VIRGINIA FORECLOSURE ACTIVITY UP 30 PERCENT IN JANUARY

Foreclosure Activity Up 634 Percent From January 2007

 

IRVINE, Calif. – Feb. 26, 2008 – Virginia reported 5,152 foreclosure filings in January, a 30 percent increase from the previous month, and a 634 percent increase from January 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’s employment growth has slowed, and the wages and salaries of its workforce have also decreased slightly,” said James J. Saccacio, chief executive officer of RealtyTrac. “Not surprisingly, the state is now seeing a marked increase in foreclosure activity, especially compared to the same time last year.”

 

Virginia ranked 13th in the country in total foreclosures reported for January. The state’s foreclosure rate of one foreclosure filing for every 616 households ranked it 14th among the 50 states.

 

Prince William County reports highest foreclosure total

Prince William County led the state in total foreclosure filings for the month, reporting 1,504 filings in January. Fairfax County posted the second highest foreclosure total, reporting 1,330 foreclosure filings. Loudon County registered the third highest foreclosure total, with 388 foreclosure filings.

 

Prince William County posts highest foreclosure rate

Prince William County posted the highest foreclosure rate in Virginia for January, one foreclosure filing for every 84 households — 7.4 times the state average and 6.4 times the national average. Manassas City registered the second highest foreclosure rate, one foreclosure filing for every 211 households — 2.9 times the state average and 2.5 times the national average. Spotsylvania County reported the third highest foreclosure rate, one foreclosure filing for every 212 households — 2.9 times the state average and 2.5 times the national average.

 

State a minor contributor to nation’s total in January

Total foreclosure filings in Virginia accounted for 2 percent of the 223,001 foreclosure filings reported nationwide in January. The national total represents an 8 percent increase from the previous month, and is 57 percent above the total reported for January 2007. The nation’s foreclosure rate increased to one foreclosure filing for every 534 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                     Virginia Foreclosure Market by County – January 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

Households per filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

52,321

60,101

19,662

55,590

45,327

233,001

534

n/a

n/a

Virginia

1,177

3,196

0

0

779

5,152

616

0.87

n/a

 

 

 

 

 

 

 

 

 

 

Accomack

0

0

0

0

0

0

 n/a

0.00

0.00

Albemarle

0

3

0

0

0

3

13,022

0.04

0.05

Alexandria City

0

69

0

0

15

84

814

0.66

0.76

Alleghany

0

0

0

0

0

0

 n/a

0.00

0.00

Amelia

0

3

0

0

0

3

1,690

0.32

0.36

Amherst

0

2

0

0

0

2

6,767

0.08

0.09

Appomattox

0

0

0

0

0

0

 n/a

0.00

0.00

Arlington

40

46

0

0

8

94

985

0.54

0.63

Augusta

0

1

0

0

0

1

29,452

0.02

0.02

Bath

0

0

0

0

0

0

 n/a

0.00

0.00

Bedford

0

7

0

0

0

7

4,240

0.13

0.15

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

2

0

0

0

2

6,873

0.08

0.09

Bristol City

1

4

0

0

0

5

1,745

0.31

0.35

Brunswick

0

0

0

0

0

0

 n/a

0.00

0.00

Buchanan

0

0

0

0

0

0

 n/a

0.00

0.00

Buckingham

0

3

0

0

0

3

2,210

0.24

0.28

Buena Vista City

0

1

0

0

0

1

2,814

0.19

0.22

Campbell

0

0

0

0

0

0

 n/a

0.00

0.00

Caroline

0

43

0

0

0

43

241

2.22

2.56

Carroll

0

0

0

0

0

0

 n/a

0.00

0.00

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

1

0

0

0

1

18,268

0.03

0.03

Chesapeake City

0

19

0

0

5

24

3,304

0.16

0.19

Chesterfield

0

176

0

0

0

176

635

0.84

0.97

Clarke

2

7

0

0

0

9

664

0.80

0.93

Colonial Heights City

0

2

0

0

0

2

3,810

0.14

0.16

Covington City

0

1

0

0

0

1

3,233

0.17

0.19

Craig

0

0

0

0

0

0

 n/a

0.00

0.00

Culpeper

2

32

0

0

19

53

305

1.75

2.02

Cumberland

0

0

0

0

0

0

 n/a

0.00

0.00

Danville City

2

11

0

0

4

17

1,369

0.39

0.45

Dickenson

0

0

0

0

0

0

 n/a

0.00

0.00

Dinwiddie

0

0

0

0

0

0

 n/a

0.00

0.00

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

439

603

0

0

288

1,330

291

1.84

2.12

Fairfax City

0

8

0

0

0

8

1,076

0.50

0.57

Falls Church City

0

4

0

0

0

4

1,174

0.46

0.53

Fauquier

1

35

0

0

19

55

446

1.20

1.38

Floyd

0

0

0

0

0

0

 n/a

0.00

0.00

Fluvanna

0

0

0

0

0

0

 n/a

0.00

0.00

Franklin

0

2

0

0

0

2

12,553

0.04

0.05

Franklin City

0

1

0

0

0

1

3,888

0.14

0.16

Frederick

2

41

0

0

11

54

504

1.06

1.22

Fredericksburg City

0

13

0

0

2

15

616

0.87

1.00

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

0

0

0

0

 n/a

0.00

0.00

Goochland

0

0

0

0

0

0

 n/a

0.00

0.00

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

2

0

0

0

2

2,005

0.27

0.31

Halifax

0

1

0

0

0

1

17,348

0.03

0.04

Hampton City

0

27

0

0

0

27

2,178

0.25

0.28

Hanover

0

25

0

0

0

25

1,458

0.37

0.42

Harrisonburg City

0

1

0

0

0

1

14,871

0.04

0.04

Henrico

0

166

0

0

0

166

739

0.72

0.83

Henry

0

1

0

0

0

1

26,463

0.02

0.02

Highland

0

0

0

0

0

0

 n/a

0.00

0.00

Hopewell City

0

1

0

0

0

1

9,938

0.05

0.06

Isle Of Wight

0

7

0

0

0

7

1,951

0.27

0.32

James City

0

2

0

0

0

2

12,910

0.04

0.05

King And queen

0

1

0

0

0

1

3,197

0.17

0.19

King George

2

15

0

0

4

21

394

1.35

1.56

King William

0

2

0

0

0

2

2,940

0.18

0.21

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

123

216

0

0

49

388

241

2.22

2.56

Louisa

0

0

0

0

0

0

 n/a

0.00

0.00

Lunenburg

0

0

0

0

0

0

 n/a

0.00

0.00

Lynchburg City

0

10

0

0

0

10

2,898

0.18

0.21

Madison

0

2

0

0

0

2

2,896

0.18

0.21

Manassas City

0

60

0

0

0

60

211

2.53

2.91

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

0

0

0

0

 n/a

0.00

0.00

Mecklenburg

0

3

0

0

0

3

6,108

0.09

0.10

Middlesex

0

0

0

0

0

0

 n/a

0.00

0.00

Montgomery

0

4

0

0

0

4

8,780

0.06

0.07

Nelson

0

0

0

0

0

0

 n/a

0.00

0.00

New Kent

0

0

0

0

0

0

 n/a

0.00

0.00

Newport News City

0

17

0

0

0

17

4,554

0.12

0.14

Norfolk City

37

53

0

0

27

117

823

0.65

0.75

Northampton

0

2

0

0

0

2

3,636

0.15

0.17

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

7

18

0

0

7

32

412

1.30

1.49

Page

0

4

0

0

0

4

2,769

0.19

0.22

Patrick

0

0

0

0

0

0

 n/a

0.00

0.00

Petersburg City

0

2

0

0

0

2

7,959

0.07

0.08

Pittsylvania

0

1

0

0

0

1

29,339

0.02

0.02

Poquoson City

0

0

0

0

0

0

 n/a

0.00

0.00

Portsmouth City

0

10

0

0

0

10

4,254

0.13

0.14

Powhatan

0

1

0

0

0

1

9,056

0.06

0.07

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

472

844

0

0

188

1,504

84

6.40

7.37

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

3

0

0

0

3

1,191

0.45

0.52

Richmond

0

2

0

0

0

2

1,847

0.29

0.33

Richmond City

1

152

0

0

0

153

609

0.88

1.01

Roanoke

0

10

0

0

0

10

3,873

0.14

0.16

Roanoke City

0

7

0

0

0

7

6,605

0.08

0.09

Rockbridge

0

1

0

0

0

1

10,514

0.05

0.06

Rockingham

0

4

0

0

0

4

7,467

0.07

0.08

Russell

0

0

0

0

0

0

 n/a

0.00

0.00

Salem

0

2

0

0

0

2

5,325

0.10

0.12

Scott

0

0

0

0

0

0

 n/a

0.00

0.00

Shenandoah

0

8

0

0

0

8

2,323

0.23

0.27

Smyth

0

1

0

0

0

1

15,421

0.03

0.04

Southampton

0

0

0

0

0

0

 n/a

0.00

0.00

Spotsylvania

0

122

0

0

76

198

212

2.52

2.91

Stafford

18

96

0

0

25

139

289

1.85

2.13

Staunton City

0

5

0

0

0

5

2,177

0.25

0.28

Suffolk City

0

22

0

0

6

28

1,091

0.49

0.56

Surry

0

0

0

0

0

0

 n/a

0.00

0.00

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

24

80

0

0

26

130

1,319

0.41

0.47

Warren

4

29

0

0

0

33

448

1.19

1.38

Washington

0

2

0

0

0

2

12,292

0.04

0.05

Waynesboro City

0

0

0

0

0

0

 n/a

0.00

0.00

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

0

9

0

0

0

9

1,258

0.42

0.49

Wise

0

0

0

0

0

0

 

0.00

0.00

Wythe

0

1

0

0

0

1

13,221

0.04

0.05

York

0

2

0

0

0

2

11,947

0.04

0.05

 

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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