VIRGINIA FORECLOSURES INCREASE 47 PERCENT IN MARCH

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 293 Percent From a Year Ago

 

IRVINE, Calif. – April 23, 2007 – Virginia reported 1,054 foreclosure filings in March, a 47 percent increase from the previous month, and a 293 percent increase from March 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 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 foreclosures are up nearly four times what they were a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that home sales throughout the state declined by more than twice the rate of the national average in 2006. This is very likely contributing to the sharp rise.”

 

Virginia ranked 22nd in the country in total foreclosures for March. The state’s foreclosure rate of one foreclosure filing for every 2,738 households ranks it 37th among the 50 states.

 

Prince William County accounts for largest share of state total

Prince William County posted the highest foreclosure total for the month, reporting 284 foreclosure filings. Loudon County came in second with 190 foreclosure filings, followed by Fairfax County with 158 foreclosure filings. Virginia Beach City had the fourth highest total, with 60 foreclosures filings, followed by Stafford County with 49 filings.

 

Loudoun County posts highest foreclosure rate

Loudoun County posted the highest foreclosure rate in Virginia for March, reporting one foreclosure filing for every 327 households — 8.4 times the state average and 2.4 times the national average. Prince William County reported the second highest rate, with one foreclosure filing for every 347 households — 7.9 times the state average and 2.2 times the national average. Manassas City reported the third highest rate, with one foreclosure filing for every 367 households — 7.5 times the state average and 2.1 times the national average. Culpeper County came in fourth, with one foreclosure filing for every 429 households — 6.4 times the state average and 1.8 times the national average. Stafford County rounded out the top five, with one foreclosure filing for every 641 households — 4.3 times the state.

 

State contributes 1 percent to national total

Total foreclosure filings in Virginia accounted for 1 percent of the 149,150 foreclosure filings nationwide. The national total was up almost 7 percent from the previous month, and surged 47 percent from March 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 775 U.S. households during 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 – March 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,135

51,203

8,906

19,416

22,491

149,150

775

n/a

n/a

Virginia

134

673

0

0

247

1,054

2,738

0.28

n/a

 

 

 

 

 

 

 

 

 

 

Accomack

0

0

0

0

0

0

n/a

0.00

0.00

Albemarle

0

0

0

0

0

0

n/a

0.00

0.00

Alexandria City

0

10

0

0

0

10

6,425

0.12

0.43

Amelia

0

0

0

0

0

0

n/a

0.00

0.00

Amherst

1

0

0

0

0

1

12,958

0.06

0.21

Appomattox

0

0

0

0

0

0

n/a

0.00

0.00

Arlington

0

10

0

0

3

13

6,956

0.11

0.39

Augusta

0

1

0

0

0

1

26,738

0.03

0.10

Bedford

0

3

0

0

0

3

8,947

0.09

0.31

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

2

0

0

0

2

4,235

0.18

0.65

Brunswick

0

0

0

0

0

0

n/a

0.00

0.00

Buckingham

0

1

0

0

0

1

6,290

0.12

0.44

Campbell

0

2

0

0

0

2

11,044

0.07

0.25

Caroline

0

1

0

0

0

1

8,889

0.09

0.31

Carroll

0

0

0

0

0

0

n/a

0.00

0.00

Chesapeake City

0

7

0

0

3

10

7,267

0.11

0.38

Chesterfield

1

3

0

0

0

4

24,427

0.03

0.11

Clarke

0

2

0

0

0

2

2,694

0.29

1.02

Colonial Heights 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

17

0

0

13

30

429

1.81

6.38

Cumberland

0

2

0

0

0

2

2,043

0.38

1.34

Danville City

8

0

0

0

4

12

1,926

0.40

1.42

Dinwidie

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

3

154

0

0

1

158

2,275

0.34

1.20

Fairfax City

0

6

0

0

0

6

1,367

0.57

2.00

Falls church City

0

0

0

0

0

0

n/a

0.00

0.00

Fauquier

0

11

0

0

10

21

1,002

0.77

2.73

Floyd

0

0

0

0

0

0

n/a

0.00

0.00

Franklin

0

1

0

0

0

1

22,717

0.03

0.12

Frederick

16

2

0

0

3

21

1,110

0.70

2.47

Fredericksburg City

0

4

0

0

3

7

1,270

0.61

2.16

Giles

0

1

0

0

0

1

7,732

0.10

0.35

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

Greensville

0

1

0

0

0

1

3,765

0.21

0.73

Halifax

0

0

0

0

0

0

n/a

0.00

0.00

Hampton City

0

2

0

0

1

3

19,104

0.04

0.14

Hanover

0

1

0

0

0

1

21,196

0.04

0.13

Harrisonburg City

0

1

0

0

0

1

13,689

0.06

0.20

Henrico

0

3

0

0

0

3

37,523

0.02

0.07

Henry

0

3

0

0

0

3

8,640

0.09

0.32

Hopewell City

0

1

0

0

0

1

9,749

0.08

0.28

Isle of Wight

0

2

0

0

0

2

6,033

0.13

0.45

James City

0

0

0

0

0

0

n/a

0.00

0.00

King and Queen

0

0

0

0

0

0

n/a

0.00

0.00

King George

0

0

0

0

0

0

n/a

0.00

0.00

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

Loudoun

53

88

0

0

49

190

327

2.37

8.37

Louisa

0

0

0

0

0

0

n/a

0.00

0.00

Lynchburg City

0

3

0

0

0

3

9,213

0.08

0.30

Madison

0

0

0

0

1

1

5,239

0.15

0.52

Manassas City

1

24

0

0

8

33

367

2.11

7.46

Mathews

0

1

0

0

0

1

5,333

0.15

0.51

Mecklenburg

0

0

0

0

0

0

n/a

0.00

0.00

Montgomery

0

0

0

0

0

0

n/a

0.00

0.00

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

3

0

0

2

5

n/a

n/a

n/a

Norfolk City

4

14

0

0

11

29

3,256

0.24

0.84

Northampton

0

1

0

0

0

1

6,547

0.12

0.42

Northumberland

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

5

7

0

0

0

12

946

0.82

2.89

Page

0

0

0

0

0

0

n/a

0.00

0.00

Patrick

0

0

0

0

0

0

n/a

0.00

0.00

Petersburg City

0

1

0

0

0

1

15,955

0.05

0.17

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

0

6

0

0

0

6

6,934

0.11

0.39

Powhatan

0

0

0

0

0

0

n/a

0.00

0.00

Prince Edward

0

1

0

0

0

1

7,527

0.10

0.36

Prince George

0

0

0

0

0

0

n/a

0.00

0.00

Prince William

3

180

0

0

101

284

347

2.24

7.90

Pulaski

0

1

0

0

0

1

16,325

0.05

0.17

Radford

0

0

0

0

0

0

n/a

0.00

0.00

Richmond

0

1

0

0

0

1

3,512

0.22

0.78

Richmond City

0

2

0

0

0

2

46,141

0.02

0.06

Roanoke

0

2

0

0

0

2

18,061

0.04

0.15

Roanoke City

0

1

0

0

0

1

45,257

0.02

0.06

Rockingham

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

0

0

0

0

0

n/a

0.00

0.00

Smyth

0

1

0

0

0

1

15,111

0.05

0.18

Southampton

0

0

0

0

0

0

n/a

0.00

0.00

Spotsylvania

1

24

0

0

7

32

1,042

0.74

2.63

Stafford

13

26

0

0

10

49

641

1.21

4.27

Staunton City

0

1

0

0

0

1

10,427

0.07

0.26

Suffolk City

0

9

0

0

0

9

2,745

0.28

1.00

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

Virginia Beach City

25

18

0

0

17

60

2,705

0.29

1.01

Warren

0

1

0

0

0

1

13,299

0.06

0.21

Washington

0

2

0

0

0

2

11,493

0.07

0.24

Waynesboro City

0

1

0

0

0

1

8,863

0.09

0.31

Westmoreland

0

0

0

0

0

0

n/a

0.00

0.00

Winchester City

0

0

0

0

0

0

n/a

0.00

0.00

York

0

0

0

0

0

0

n/a

0.00

0.00

 

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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