VIRGINIA FORECLOSURE ACTIVITY UP 9 PERCENT IN JULY

Foreclosure Activity Up 193 Percent From a Year Ago

 

IRVINE, Calif. – Aug. 29, 2008 – Virginia reported 5,745 properties with foreclosure filings in July, a 9 percent increase from the previous month, and 193 percent above the level reported in July 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.

 

For the second straight month, Virginia‘s unemployment rate matched a five-year high, rising to 4.4 percent in July, but is still well below the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “The growing number of job losses accounts at least partially for the increased number of foreclosure filings we’re seeing in Virginia. Another contributing factor is the home price deflation which is not allowing distressed homeowners a way to sell out from under a foreclosure situation.”

 

Virginia ranked 11th in the country in total foreclosures reported for the month. With one in every 562 households receiving a foreclosure filing, its foreclosure rate ranked 10th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five Virginia counties accounted for 69 percent of all foreclosure activity in the state for July. Fairfax County led the state, reporting 1,731 properties with foreclosure filings. Prince William County documented the second highest foreclosure total, reporting 1,266 properties with foreclosure filings. Loudoun County posted the third highest total, reporting 581 properties with foreclosure filings. Spotsylvania County registered the fourth highest, reporting 209 properties with foreclosure filings. Virginia Beach City came in fifth with 193 properties with foreclosure filings.

 

Manassas City posts top foreclosure rate for July

Manassas City tallied the highest county foreclosure rate in the state in July, with one in every 68 households receiving a foreclosure filing for the month — 8.2 times the state average and 6.8 times the national average. Prince William County posted the state’s second highest foreclosure rate, with one in every 103 households receiving a foreclosure filing during the month — 5.4 times the state average and 4.5 times the national average. Third highest foreclosure rate was tallied in Fairfax City, where one in every 120 households received a foreclosure filing in July — 4.7 times the state average and 3.9 times the national average.

 

State a minor contributor to nation’s foreclosure total in July

Virginia accounted for 2 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents an increase of almost 8 percent from the previous month and is 55 percent ahead of the total reported for July 2007. One in every 464 U.S. households 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 – July 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

United States

55,601

55,042

57,145

27,088

77,295

272,171

464

n/a

n/a

Virginia

1,536

0

2,341

0

1,868

5,745

562

0.83

n/a

 

 

 

 

 

 

 

 

 

Accomack

0

0

2

0

0

2

10,480

0.04

0.05

Albemarle

0

0

1

0

0

1

40,068

0.01

0.01

Alexandria City

19

0

43

0

32

94

743

0.62

0.76

Alleghany

0

0

0

0

0

0

n/a

0.00

0.00

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

11

0

31

0

27

69

1,358

0.34

0.41

Augusta

0

0

0

0

0

0

n/a

0.00

0.00

Bath

0

0

0

0

0

0

n/a

0.00

0.00

Bedford

0

0

1

0

0

1

30,375

0.02

0.02

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

4

0

0

4

3,501

0.13

0.16

Bristol

0

0

0

0

0

0

n/a

0.00

0.00

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

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

1

1

23,789

0.02

0.02

Caroline

2

0

23

0

13

38

289

1.61

1.95

Carroll

0

0

0

0

1

1

15,702

0.03

0.04

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

0

0

44

0

33

77

1,055

0.44

0.53

Chesterfield

2

0

92

0

7

101

1,131

0.41

0.50

Clarke

1

0

4

0

0

5

1,237

0.38

0.45

Colonial Heights City

0

0

5

0

0

5

1,532

0.30

0.37

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

6

0

33

0

36

75

235

1.98

2.40

Cumberland

0

0

3

0

0

3

1,471

0.32

0.38

Danville City

1

0

15

0

12

28

831

0.56

0.68

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

719

0

492

0

520

1,731

226

2.06

2.49

Fairfax City

24

0

26

0

22

72

120

3.88

4.70

Falls Church City

4

0

10

0

4

18

262

1.77

2.15

Fauquier

14

0

28

0

14

56

450

1.03

1.25

Floyd

0

0

2

0

0

2

3,674

0.13

0.15

Fluvanna

0

0

0

0

0

0

n/a

0.00

0.00

Franklin

0

0

1

0

1

2

12,843

0.04

0.04

Franklin City

0

0

0

0

0

0

n/a

0.00

0.00

Frederick

9

0

46

0

27

82

346

1.34

1.62

Fredericksburg City

2

0

7

0

3

12

802

0.58

0.70

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

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

0

0

5

0

13

18

3,310

0.14

0.17

Hanover

3

0

28

0

9

40

926

0.50

0.61

Harrisonburg City

0

0

1

0

0

1

15,230

0.03

0.04

Henrico

10

0

63

0

7

80

1,557

0.30

0.36

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

5

0

0

5

2,014

0.23

0.28

Isle Of Wight

0

0

0

0

0

0

n/a

0.00

0.00

James City

0

0

1

0

1

2

13,475

0.03

0.04

King And Queen

0

0

1

0

0

1

3,250

0.14

0.17

King George

1

0

6

0

4

11

799

0.58

0.70

King William

0

0

0

0

0

0

n/a

0.00

0.00

Lancaster

0

0

2

0

0

2

3,539

0.13

0.16

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

226

0

179

0

176

581

169

2.74

3.32

Louisa

2

0

3

0

1

6

2,448

0.19

0.23

Lunenburg

0

0

0

0

0

0

n/a

0.00

0.00

Lynchburg City

0

0

1

0

1

2

14,704

0.03

0.04

Madison

0

0

0

0

2

2

2,951

0.16

0.19

Manassas City

27

0

90

0

71

188

68

6.80

8.24

Manassas Park City

0

0

0

0

0

0

n/a

0.00

0.00

Martinsville City

0

0

1

0

0

1

7,245

0.06

0.08

Mathews

0

0

0

0

0

0

n/a

0.00

0.00

Mecklenburg

0

0

1

0

0

1

18,486

0.03

0.03

Middlesex

0

0

0

0

0

0

n/a

0.00

0.00

Montgomery

0

0

0

0

1

1

35,439

0.01

0.02

Nelson

0

0

1

0

0

1

9,452

0.05

0.06

New Kent

0

0

1

0

0

1

6,618

0.07

0.08

Newport News City

0

0

10

0

31

41

1,901

0.24

0.30

Norfolk City

0

0

66

0

52

118

824

0.56

0.68

Northampton

0

0

0

0

0

0

n/a

0.00

0.00

Northumberland

0

0

1

0

0

1

9,075

0.05

0.06

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

4

0

14

0

12

30

463

1.00

1.22

Page

0

0

1

0

0

1

11,274

0.04

0.05

Patrick

0

0

0

0

1

1

10,334

0.04

0.05

Petersburg City

0

0

10

0

3

13

1,224

0.38

0.46

Pittsylvania

0

0

4

0

2

6

4,929

0.09

0.11

Poquoson City

0

0

0

0

0

0

n/a

0.00

0.00

Portsmouth City

0

0

20

0

2

22

1,940

0.24

0.29

Powhatan

0

0

1

0

0

1

9,400

0.05

0.06

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

0.05

Prince William

274

0

505

0

487

1,266

103

4.49

5.44

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

0.13

0.16

Richmond

0

0

0

0

0

0

n/a

0.00

0.00

Richmond City

57

0

46

0

28

131

716

0.65

0.79

Roanoke

0

0

1

0

1

2

19,534

0.02

0.03

Roanoke City

0

0

2

0

1

3

15,440

0.03

0.04

Rockbridge

0

0

0

0

0

0

n/a

0.00

0.00

Rockingham

0

0

1

0

0

1

30,595

0.02

0.02

Russell

0

0

1

0

0

1

13,639

0.03

0.04

Salem

0

0

2

0

0

2

5,351

0.09

0.11

Scott

0

0

0

0

0

0

n/a

0.00

0.00

Shenandoah

0

0

6

0

1

7

2,729

0.17

0.21

Smyth

0

0

1

0

0

1

15,445

0.03

0.04

Southampton

0

0

1

0

0

1

7,512

0.06

0.07

Spotsylvania

31

0

83

0

95

209

208

2.23

2.70

Stafford

22

0

94

0

57

173

242

1.92

2.33

Staunton City

0

0

0

0

0

0

n/a

0.00

0.00

Suffolk City

0

0

16

0

5

21

1,503

0.31

0.37

Surry

0

0

0

0

0

0

n/a

0.00

0.00

Sussex

0

0

1

0

0

1

4,751

0.10

0.12

Tazewell

0

0

0

0

0

0

n/a

0.00

0.00

Virginia Beach City

58

0

98

0

37

193

898

0.52

0.63

Warren

1

0

27

0

0

28

541

0.86

1.04

Washington

0

0

2

0

1

3

8,293

0.06

0.07

Waynesboro City

0

0

1

0

0

1

9,387

0.05

0.06

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

6

0

17

0

10

33

349

1.33

1.61

Wise

0

0

0

0

1

1

18,243

0.03

0.03

Wythe

0

0

1

0

0

1

13,342

0.03

0.04

York

0

0

2

0

2

4

6,055

0.08

0.09

 

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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