VIRGINIA FORECLOSURES DOWN 13 PERCENT IN AUGUST

State’s Activity 38 Percent Higher Than a Year Ago

 

IRVINE, Calif. – August 31, 2006 – Virginia reported 425 properties entering some stage of the foreclosure process in August, a 13 percent decline in activity from the 486 properties reported in July, but 38 percent above the 309 properties reported for the same month last year, according to the RealtyTrac™ August 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

Virginia‘s latest drop in foreclosure activity continues to erase a gain seen earlier in the year,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, activity is still much higher than it was a year ago.”

 

Virginia ranked 29th in the country in total foreclosures reported for August. The state’s foreclosure rate of one new foreclosure filing for every 6,791 households — 15 percent of the national average — ranks it 39th among the 50 states.

 

Top four counties account for half of state total

Four counties accounted for 48 percent of all foreclosures in the state of Virginia for August. Fairfax and Prince William Counties tied for the most foreclosure activity during the month, each reporting 71 properties entering some stage of the foreclosure process. Loudon County had the third highest total, reporting 39 properties entering some stage of the foreclosure process, followed by Norfolk County where 25 properties entered some stage of the foreclosure process.

 

Highest foreclosure rate reported in Cumberland County

Cumberland County posted the state’s highest foreclosure rate in August, with one new foreclosure filing for every 1,362 households — 5.0 times the state average and 74 percent of the national average.  Reporting one new foreclosure filing for every 1,387 households — 4.9 times the state average and 70 percent of the national average — Prince William County had the second highest foreclosure rate in the state. Completing the top five were Culpeper County reporting one new foreclosure filing for every 1,430 households, Spotsylvania County reporting one new foreclosure filing for every 1,449 households and Loudon County reporting one new foreclosure filing for every 1,594 households.

 

State has little impact on national total

Virginia‘s foreclosure activity accounted for less than 1 percent of the 115,292 properties entering some stage of the foreclosure process nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,003 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

                            Virginia Foreclosure Market by County – August 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

Virginia

2

350

0

0

73

425

6,791

0.15

 

 

 

 

 

 

 

 

 

 

Accomack

0

0

0

0

0

0

0.00

0.00

Albemarle

0

0

0

0

0

0

0.00

0.00

Alexandria City

0

7

0

0

1

8

8,031

0.12

0.85

Amelia

0

1

0

0

0

1

4,609

0.22

1.47

Amherst

0

1

0

0

0

1

12,958

0.08

0.52

Appomattox

0

0

0

0

0

0

0.00

0.00

Arlington

0

9

0

0

1

10

9,043

0.11

0.75

Augusta

0

0

0

0

0

0

0.00

0.00

Bedford

0

1

0

0

0

1

26,841

0.04

0.25

Botetourt

0

0

0

0

0

0

0.00

0.00

Bristol

0

1

0

0

0

1

8,469

0.12

0.80

Brunswick

0

0

0

0

0

0

0.00

0.00

Campbell

0

2

0

0

0

2

11,044

0.09

0.61

Caroline

0

1

0

0

0

1

8,889

0.11

0.76

Carroll

0

0

0

0

0

0

0.00

0.00

Charles City

0

1

0

0

0

1

2,895

0.35

2.35

Charlotte

0

0

0

0

0

0

0.00

0.00

Charlottesville City

0

1

0

0

0

1

17,591

0.06

0.39

Chesapeake City

1

13

0

0

0

14

5,191

0.19

1.31

Chesterfield

0

8

0

0

0

8

12,213

0.08

0.56

Clarke

0

1

0

0

0

1

5,388

0.19

1.26

Colonial Heights City

0

1

0

0

0

1

7,340

0.14

0.93

Craig

0

0

0

0

0

0

0.00

0.00

Culpeper

0

6

0

0

3

9

1,430

0.70

4.75

Cumberland

0

3

0

0

0

3

1,362

0.74

4.99

Danville City

0

1

0

0

0

1

23,108

0.04

0.29

Dinwiddie

0

2

0

0

0

2

4,854

0.21

1.40

Essex

0

0

0

0

0

0

0.00

0.00

Fairfax

0

51

0

0

20

71

5,062

0.20

1.34

Fairfax City

0

1

0

0

0

1

8,204

0.12

0.83

Fauquier

0

3

0

0

0

3

7,015

0.14

0.97

Floyd

0

0

0

0

1

1

6,763

0.15

1.00

Franklin

0

2

0

0

0

2

11,359

0.09

0.60

Franklin City

0

0

0

0

0

0

0.00

0.00

Frederick

0

0

0

0

0

0

0.00

0.00

Fredericksburg City

0

0

0

0

0

0

0.00

0.00

Galax City

0

0

0

0

0

0

0.00

0.00

Giles

0

2

0

0

1

3

2,577

0.39

2.63

Gloucester

0

1

0

0

0

1

14,494

0.07

0.47

Goochland

0

1

0

0

0

1

6,555

0.15

1.04

Grayson

0

0

0

0

0

0

0.00

0.00

Greene

0

1

0

0

0

1

5,986

0.17

1.13

Greensville

0

1

0

0

0

1

3,765

0.27

1.80

Halifax

0

1

0

0

0

1

16,953

0.06

0.40

Hampton City

0

5

0

0

0

5

11,462

0.09

0.59

Hanover

0

0

0

0

0

0

0.00

0.00

Harrisonburg City

0

0

0

0

0

0

0.00

0.00

Henrico

0

5

0

0

0

5

22,514

0.04

0.30

Henry

0

1

0

0

1

2

12,961

0.08

0.52

Hopewell City

0

1

0

0

0

1

9,749

0.10

0.70

Isle Of wight

0

0

0

0

0

0

0.00

0.00

James City

0

0

0

0

0

0

0.00

0.00

King George

0

1

0

0

0

1

6,820

0.15

1.00

King William

0

0

0

0

0

0

0.00

0.00

Lancaster

0

1

0

0

0

1

6,498

0.15

1.05

Lexington City

0

0

0

0

0

0

Loudoun

0

29

0

0

10

39

1,594

0.63

4.26

Louisa

0

2

0

0

0

2

5,928

0.17

1.15

Lunenburg

0

0

0

0

0

0

0.00

0.00

Lynchburg City

0

5

0

0

0

5

5,528

0.18

1.23

Madison

0

0

0

0

0

0

0.00

0.00

Manassas City

0

3

0

0

1

4

3,029

0.33

2.24

Manassas Park city

0

0

0

0

0

0

0.00

0.00

Mathews

0

0

0

0

0

0

0.00

0.00

Mecklenburg

0

0

0

0

0

0

0.00

0.00

Montgomery

0

1

0

0

0

1

32,527

0.03

0.21

Nelson

0

1

0

0

0

1

8,554

0.12

0.79

New Kent

0

0

0

0

0

0

0.00

0.00

Newport News City

0

6

0

0

0

6

Norfolk City

0

19

0

0

6

25

3,777

0.27

1.80

Nottoway

0

1

0

0

0

1

6,373

0.16

1.07

Orange

0

4

0

0

0

4

2,839

0.35

2.39

Page

0

0

0

0

0

0

0.00

0.00

Patrick

0

0

0

0

1

1

9,823

0.10

0.69

Petersburg City

0

2

0

0

0

2

7,978

0.13

0.85

Pittsylvania

0

0

0

0

0

0

0.00

0.00

Poquoson City

0

0

0

0

0

0

0.00

0.00

Portsmouth City

0

11

0

0

2

13

3,200

0.31

2.12

Powhatan

0

0

0

0

0

0

0.00

0.00

Prince Edward

0

0

0

0

0

0

0.00

0.00

Prince George

0

0

0

0

0

0

0.00

0.00

Prince William

0

54

0

0

17

71

1,387

0.72

4.90

Pulaski

0

0

0

0

0

0

0.00

0.00

Radford

0

0

0

0

0

0

0.00

0.00

Richmond

0

1

0

0

0

1

3,512

0.29

1.93

Richmond City

1

7

0

0

0

8

11,535

0.09

0.59

Roanoke

0

1

0

0

0

1

36,121

0.03

0.19

Roanoke City

0

2

0

0

0

2

22,629

0.04

0.30

Rockbridge

0

0

0

0

0

0

0.00

0.00

Rockingham

0

0

0

0

0

0

0.00

0.00

Salem

0

1

0

0

0

1

10,403

0.10

0.65

Scott

0

0

0

0

0

0

0.00

0.00

Shenandoah

0

1

0

0

0

1

16,709

0.06

0.41

Smyth

0

1

0

0

0

1

15,111

0.07

0.45

Southampton

0

0

0

0

0

0

0.00

0.00

Spotsylvania

0

23

0

0

0

23

1,449

0.69

4.69

Stafford

0

14

0

0

5

19

1,653

0.61

4.11

Staunton City

0

1

0

0

0

1

10,427

0.10

0.65

Suffolk City

0

4

0

0

1

5

4,941

0.20

1.37

Surry

0

0

0

0

0

0

0.00

0.00

Sussex

0

1

0

0

0

1

4,653

0.22

1.46

Tazewell

0

1

0

0

0

1

20,390

0.05

0.33

Virginia Beach City

0

15

0

0

2

17

9,546

0.11

0.71

Warren

0

0

0

0

0

0

0.00

0.00

Waynesboro City

0

1

0

0

0

1

8,863

0.11

0.77

Westmoreland

0

0

0

0

0

0

0.00

0.00

Winchester City

0

0

0

0

0

0

0.00

0.00

Wythe

0

0

0

0

0

0

0.00

0.00

York

0

0

0

0

0

0

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 construction properties, with more than 1 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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