VIRGINIA FORECLOSURE ACTIVITY UP 9 PERCENT IN JUNE

IRVINE, Calif. – July 28, 2008 – Virginia reported 5,255 properties with foreclosure filings in June, a 9 percent increase from the previous month, and a 204 percent increase from June 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 June, Virginia gave back all of the decline in foreclosure activity it reported in May, keeping the state’s total well above where it was at this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “A number of factors are at play here. Unemployment is well below the national average. However, home prices are declining and the costs of living are increasing across the board, making it difficult for distressed homeowners to sell their way out of foreclosure.”

 

Virginia ranked 11th in the country in total foreclosures reported for the month. With one in every 615 households receiving a foreclosure filing, its foreclosure rate ranked 11th among the 50 states.

 

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

Five Virginia counties accounted for 70 percent of all foreclosure activity in the state for June. Prince William County tallied the highest foreclosure total, reporting 1,523 properties with foreclosure filings for the month. Fairfax County documented the second highest foreclosure total, reporting 1,251 properties with foreclosure filings. Loudoun County reported the third highest foreclosure total, reporting 495 properties with foreclosure filings. Spotsylvania County registered the fourth highest foreclosure total, reporting 208 properties with foreclosure filings were reported. Stafford County came in fifth, reporting 206 properties with foreclosure filings.

 

Prince William County posts top foreclosure rate for June

Prince William County tallied the highest county foreclosure rate in the state in June, with one in every 86 households receiving a foreclosure filing for the month — 7.2 times the state average and 5.8 times the national average. Loudoun County posted the state’s second highest foreclosure rate, with one in every 199 households receiving a foreclosure filing during the month — 3.1 times the state average and 2.5 times the national average. Third highest rate was posted in Stafford County, where one in every 203 households received a foreclosure filing in June — three times the state average and 2.5 times the national average.

 

State a significant contributor to nation’s foreclosure total in June

Virginia accounted for 2 percent of the 252,363 properties with foreclosure filings reported nationwide in June. The national total represents a decrease of more than 3 percent from the previous month but is still 53 percent ahead of the total reported for June 2007. One in every 501 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 – June 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

53,544

48,996

53,904

24,356

71,563

252,363

501

n/a

n/a

Virginia

1,033

0

2,695

0

1,527

5,255

615

0.81

n/a

 

 

 

 

 

 

 

 

 

 

Accomack

0

0

4

0

0

4

5,240

0.10

0.12

Albemarle

0

0

1

0

2

3

13,356

0.04

0.05

Alexandria City

14

0

32

0

27

73

957

0.52

0.64

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

1

0

0

1

13,635

0.04

0.05

Appomattox

0

0

0

0

0

0

  n/a

0.00

0.00

Arlington

27

0

28

0

20

75

1,249

0.40

0.49

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

3

0

1

4

7,594

0.07

0.08

Bedford City

0

0

1

0

0

1

2,751

0.18

0.22

Bland

0

0

0

0

0

0

  n/a

0.00

0.00

Botetourt

0

0

3

0

0

3

4,668

0.11

0.13

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

1

0

0

1

2,823

0.18

0.22

Campbell

0

0

2

0

1

3

7,930

0.06

0.08

Caroline

3

0

17

0

2

22

499

1.00

1.23

Carroll

0

0

0

0

0

0

  n/a

0.00

0.00

Charles City

0

0

1

0

0

1

3,131

0.16

0.20

Charlotte

0

0

0

0

0

0

  n/a

0.00

0.00

Charlottesville City

0

0

4

0

0

4

4,586

0.11

0.13

Chesapeake City

0

0

20

0

41

61

1,332

0.38

0.46

Chesterfield

0

0

92

0

6

98

1,166

0.43

0.53

Clarke

3

0

3

0

1

7

884

0.57

0.70

Colonial Heights City

0

0

0

0

0

0

 n/a

0.00

0.00

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

7

0

38

0

23

68

259

1.93

2.37

Cumberland

0

0

0

0

0

0

  n/a

0.00

0.00

Danville City

4

0

20

0

11

35

664

0.75

0.93

Dickenson

0

0

0

0

0

0

  n/a

0.00

0.00

Dinwiddie

0

0

1

0

1

2

5,405

0.09

0.11

Emporia City

0

0

0

0

0

0

  n/a

0.00

0.00

Essex

0

0

0

0

1

1

5,512

0.09

0.11

Fairfax

173

0

637

0

441

1,251

312

1.60

1.97

Fairfax City

0

0

3

0

1

4

2,155

0.23

0.29

Falls Church City

0

0

0

0

0

0

  n/a

0.00

0.00

Fauquier

19

0

35

0

30

84

300

1.67

2.05

Floyd

0

0

0

0

1

1

7,348

0.07

0.08

Fluvanna

0

0

0

0

0

0

  n/a

0.00

0.00

Franklin

0

0

1

0

0

1

25,685

0.02

0.02

Franklin City

0

0

0

0

0

0

  n/a

0.00

0.00

Frederick

7

0

54

0

13

74

384

1.30

1.60

Fredericksburg City

2

0

11

0

3

16

601

0.83

1.02

Galax City

0

0

0

0

1

1

3,282

0.15

0.19

Giles

0

0

1

0

0

1

8,118

0.06

0.08

Gloucester

0

0

0

0

1

1

15,924

0.03

0.04

Goochland

0

0

2

0

0

2

4,124

0.12

0.15

Grayson

0

0

0

0

0

0

  n/a

0.00

0.00

Greene

0

0

1

0

0

1

7,161

0.07

0.09

Greensville

0

0

0

0

0

0

  n/a

0.00

0.00

Halifax

0

0

0

0

2

2

8,711

0.06

0.07

Hampton City

0

0

9

0

10

19

3,136

0.16

0.20

Hanover

0

0

17

0

1

18

2,057

0.24

0.30

Harrisonburg City

0

0

0

0

1

1

15,230

0.03

0.04

Henrico

8

0

73

0

15

96

1,298

0.39

0.47

Henry

0

0

2

0

1

3

8,837

0.06

0.07

Highland

0

0

0

0

0

0

  n/a

0.00

0.00

Hopewell City

0

0

8

0

0

8

1,259

0.40

0.49

Isle Of Wight

0

0

3

0

0

3

4,721

0.11

0.13

James City

0

0

3

0

1

4

6,737

0.07

0.09

King And Queen

0

0

2

0

0

2

1,625

0.31

0.38

King George

2

0

6

0

1

9

977

0.51

0.63

King William

0

0

3

0

1

4

1,517

0.33

0.41

Lancaster

0

0

1

0

0

1

7,078

0.07

0.09

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

148

0

255

0

92

495

199

2.52

3.09

Louisa

0

0

2

0

1

3

4,896

0.10

0.13

Lunenburg

0

0

1

0

0

1

5,882

0.09

0.10

Lynchburg City

0

0

4

0

1

5

5,882

0.09

0.10

Madison

0

0

1

0

0

1

5,901

0.08

0.10

Manassas City

0

0

11

0

12

23

558

0.90

1.10

Manassas Park City

0

0

0

0

1

1

4,355

0.11

0.14

Martinsville City

0

0

0

0

0

0

  n/a

0.00

0.00

Mathews

0

0

0

0

0

0

 

0.00

0.00

Mecklenburg

0

0

1

0

0

1

18,486

0.03

0.03

Middlesex

0

0

0

0

1

1

7,033

0.07

0.09

Montgomery

0

0

2

0

1

3

11,813

0.04

0.05

Nelson

0

0

1

0

0

1

9,452

0.05

0.07

New Kent

0

0

0

0

0

0

  n/a

0.00

0.00

Newport News City

0

0

9

0

20

29

2,688

0.19

0.23

Norfolk City

0

0

46

0

39

85

1,144

0.44

0.54

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

1

0

1

2

3,361

0.15

0.18

Orange

5

0

19

0

6

30

463

1.08

1.33

Page

0

0

0

0

1

1

11,274

0.04

0.05

Patrick

0

0

0

0

0

0

  n/a

0.00

0.00

Petersburg City

0

0

0

0

2

2

7,953

0.06

0.08

Pittsylvania

0

0

10

0

0

10

2,957

0.17

0.21

Poquoson City

0

0

0

0

1

1

4,631

0.11

0.13

Portsmouth City

0

0

18

0

15

33

1,293

0.39

0.48

Powhatan

0

0

3

0

0

3

3,133

0.16

0.20

Prince Edward

0

0

1

0

0

1

8,295

0.06

0.07

Prince George

0

0

1

0

0

1

12,023

0.04

0.05

Prince William

379

0

678

0

466

1,523

86

5.83

7.16

Pulaski

0

0

2

0

1

3

5,681

0.09

0.11

Radford

0

0

0

0

0

0

  n/a

0.00

0.00

Rappahannock

0

0

0

0

2

2

1,812

0.28

0.34

Richmond

0

0

1

0

0

1

3,738

0.13

0.16

Richmond City

94

0

51

0

42

187

502

1.00

1.23

Roanoke

0

0

15

0

0

15

2,604

0.19

0.24

Roanoke City

0

0

5

0

2

7

6,617

0.08

0.09

Rockbridge

0

0

0

0

0

0

  n/a

0.00

0.00

Rockingham

0

0

3

0

1

4

7,649

0.07

0.08

Russell

0

0

0

0

0

0

  n/a

0.00

0.00

Salem

0

0

0

0

1

1

10,701

0.05

0.06

Scott

0

0

0

0

0

0

  n/a

0.00

0.00

Shenandoah

0

0

6

0

1

7

2,729

0.18

0.23

Smyth

0

0

0

0

0

0

 n/a

0.00

0.00

Southampton

0

0

0

0

0

0

 n/a

0.00

0.00

Spotsylvania

48

0

101

0

59

208

209

2.39

2.94

Stafford

24

0

142

0

40

206

203

2.47

3.03

Staunton City

0

0

2

0

0

2

5,526

0.09

0.11

Suffolk City

0

0

10

0

7

17

1,857

0.27

0.33

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

2

0

1

3

6,965

0.07

0.09

Virginia Beach City

63

0

86

0

38

187

927

0.54

0.66

Warren

1

0

31

0

4

36

421

1.19

1.46

Washington

0

0

2

0

0

2

12,440

0.04

0.05

Waynesboro City

0

0

1

0

0

1

9,387

0.05

0.07

Westmoreland

0

0

3

0

2

5

2,048

0.24

0.30

Williamsburg City

0

0

1

0

0

1

4,598

0.11

0.13

Winchester City

2

0

17

0

2

21

548

0.91

1.12

Wise

0

0

2

0

0

2

9,122

0.05

0.07

Wythe

0

0

1

0

0

1

13,342

0.04

0.05

York

0

0

3

0

3

6

4,037

0.12

0.15

 

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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