

0.02

0.03

 

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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