VIRGINIA FORECLOSURE ACTIVITY UP 30 PERCENT IN OCTOBER

Foreclosure Activity Up 443 Percent From October 2006

 

IRVINE, Calif. – Nov. 26, 2007 – Virginia reported 2,518 foreclosure filings in October, a 30 percent increase from the previous month, and a 443 percent increase from October 2006, 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 20th in the country in total foreclosures reported for October. The state’s foreclosure rate of one foreclosure filing for every 1,261 households ranked it 29th among the 50 states.

 

Prince William County leads state in foreclosure activity

Prince William County led the state with 527 foreclosure filings for the month. Fairfax County reported the second highest foreclosure total, with 425 foreclosure filings. Loudon County posted the third highest foreclosure total, with 392 foreclosure filings. Virginia Beach City County had the fourth highest foreclosure total, with 198 foreclosure filings entering some part of the foreclosure pipeline.

 

Manassas City County posts highest foreclosure rate

Manassas City County tallied the highest foreclosure rate in Virginia for October, with one foreclosure filing for every 205 households — 6.2 times the state average and 2.7 times the national average. Loudon County registered the second highest foreclosure rate, with one foreclosure filing for every 238 households — 5.3 times the state average and 2.3 times the national average. Prince William County posted the third highest foreclosure rate, with one foreclosure filing for every 238 households — 5.3 times the state average and 2.3 times the national average.

 

State makes minor contribution to national total

Total foreclosure filings in Virginia accounted for 1 percent of the 224,451 foreclosure filings reported nationwide in October. The national total represents a 2 percent increase from the previous month, and is 94 percent above the total reported for October 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 555 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 – October 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

41,404

58,597

22,485

48,356

53,609

224,451

555

n/a

n/a

Virginia

201

1,727

0

0

590

2,518

1,261

0.44

n/a

 

 

 

 

 

 

 

 

 

 

Accomack

0

0

0

0

0

0

n/a 

0.00

0.00

Albemarle

0

1

0

0

0

1

39,065

0.01

0.03

Alexandria City

0

11

0

0

19

30

2,280

0.24

0.55

Alleghany

0

0

0

0

0

0

n/a  

0.00

0.00

Amelia

0

1

0

0

0

1

5,069

0.11

0.25

Amherst

0

1

0

0

0

1

13,533

0.04

0.09

Appomattox

0

0

0

0

0

0

n/a  

0.00

0.00

Arlington

0

25

0

0

13

38

2,437

0.23

0.52

Augusta

0

0

0

0

2

2

14,726

0.04

0.09

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

0

0

0

0

n/a 

0.00

0.00

Bristol

0

4

0

0

1

5

1,745

0.32

0.72

Brunswick

0

0

0

0

1

1

7,785

0.07

0.16

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

2

0

0

1

3

3,456

0.16

0.36

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

0

0

0

0

0

n/a 

0.00

0.00

Chesapeake City

1

15

0

0

6

22

3,604

0.15

0.35

Chesterfield

0

18

0

0

5

23

4,859

0.11

0.26

Clarke

0

2

0

0

1

3

1,993

0.28

0.63

Colonial Heights City

0

1

0

0

0

1

7,619

0.07

0.17

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

0

14

0

0

9

23

702

0.79

1.80

Cumberland

0

1

0

0

0

1

4,355

0.13

0.29

Danville City

8

0

0

0

18

26

895

0.62

1.41

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

0

370

0

0

55

425

910

0.61

1.39

Fairfax City

0

16

0

0

2

18

478

1.16

2.64

Falls Church City

0

5

0

0

1

6

782

0.71

1.61

Fauquier

0

21

0

0

7

28

876

0.63

1.44

Floyd

0

1

0

0

0

1

7,260

0.08

0.17

Fluvanna

0

1

0

0

0

1

9,876

0.06

0.13

Franklin

0

3

0

0

0

3

8,369

0.07

0.15

Franklin City

0

0

0

0

0

0

n/a  

0.00

0.00

Frederick

8

43

0

0

7

58

469

1.18

2.69

Fredericksburg City

0

4

0

0

1

5

1,847

0.30

0.68

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

1

0

0

0

1

15,663

0.04

0.08

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

0.28

0.63

Halifax

0

2

0

0

1

3

5,783

0.10

0.22

Hampton City

0

17

0

0

2

19

3,095

0.18

0.41

Hanover

0

1

0

0

1

2

18,230

0.03

0.07

Harrisonburg City

0

1

0

0

0

1

14,871

0.04

0.08

Henrico

0

15

0

0

7

22

5,579

0.10

0.23

Henry

0

2

0

0

2

4

6,616

0.08

0.19

Highland

0

0

0

0

0

0

n/a  

0.00

0.00

Hopewell City

0

6

0

0

0

6

1,656

0.33

0.76

Isle Of Wright

0

2

0

0

2

4

3,415

0.16

0.37

James City

0

3

0

0

0

3

8,607

0.06

0.15

King And Queen

0

0

0

0

0

0

n/a  

0.00

0.00

King George

0

4

0

0

2

6

1,381

0.40

0.91

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

41

268

0

0

83

392

238

2.33

5.29

Louisa

0

0

0

0

1

1

13,994

0.04

0.09

Lunenburg

0

1

0

0

2

3

1,954

0.28

0.65

Lynchburg City

0

0

0

0

1

1

28,981

0.02

0.04

Madison

0

0

0

0

0

0

n/a  

0.00

0.00

Manassas City

0

56

0

0

6

62

205

2.71

6.16

Manassas Park City

0

1

0

0

0

1

4,175

0.13

0.30

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

0

0

0

0

0

n/a 

0.00

0.00

Middlesex

0

0

0

0

0

0

n/a 

0.00

0.00

Montgomery

0

1

0

0

1

2

17,560

0.03

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

16

0

0

4

20

n/a 

 

 

Norfolk City

51

62

0

0

25

138

698

0.80

1.81

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

0

0

0

0

n/a 

0.00

0.00

Orange

3

20

0

0

7

30

440

1.26

2.87

Page

0

1

0

0

0

1

11,075

0.05

0.11

Patrick

0

1

0

0

0

1

10,252

0.05

0.12

Petersburg City

0

2

0

0

2

4

3,979

0.14

0.32

Pittsylvania

0

0

0

0

0

0

n/a 

0.00

0.00

Poquoson City

0

0

0

0

0

0

n/a 

0.00

0.00

Portsmouth City

0

10

0

0

4

14

3,038

0.18

0.41

Powhatan

0

0

0

0

0

0

n/a  

0.00

0.00

Prince Edward

0

1

0

0

1

2

4,093

0.14

0.31

Prince George

0

0

0

0

0

0

n/a  

0.00

0.00

Prince William

0

325

0

0

202

527

238

2.33

5.29

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

1

0

0

0

1

3,572

0.16

0.35

Richmond

0

2

0

0

0

2

1,847

0.30

0.68

Richmond City

0

25

0

0

4

29

3,214

0.17

0.39

Roanoke

0

3

0

0

3

6

6,455

0.09

0.20

Roanoke City

0

4

0

0

0

4

11,559

0.05

0.11

Rockbridge

0

0

0

0

0

0

 

0.00

0.00

Rockingham

0

4

0

0

0

4

7,467

0.07

0.17

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

1

0

0

0

1

18,584

0.03

0.07

Smyth

0

1

0

0

0

1

15,421

0.04

0.08

Southampton

0

0

0

0

1

1

7,424

0.07

0.17

Spotsylvania

0

66

0

0

35

101

415

1.34

3.04

Stafford

20

91

0

0

23

134

300

1.85

4.20

Staunton City

0

1

0

0

0

1

10,883

0.05

0.12

Suffolk City

0

10

0

0

2

12

2,546

0.22

0.50

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

3

0

0

1

4

5,211

0.11

0.24

Virginia Beach City

69

119

0

0

10

198

866

0.64

1.46

Warren

0

4

0

0

2

6

2,462

0.23

0.51

Washington

0

5

0

0

0

5

4,917

0.11

0.26

Waynesboro City

0

0

0

0

0

0

n/a  

0.00

0.00

Westmoreland

0

2

0

0

1

3

3,370

0.16

0.37

Williamsburg City

0

0

0

0

0

0

n/a  

0.00

0.00

Winchester City

0

0

0

0

2

2

5,660

0.10

0.22

Wise

0

0

0

0

1

1

18,208

0.03

0.07

Wythe

0

1

0

0

0

1

13,221

0.04

0.10

York

0

3

0

0

0

3

7,965

0.07

0.16

 

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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