Foreclosures rise rapidly

The number of foreclosure filings in Virginia continues to rise sharply, according to March figures released yesterday by RealtyTrac, an online database of foreclosed properties.

The filings, which include default notices, auction-sale notices and bank repossessions, totaled 4,933, or one filing for every 655 households.

The report noted that filings may have increased 368 percent from the same month a year ago. The actual increase here may not as high because of data-collection changes or improvements.

By comparison, the number of foreclosure filings nationwide increased 57 percent from March 2007. One in every 538 U.S. households received a foreclosure notice last month. Bank repossessions rose nearly 129 percent from a year ago, according to the report.

“The March numbers show that overall foreclosure activity so far this year continues to run nearly 60 percent above the levels we saw last year,“ said James J. Saccacio, chief executive officer of RealtyTrac.

Connie Chamberlin, president and chief executive officer of Housing Opportunities Made Equal of Virginia Inc., said she is not surprised by the sharp rise in Virginia.

“Over the past year, we are getting a lot more calls,“ Chamberlin said. “People are in more difficult situations. So many people were put in inappropriate loans. We are seeing lots of that.“

Virginia’s foreclosure rate was low compared with the national rate a year or so ago. “People used that as an opportunity to say not to worry,“ Chamberlin said. The change here has been rapid, she said.
Contact Carol Hazard at (804) 775-8023 or .