VIRGINIA FORECLOSURE ACTIVITY UP 20 PERCENT IN SEPTEMBER

Statewide Filings Up 230 Percent From September 2007

 

IRVINE, Calif. – Oct. 27, 2008 – Foreclosure filings were reported on 6,397 Virginia properties in September, an increase of 20 percent from the previous month, and 230 percent above the level reported for September 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.

 

Foreclosures continue to mount in Virginia, especially in Prince William and Fairfax counties,” said James J. Saccacio, chief executive officer of RealtyTrac. Virginia’s unemployment rate in September was 4.2 percent, up 1.2 percentage points from a year ago. The state’s growing jobless rate could be fueling the rising foreclosure numbers we’re now seeing.”

 

One in every 505 Virginia households received a foreclosure filing during the month, ranking the state 11th among the 50 states in terms of foreclosure rate.

 

Prince William County leads state in foreclosure activity for September

Prince William County led the state, reporting 1,491 properties with foreclosure filings in September. Fairfax County posted the second highest foreclosure total, reporting 1,440 properties with foreclosure filings. Loudoun County registered the third highest total, reporting 490 properties with foreclosure filings. Virginia Beach City County came in fourth place, documenting 256 properties with foreclosure filings. Stafford County came in fifth, reporting 214 properties with foreclosure filings during the month.

 

Manassas City County reports highest foreclosure rate for September

Manassas City County posted the top county foreclosure rate in Virginia for the month, with one in every 69 households receiving a foreclosure filing during the month — 7.3 times the state average and 6.9 times the national average. Prince William County posted the second highest foreclosure rate, with one in every 88 households receiving a foreclosure filing — 5.8 times the state average and 5.4 times the national average. Third highest rate was in Fairfax City County, where one in every 112 households received a foreclosure filing — 4.5 times the state average and 4.2 times the national average.

 

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

Virginia accounted for 2 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 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 – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

Virginia

1,784

0

2,347

0

2,266

6,397

505

0.94

n/a

 

 

 

 

 

 

 

 

 

 

Accomack

0

0

1

0

0

1

20,959

0.02

0.02

Albemarle

4

0

2

0

0

6

6,678

0.07

0.08

Alexandria City

16

0

28

0

30

74

944

0.50

0.53

Alleghany

0

0

1

0

0

1

8,038

0.06

0.06

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

23

0

24

0

35

82

1,142

0.42

0.44

Augusta

0

0

1

0

0

1

29,952

0.02

0.02

Bath

0

0

0

0

0

0

n/a

0.00

0.00

Bedford

0

0

0

0

1

1

30,375

0.02

0.02

Bedford City

0

0

1

0

0

1

2,751

0.17

0.18

Bland

0

0

0

0

0

0

n/a

0.00

0.00

Botetourt

0

0

0

0

0

0

n/a

0.00

0.00

Bristol

0

0

1

0

0

1

8,802

0.05

0.06

Brunswick

0

0

1

0

0

1

7,819

0.06

0.06

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

10

0

17

0

24

51

215

2.20

2.34

Carroll

0

0

0

0

0

0

n/a

0.00

0.00

Charles City

0

0

2

0

0

2

1,566

0.30

0.32

Charlotte

0

0

1

0

0

1

6,189

0.08

0.08

Charlottesville City

0

0

2

0

0

2

9,172

0.05

0.06

Chesapeake City

60

0

68

0

31

159

511

0.93

0.99

Chesterfield

10

0

86

0

16

112

1,020

0.47

0.49

Clarke

4

0

1

0

0

5

1,237

0.38

0.41

Colonial Heights City

0

0

10

0

0

10

766

0.62

0.66

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

19

0

40

0

34

93

189

2.51

2.67

Cumberland

0

0

0

0

0

0

n/a

0.00

0.00

Danville City

8

0

10

0

9

27

861

0.55

0.59

Dickenson

0

0

0

0

0

0

n/a

0.00

0.00

Dinwiddie

0

0

1

0

0

1

10,809

0.04

0.05

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

414

0

491

0

535

1,440

271

1.75

1.86

Fairfax City

18

0

25

0

34

77

112

4.24

4.51

Falls Church City

1

0

5

0

5

11

428

1.11

1.18

Fauquier

9

0

34

0

25

68

370

1.28

1.36

Floyd

0

0

1

0

0

1

7,348

0.06

0.07

Fluvanna

0

0

2

0

0

2

5,054

0.09

0.10

Franklin

0

0

2

0

0

2

12,843

0.04

0.04

Franklin City

0

0

4

0

0

4

986

0.48

0.51

Frederick

17

0

46

0

34

97

293

1.62

1.72

Fredericksburg City

5

0

11

0

10

26

370

1.28

1.37

Galax City

0

0

2

0

0

2

1,641

0.29

0.31

Giles

0

0

2

0

0

2

4,059

0.12

0.12

Gloucester

1

0

16

0

0

17

937

0.51

0.54

Goochland

0

0

5

0

0

5

1,649

0.29

0.31

Grayson

0

0

0

0

0

0

n/a

0.00

0.00

Greene

0

0

1

0

0

1

7,161

0.07

0.07

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

45

0

0

45

1,324

0.36

0.38

Hanover

10

0

14

0

6

30

1,234

0.38

0.41

Harrisonburg City

0

0

2

0

0

2

7,615

0.06

0.07

Henrico

33

0

59

0

35

127

981

0.48

0.51

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

1

0

1

2

5,034

0.09

0.10

Isle Of Wight

0

0

5

0

1

6

2,360

0.20

0.21

James City

100

0

16

0

0

116

232

2.04

2.17

King And Queen

0

0

6

0

0

6

542

0.88

0.93

King George

11

0

11

0

7

29

303

1.57

1.67

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

0

0

0

0

0

n/a

0.00

0.00

Loudoun

170

0

156

0

164

490

201

2.37

2.52

Louisa

1

0

2

0

5

8

1,836

0.26

0.28

Lunenburg

0

0

0

0

0

0

n/a

0.00

0.00

Lynchburg City

0

0

2

0

2

4

7,352

0.06

0.07

Madison

3

0

0

0

2

5

1,180

0.40

0.43

Manassas City

51

0

61

0

74

186

69

6.89

7.32

Manassas Park City

0

0

0

0

0

0

n/a

0.00

0.00

Martinsville City

0

0

0

0

0

0

n/a

0.00

0.00

Mathews

0

0

1

0

0

1

5,717

0.08

0.09

Mecklenburg

0

0

1

0

0

1

18,486

0.03

0.03

Middlesex

0

0

1

0

0

1

7,033

0.07

0.07

Montgomery

0

0

3

0

0

3

11,813

0.04

0.04

Nelson

0

0

2

0

0

2

4,726

0.10

0.11

New Kent

3

0

4

0

0

7

945

0.50

0.53

Newport News City

14

0

67

0

27

108

722

0.66

0.70

Norfolk City

56

0

62

0

80

198

491

0.97

1.03

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

2

0

0

2

3,361

0.14

0.15

Orange

14

0

19

0

18

51

272

1.75

1.86

Page

0

0

3

0

0

3

3,758

0.13

0.13

Patrick

0

0

0

0

0

0

n/a

0.00

0.00

Petersburg City

1

0

5

0

0

6

2,651

0.18

0.19

Pittsylvania

0

0

6

0

0

6

4,929

0.10

0.10

Poquoson City

0

0

0

0

0

0

n/a

0.00

0.00

Portsmouth City

42

0

32

0

31

105

406

1.17

1.24

Powhatan

0

0

8

0

0

8

1,175

0.40

0.43

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

396

0

412

0

683

1,491

88

5.41

5.75

Pulaski

0

0

2

0

0

2

8,522

0.06

0.06

Radford

0

0

0

0

0

0

n/a

0.00

0.00

Rappahannock

1

0

2

0

0

3

1,208

0.39

0.42

Richmond

0

0

0

0

0

0

n/a

0.00

0.00

Richmond City

37

0

36

0

29

102

920

0.52

0.55

Roanoke

0

0

4

0

0

4

9,767

0.05

0.05

Roanoke City

0

0

4

0

0

4

11,580

0.04

0.04

Rockbridge

0

0

0

0

0

0

n/a

0.00

0.00

Rockingham

3

0

8

0

4

15

2,040

0.23

0.25

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

26

0

2

28

682

0.70

0.74

Smyth

3

0

0

0

0

3

5,148

0.09

0.10

Southampton

0

0

5

0

0

5

1,502

0.32

0.34

Spotsylvania

42

0

58

0

57

157

277

1.71

1.82

Stafford

63

0

59

0

92

214

195

2.43

2.59

Staunton City

0

0

2

0

0

2

5,526

0.09

0.09

Suffolk City

1

0

49

0

5

55

574

0.83

0.88

Surry

0

0

3

0

0

3

1,224

0.39

0.41

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

93

0

81

0

82

256

677

0.70

0.75

Warren

12

0

23

0

22

57

266

1.79

1.90

Washington

0

0

2

0

1

3

8,293

0.06

0.06

Waynesboro City

0

0

1

0

1

2

4,694

0.10

0.11

Westmoreland

0

0

1

0

0

1

10,241

0.05

0.05

Williamsburg City

0

0

0

0

0

0

n/a

0.00

0.00

Winchester City

5

0

16

0

12

33

349

1.36

1.45

Wise

0

0

1

0

0

1

18,243

0.03

0.03

Wythe

0

0

1

0

0

1

13,342

0.04

0.04

York

0

0

10

0

0

10

2,422

0.20

0.21

 

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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