VIRGINIA FORECLOSURE ACTIVITY UP 201 PERCENT IN 2008

More than 49,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 49,011 Virginia properties in 2008, an increase of 201 percent from 2007 and an increase of 1,747 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 1.52 percent of all Virginia housing units received at least one foreclosure filing during the year, up from 0.51 percent in 2007.

 

Virginia reported 7,245 properties with foreclosure filings in December, a 27 percent increase from the previous month and an 83 percent increase over December 2007.

 

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 in Virginia more than tripled in 2008 compared the year prior, despite the state’s ability to keep unemployment below the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “Rising unemployment in Virginia could increase foreclosure activity in 2009, especially considering Virginia’s current jobless rate of 4.6 percent is expected to exceed six percent in 2009.”

 

Fairfax County reports highest total of foreclosure filings

Fairfax County led the state reporting 11,933 properties with foreclosure filings for the year. Price William County came in second, reporting 100,188 properties with foreclosure filings. Loudon County registered the third highest total, reporting 3,803 properties with foreclosure filings. Tazewell County posted the fourth highest foreclosure total, reporting 1,932 properties with foreclosure filings. Stafford County came in fifth, documenting 1,587 properties with foreclosure filings.

 

Manassas City County posts top foreclosure rate

Manassas City County topped the list, with 11.1 percent of its housing units receiving at least one foreclosure filing during the year. Price William County came in second, with 7.79 percent of its housing units receiving at least one foreclosure filing. Fairfax City County documented the third highest foreclosure rate, where 5.9 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Loudon County (3.87 percent) and Stafford County (3.80 percent).

 

State a contributor to nation’s foreclosure total for 2008

Virginia accounted for 2 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

Virginia

49,011

1.52

200.55

 

 

 

 

 

87

Accomack

20

0.10

900.00

73

Albemarle

57

0.14

850.00

28

Alexandria City

633

0.91

272.35

110

Alleghany

4

0.05

 n/a

57

Amelia

13

0.25

160.00

114

Amherst

6

0.04

0.00

84

Appomattox

7

0.11

600.00

33

Arlington

751

0.80

226.52

104

Augusta

18

0.06

350.00

125

Bath

0

0.00

 n/a

96

Bedford

24

0.08

380.00

63

Bedford City

6

0.22

500.00

125

Bland

0

0.00

 n/a

68

Botetourt

24

0.17

1,100.00

77

Bristol City

12

0.14

-40.00

107

Brunswick

4

0.05

 n/a

122

Buchanan

2

0.02

 n/a

85

Buckingham

7

0.10

 n/a

74

Buena Vista city

4

0.14

300.00

116

Campbell

9

0.04

80.00

9

Caroline

326

2.97

229.29

113

Carroll

7

0.04

600.00

41

Charles City

15

0.48

1,400.00

93

Charlotte

5

0.08

400.00

67

Charlottesville City

33

0.18

135.71

26

Chesapeake City

874

1.08

355.21

22

Chesterfield

1,418

1.24

642.41

19

Clarke

81

1.31

478.57

29

Colonial Heights City

69

0.90

1,280.00

117

Covington City

1

0.03

0.00

100

Craig

2

0.07

 n/a

6

Culpeper

645

3.66

146.18

65

Cumberland

9

0.20

800.00

21

Danville City

290

1.25

83.54

125

Dickenson

0

0.00

 n/a

81

Dinwiddie

13

0.12

550.00

52

Emporia City

8

0.31

166.67

106

Essex

3

0.05

200.00

8

Fairfax

11,933

3.05

287.94

3

Fairfax City

509

5.90

409.00

15

Falls Church City

90

1.91

500.00

14

Fauquier

545

2.16

157.08

92

Floyd

6

0.08

500.00

79

Fluvanna

13

0.13

333.33

109

Franklin

13

0.05

160.00

43

Franklin City

18

0.46

350.00

10

Frederick

771

2.71

98.71

18

Fredericksburg City

153

1.59

200.00

50

Galax City

11

0.34

 n/a

89

Giles

7

0.09

250.00

46

Gloucester

63

0.40

800.00

53

Goochland

25

0.30

1,150.00

125

Grayson

0

0.00

-100.00

83

Greene

8

0.11

700.00

125

Greensville

0

0.00

 n/a

94

Halifax

14

0.08

250.00

27

Hampton City

592

0.99

523.16

35

Hanover

273

0.74

333.33

54

Harrisonburg City

45

0.30

4,400.00

30

Henrico

1,049

0.84

379.00

111

Henry

13

0.05

160.00

125

Highland

0

0.00

 n/a

48

Hopewell City

39

0.39

62.50

49

Isle Of Wight

49

0.35

145.00

34

James City

202

0.75

861.90

40

King And queen

16

0.49

 n/a

16

King George

151

1.72

228.26

60

King William

14

0.23

133.33

82

Lancaster

8

0.11

700.00

125

Lee

0

0.00

 n/a

91

Lexington City

2

0.08

 n/a

4

Loudoun

3,803

3.87

82.75

38

Louisa

89

0.61

888.89

108

Lunenburg

3

0.05

200.00

80

Lynchburg City

36

0.12

140.00

47

Madison

23

0.39

475.00

1

Manassas City

1,424

11.10

151.15

125

Manassas Park City

0

0.00

 n/a

56

Martinsville City

19

0.26

533.33

88

Mathews

5

0.09

 n/a

98

Mecklenburg

14

0.08

 n/a

101

Middlesex

5

0.07

 n/a

105

Montgomery

21

0.06

250.00

90

Nelson

8

0.08

166.67

39

New Kent

33

0.50

725.00

31

Newport News City

647

0.83

718.99

23

Norfolk City

1,094

1.13

94.66

71

Northampton

11

0.15

1,000.00

118

Northumberland

2

0.02

100.00

125

Norton City

0

0.00

 n/a

58

Nottoway

16

0.24

 n/a

12

Orange

326

2.35

103.75

64

Page

24

0.21

700.00

112

Patrick

5

0.05

 n/a

37

Petersburg City

106

0.67

404.76

62

Pittsylvania

65

0.22

1,525.00

51

Poquoson City

15

0.32

 n/a

20

Portsmouth City

553

1.30

312.69

42

Powhatan

44

0.47

1,000.00

66

Prince Edward

15

0.18

 n/a

99

Prince George

9

0.07

350.00

2

Prince William

10,188

7.79

148.49

103

Pulaski

11

0.06

266.67

123

Radford

1

0.02

 n/a

36

Rappahannock

26

0.72

420.00

95

Richmond

3

0.08

 n/a

17

Richmond City

1,586

1.69

517.12

69

Roanoke

62

0.16

106.67

45

Roanoke City

184

0.40

397.30

120

Rockbridge

2

0.02

 n/a

59

Rockingham

72

0.24

2,300.00

124

Russell

2

0.01

 n/a

70

Salem

16

0.15

77.78

121

Scott

2

0.02

 n/a

32

Shenandoah

157

0.82

613.64

86

Smyth

16

0.10

 n/a

61

Southampton

17

0.23

750.00

7

Spotsylvania

1,576

3.62

150.96

5

Stafford

1,587

3.80

113.02

78

Staunton City

15

0.14

275.00

24

Suffolk City

355

1.12

238.10

44

Surry

15

0.41

1,400.00

55

Sussex

13

0.27

550.00

115

Tazewell

8

0.04

 n/a

25

Virginia Beach City

1,932

1.11

127.29

11

Warren

370

2.44

2,983.33

97

Washington

19

0.08

35.71

75

Waynesboro City

13

0.14

225.00

76

Westmoreland

14

0.14

600.00

125

Williamsburg City

0

0.00

 n/a

13

Winchester City

253

2.20

1,388.24

119

Wise

4

0.02

0.00

102

Wythe

9

0.07

800.00

72

York

36

0.15

300.00

 

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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