VIRGINIA FORECLOSURE ACTIVITY UP 2 PERCENT IN OCTOBER

Foreclosure Filings Statewide Increase 160 Percent From October 2007

 

IRVINE, Calif. – Nov. 26, 2008 – Foreclosure filings were reported on 6,555 Virginia properties in October, an increase of 2 percent from the previous month, and 160 percent above the level reported for October 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.

 

“Foreclosure filings ticked up slightly in Virginia between September and October, though the level of foreclosure activity is much higher than was reported at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s economy is actually fairing better than expected considering the national financial crisis and its jobless rate is lower than at this time last year.”

 

Virginia ranked 11th in the country in total properties reported with foreclosure filings for October. One in every 493 Virginia housing units received a foreclosure filing during the month, ranking 12th among the 50 states.

 

Prince William County tops in foreclosure activity for October

Prince William County led the state reporting 1,373 properties with foreclosure filings for the month. Fairfax County came in second highest, reporting 1,264 properties with foreclosure filings. Loudon County ranked third highest, reporting 539 properties with foreclosure filings. Hampton City County came in fourth place, documenting 340 properties with foreclosure filings.

 

Manassas City County post state’s top rate for October

Manassas City County posted the highest foreclosure rate in Virginia for October, with one in every 68 housing units receiving a foreclosure filing during the month — 7.2 times the state average and 6.6 times the national average. Prince William County documented the second highest foreclosure rate, where one in every 95 housing units received a foreclosure filing — 5.2 times the state average and 4.7 times the national average. Fairfax City County registered the third highest foreclosure rate, where one in every 141 housing units received a foreclosure filing during the month — 3.5 times the state average and 3.2 times the national average.

 

State a moderate contributor to nation’s foreclosure total in October

Virginia accounted for 2 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented a decrease of more than 5 percent from the previous month but was still almost 25 percent ahead of the total reported for October 2007. One in every 452 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 – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

Virginia

1,844

0

2,339

0

2,372

6,555

493

0.92

n/a

 

 

 

 

 

 

 

 

 

Accomack

0

0

2

0

2

4

5,240

0.09

0.09

Albemarle

6

0

3

0

0

9

4,452

0.10

0.11

Alexandria City

14

0

47

0

20

81

863

0.52

0.57

Alleghany

0

0

0

0

0

0

 n/a

0.00

0.00

Amelia

0

0

1

0

1

2

2,614

0.17

0.19

Amherst

0

0

0

0

0

0

 n/a

0.00

0.00

Appomattox

0

0

2

0

0

2

3,170

0.14

0.16

Arlington

19

0

33

0

27

79

1,186

0.38

0.42

Augusta

0

0

1

0

1

2

14,976

0.03

0.03

Bath

0

0

0

0

0

0

 n/a

0.00

0.00

Bedford

0

0

0

0

0

0

 n/a

0.00

0.00

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

0

1

0

2

3

4,668

0.10

0.11

Bristol

0

0

2

0

0

2

4,401

0.10

0.11

Brunswick

0

0

0

0

0

0

 n/a

0.00

0.00

Buchanan

0

0

1

0

0

1

12,108

0.04

0.04

Buckingham

0

0

1

0

0

1

6,719

0.07

0.07

Buena Vista City

0

0

0

0

0

0

 n/a

0.00

0.00

Campbell

0

0

2

0

0

2

11,895

0.04

0.04

Caroline

12

0

22

0

19

53

207

2.18

2.38

Carroll

0

0

0

0

1

1

15,702

0.03

0.03

Charles City

0

0

4

0

0

4

783

0.58

0.63

Charlotte

0

0

1

0

0

1

6,189

0.07

0.08

Charlottesville City

3

0

3

0

0

6

3,057

0.15

0.16

Chesapeake City

59

0

68

0

73

200

406

1.11

1.21

Chesterfield

7

0

96

0

15

118

968

0.47

0.51

Clarke

6

0

3

0

4

13

476

0.95

1.04

Colonial Heights City

0

0

6

0

0

6

1,277

0.35

0.39

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

0

39

0

28

83

212

2.13

2.32

Cumberland

0

0

2

0

1

3

1,471

0.31

0.33

Danville City

4

0

16

0

5

25

930

0.49

0.53

Dickenson

0

0

0

0

0

0

 n/a

0.00

0.00

Dinwiddie

0

0

1

0

1

2

5,405

0.08

0.09

Emporia City

0

0

1

0

0

1

2,618

0.17

0.19

Essex

0

0

0

0

0

0

 n/a

0.00

0.00

Fairfax

341

0

403

0

520

1,264

309

1.46

1.59

Fairfax City

16

0

21

0

24

61

141

3.20

3.49

Falls Church City

0

0

1

0

4

5

941

0.48

0.52

Fauquier

10

0

28

0

22

60

420

1.08

1.17

Floyd

0

0

0

0

0

0

 n/a

0.00

0.00

Fluvanna

1

0

3

0

1

5

2,021

0.22

0.24

Franklin

0

0

2

0

0

2

12,843

0.04

0.04

Franklin City

0

0

5

0

0

5

789

0.57

0.63

Frederick

14

0

41

0

27

82

346

1.30

1.42

Fredericksburg City

3

0

11

0

12

26

370

1.22

1.33

Galax City

0

0

1

0

2

3

1,094

0.41

0.45

Giles

0

0

0

0

0

0

 

0.00

0.00

Gloucester

0

0

16

0

1

17

937

0.48

0.53

Goochland

0

0

3

0

1

4

2,062

0.22

0.24

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

1

0

0

1

17,422

0.03

0.03

Hampton City

308

0

30

0

2

340

175

2.58

2.81

Hanover

10

0

24

0

14

48

771

0.59

0.64

Harrisonburg City

1

0

12

0

1

14

1,088

0.42

0.45

Henrico

47

0

71

0

51

169

737

0.61

0.67

Henry

0

0

2

0

2

4

6,628

0.07

0.07

Highland

0

0

0

0

0

0

 n/a

0.00

0.00

Hopewell City

0

0

5

0

1

6

1,678

0.27

0.29

Isle Of Wight

0

0

7

0

0

7

2,023

0.22

0.24

James City

4

0

16

0

1

21

1,283

0.35

0.38

King And Queen

0

0

1

0

0

1

3,250

0.14

0.15

King George

1

0

12

0

6

19

463

0.98

1.07

King William

0

0

1

0

0

1

6,067

0.07

0.08

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

1

0

0

1

2,414

0.19

0.20

Loudoun

154

0

142

0

243

539

183

2.48

2.70

Louisa

6

0

4

0

15

25

587

0.77

0.84

Lunenburg

0

0

0

0

0

0

 n/a

0.00

0.00

Lynchburg City

1

0

1

0

0

2

14,704

0.03

0.03

Madison

1

0

0

0

0

1

5,901

0.08

0.08

Manassas City

36

0

47

0

105

188

68

6.62

7.22

Manassas Park City

0

0

0

0

0

0

 n/a

0.00

0.00

Martinsville City

0

0

2

0

1

3

2,415

0.19

0.20

Mathews

0

0

1

0

0

1

5,717

0.08

0.09

Mecklenburg

0

0

0

0

1

1

18,486

0.02

0.03

Middlesex

0

0

1

0

0

1

7,033

0.06

0.07

Montgomery

0

0

1

0

0

1

35,439

0.01

0.01

Nelson

0

0

1

0

2

3

3,151

0.14

0.16

New Kent

0

0

4

0

0

4

1,655

0.27

0.30

Newport News City

34

0

69

0

37

140

557

0.81

0.89

Norfolk City

156

0

51

0

47

254

383

1.18

1.29

Northampton

0

0

2

0

0

2

3,694

0.12

0.13

Northumberland

0

0

1

0

0

1

9,075

0.05

0.05

Norton City

0

0

0

0

0

0

 n/a

0.00

0.00

Nottoway

0

0

2

0

0

2

3,361

0.13

0.15

Orange

4

0

20

0

9

33

421

1.07

1.17

Page

0

0

0

0

1

1

11,274

0.04

0.04

Patrick

0

0

0

0

0

0

 n/a

0.00

0.00

Petersburg City

1

0

9

0

4

14

1,136

0.40

0.43

Pittsylvania

0

0

13

0

0

13

2,275

0.20

0.22

Poquoson City

0

0

4

0

0

4

1,158

0.39

0.43

Portsmouth City

29

0

34

0

20

83

514

0.88

0.96

Powhatan

0

0

8

0

0

8

1,175

0.38

0.42

Prince Edward

0

0

0

0

0

0

 n/a

0.00

0.00

Prince George

0

0

1

0

0

1

12,023

0.04

0.04

Prince William

301

0

423

0

649

1,373

95

4.74

5.17

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

0

1

0

0

1

3,624

0.12

0.14

Richmond

0

0

0

0

0

0

 n/a

0.00

0.00

Richmond City

41

0

46

0

67

154

609

0.74

0.81

Roanoke

0

0

3

0

1

4

9,767

0.05

0.05

Roanoke City

0

0

9

0

4

13

3,563

0.13

0.14

Rockbridge

0

0

0

0

1

1

10,700

0.04

0.05

Rockingham

1

0

10

0

6

17

1,800

0.25

0.27

Russell

0

0

0

0

0

0

 n/a

0.00

0.00

Salem

0

0

1

0

0

1

10,701

0.04

0.05

Scott

0

0

0

0

0

0

 n/a

0.00

0.00

Shenandoah

1

0

10

0

1

12

1,592

0.28

0.31

Smyth

3

0

2

0

0

5

3,089

0.15

0.16

Southampton

0

0

3

0

0

3

2,504

0.18

0.20

Spotsylvania

49

0

89

0

79

217

201

2.25

2.46

Stafford

34

0

72

0

73

179

233

1.94

2.11

Staunton City

0

0

1

0

0

1

11,052

0.04

0.04

Suffolk City

0

0

55

0

10

65

486

0.93

1.01

Surry

0

0

3

0

0

3

1,224

0.37

0.40

Sussex

0

0

8

0

0

8

594

0.76

0.83

Tazewell

0

0

0

0

1

1

20,895

0.02

0.02

Virginia Beach City

76

0

77

0

61

214

810

0.56

0.61

Warren

10

0

15

0

32

57

266

1.70

1.86

Washington

0

0

2

0

1

3

8,293

0.05

0.06

Waynesboro City

0

0

2

0

0

2

4,694

0.10

0.11

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

3

0

11

0

8

22

523

0.86

0.94

Wise

0

0

0

0

0

0

 n/a

0.00

0.00

Wythe

0

0

1

0

1

2

6,671

0.07

0.07

York

1

0

1

0

0

2

12,111

0.04

0.04

 

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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