VIRGINIA FORECLOSURE ACTIVITY UP 18 PERCENT IN MARCH

Statewide Foreclosure Filings Up 368 Percent From March 2007

 

IRVINE, Calif. – April 30, 2008 – Virginia reported 4,933 properties with foreclosure filings in March, an 18 percent increase from the previous month, and a 368 percent increase from March 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.

 

Virginia foreclosures are nearly five times what they were this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Although still below the national average, Virginia’s unemployment rate has risen significantly during the past year. This may be contributing to the overall rise in foreclosure activity.”

 

Virginia ranked 14th in the country in total foreclosure filings reported in March. With one in every 655 households receiving a foreclosure filing, Virginia’s foreclosure rate ranked 13th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five Virginia counties accounted for 70 percent of all foreclosure activity in the state for March. Prince William County reported the highest foreclosure total, reporting 1,497 properties with foreclosure filings. Fairfax County came in second, documenting 1,114 properties with foreclosure filings. Loudoun County reported the third highest foreclosure total — 504 properties with foreclosure filings. Fourth highest total was documented in Virginia Beach City, where 188 properties with foreclosure filings were reported. Spotsylvania County came in fifth, reporting 172 properties with foreclosure filings.

 

Prince William County posts top foreclosure rate for March

Prince William County tallied the highest county foreclosure rate in the state in March, with one in every 87 households receiving a foreclosure filing for the month — 7.5 times the state average and 6.2 times the national average. Loudoun County posted the state’s second highest foreclosure rate, with one in every 195 households receiving a foreclosure filing during the month — 3.4 times the state average and 2.8 times the national average. The third highest foreclosure rate in the state was reported in Culpeper County, where one in every 238 households received a foreclosure filing in March — 2.8 times the state average and 2.3 times the national average.

 

State accounts for 2 percent of nation’s total in March

Total foreclosure filings in Virginia accounted for 2 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households 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 by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Virginia

1,062

0

2,860

0

1,011

4,933

655

0.82

n/a

 

 

 

 

 

 

 

 

 

 

Accomack

0

0

1

0

0

1

20,959

0.03

0.03

Albemarle

0

0

4

0

0

4

10,017

0.05

0.07

Alexandria City

0

0

47

0

12

59

1,184

0.45

0.55

Alleghany

0

0

0

0

0

0

 n/a

0.00

0.00

Amelia

0

0

0

0

2

2

2,614

0.21

0.25

Amherst

0

0

2

0

0

2

6,818

0.08

0.10

Appomattox

0

0

0

0

0

0

 n/a

0.00

0.00

Arlington

21

0

42

0

13

76

1,233

0.44

0.53

Augusta

0

0

3

0

0

3

9,984

0.05

0.07

Bath

0

0

0

0

0

0

 n/a

0.00

0.00

Bedford

0

0

5

0

0

5

6,075

0.09

0.11

Bedford City

0

0

0

0

1

1

2,751

0.20

0.24

Bland

0

0

0

0

0

0

 n/a

0.00

0.00

Botetourt

0

0

3

0

0

3

4,668

0.12

0.14

Bristol

0

0

2

0

1

3

2,934

0.18

0.22

Brunswick

0

0

1

0

0

1

7,819

0.07

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

0

0

27

0

4

31

354

1.52

1.85

Carroll

0

0

2

0

0

2

7,851

0.07

0.08

Charles City

0

0

1

0

0

1

3,131

0.17

0.21

Charlotte

0

0

0

0

0

0

 n/a

0.00

0.00

Charlottesville City

0

0

3

0

0

3

6,115

0.09

0.11

Chesapeake City

0

0

43

0

27

70

1,161

0.46

0.56

Chesterfield

0

0

88

0

3

91

1,256

0.43

0.52

Clarke

1

0

3

0

1

5

1,237

0.44

0.53

Colonial Heights City

0

0

0

0

0

0

 n/a

0.00

0.00

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

41

0

18

74

238

2.26

2.75

Cumberland

0

0

1

0

0

1

4,414

0.12

0.15

Danville City

1

0

14

0

4

19

1,224

0.44

0.54

Dickenson

0

0

0

0

0

0

 n/a

0.00

0.00

Dinwiddie

0

0

1

0

0

1

10,809

0.05

0.06

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

347

0

593

0

174

1,114

351

1.53

1.87

Fairfax City

0

0

14

0

1

15

575

0.94

1.14

Falls Church City

0

0

0

0

0

0

 n/a

0.00

0.00

Fauquier

0

0

46

0

15

61

413

1.30

1.59

Floyd

0

0

1

0

0

1

7,348

0.07

0.09

Fluvanna

0

0

1

0

0

1

10,107

0.05

0.06

Franklin

0

0

0

0

0

0

 n/a

0.00

0.00

Franklin City

0

0

0

0

0

0

 n/a

0.00

0.00

Frederick

7

0

57

0

25

89

319

1.69

2.05

Fredericksburg City

0

0

11

0

2

13

740

0.73

0.89

Galax City

0

0

0

0

0

0

 n/a

0.00

0.00

Giles

0

0

0

0

0

0

 n/a

0.00

0.00

Gloucester

0

0

4

0

0

4

3,981

0.14

0.16

Goochland

0

0

0

0

0

0

 n/a

0.00

0.00

Grayson

0

0

1

0

0

1

9,631

0.06

0.07

Greene

0

0

0

0

1

1

7,161

0.08

0.09

Greensville

0

0

1

0

0

1

4,061

0.13

0.16

Halifax

0

0

1

0

1

2

8,711

0.06

0.08

Hampton City

0

0

9

0

12

21

2,837

0.19

0.23

Hanover

0

0

12

0

0

12

3,085

0.17

0.21

Harrisonburg City

0

0

3

0

0

3

5,077

0.11

0.13

Henrico

0

0

84

0

11

95

1,311

0.41

0.50

Henry

0

0

1

0

0

1

26,510

0.02

0.02

Highland

0

0

0

0

0

0

 n/a

0.00

0.00

Hopewell City

0

0

2

0

1

3

3,356

0.16

0.20

Isle Of Wight

0

0

2

0

0

2

7,081

0.08

0.09

James City

0

0

6

0

2

8

3,369

0.16

0.19

King And Queen

0

0

0

0

0

0

 n/a

0.00

0.00

King George

6

0

8

0

4

18

488

1.10

1.34

King William

0

0

0

0

0

0

 n/a

0.00

0.00

Lancaster

0

0

1

0

0

1

7,078

0.08

0.09

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

155

0

222

0

127

504

195

2.76

3.35

Louisa

0

0

2

0

1

3

4,896

0.11

0.13

Lunenburg

0

0

0

0

0

0

 n/a

0.00

0.00

Lynchburg City

0

0

1

0

1

2

14,704

0.04

0.04

Madison

0

0

1

0

0

1

5,901

0.09

0.11

Manassas City

0

0

49

0

2

51

252

2.14

2.60

Manassas Park City

0

0

2

0

0

2

2,178

0.25

0.30

Martinsville City

0

0

0

0

3

3

2,415

0.22

0.27

Mathews

0

0

0

0

0

0

 n/a

0.00

0.00

Mecklenburg

0

0

1

0

1

2

9,243

0.06

0.07

Middlesex

0

0

0

0

0

0

 n/a

0.00

0.00

Montgomery

0

0

1

0

0

1

35,439

0.02

0.02

Nelson

0

0

0

0

0

0

 n/a

0.00

0.00

New Kent

0

0

1

0

0

1

6,618

0.08

0.10

Newport News City

0

0

13

0

23

36

2,165

0.25

0.30

Norfolk City

0

0

78

0

1

79

1,231

0.44

0.53

Northampton

0

0

0

0

1

1

7,388

0.07

0.09

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

1

0

0

1

6,721

0.08

0.10

Orange

12

0

11

0

7

30

463

1.16

1.42

Page

0

0

3

0

0

3

3,758

0.14

0.17

Patrick

0

0

1

0

0

1

10,334

0.05

0.06

Petersburg City

0

0

5

0

0

5

3,181

0.17

0.21

Pittsylvania

0

0

2

0

0

2

14,786

0.04

0.04

Poquoson City

0

0

0

0

0

0

 n/a

0.00

0.00

Portsmouth City

0

0

18

0

2

20

2,134

0.25

0.31

Powhatan

0

0

1

0

1

2

4,700

0.11

0.14

Prince Edward

0

0

4

0

0

4

2,074

0.26

0.32

Prince George

0

0

3

0

0

3

4,008

0.13

0.16

Prince William

401

0

776

0

320

1,497

87

6.16

7.49

Pulaski

0

0

0

0

1

1

17,044

0.03

0.04

Radford

0

0

0

0

0

0

 n/a

0.00

0.00

Rappahannock

0

0

3

0

1

4

906

0.59

0.72

Richmond

0

0

0

0

0

0

 n/a

0.00

0.00

Richmond City

0

0

20

0

48

68

1,379

0.39

0.47

Roanoke

0

0

12

0

0

12

3,256

0.17

0.20

Roanoke City

0

0

12

0

3

15

3,088

0.17

0.21

Rockbridge

0

0

0

0

0

0

 n/a

0.00

0.00

Rockingham

0

0

1

0

0

1

30,595

0.02

0.02

Russell

0

0

0

0

0

0

 n/a

0.00

0.00

Salem

0

0

1

0

0

1

10,701

0.05

0.06

Scott

0

0

0

0

0

0

 n/a

0.00

0.00

Shenandoah

0

0

13

0

0

13

1,469

0.37

0.45

Smyth

0

0

2

0

0

2

7,723

0.07

0.08

Southampton

0

0

0

0

0

0

 n/a

0.00

0.00

Spotsylvania

0

0

106

0

66

172

253

2.13

2.59

Stafford

9

0

139

0

14

162

258

2.09

2.54

Staunton City

0

0

1

0

1

2

5,526

0.10

0.12

Suffolk City

0

0

13

0

8

21

1,503

0.36

0.44

Surry

0

0

0

0

0

0

 n/a

0.00

0.00

Sussex

0

0

2

0

0

2

2,376

0.23

0.28

Tazewell

0

0

1

0

0

1

20,895

0.03

0.03

Virginia Beach City

72

0

92

0

24

188

922

0.58

0.71

Warren

10

0

33

0

0

43

352

1.53

1.86

Washington

0

0

2

0

0

2

12,440

0.04

0.05

Waynesboro City

0

0

1

0

0

1

9,387

0.06

0.07

Westmoreland

0

0

1

0

0

1

10,241

0.05

0.06

Williamsburg City

0

0

0

0

0

0

 n/a

0.00

0.00

Winchester City

5

0

13

0

19

37

311

1.73

2.11

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

0

4

0

1

5

4,844

0.11

0.14

 

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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