Foreclosure filings in Virginia in February rose 15 percent from the same month a year ago -- the smallest year-to-year percentage increase in two years, indicating that the flood of foreclosures may be slowing, according to a RealtyTrac report released yesterday.
What's more, the number of filings -- which includes default notices, auction sale notices and bank repossessions -- fell 10 percent from January to February, according to the online research firm.
Virginia has experienced mostly triple-digit percentage increases in foreclosure filings during past two years, except for August and December of last year, in which filings rose 39 percent and 84 percent respectively.
Any easing in the rate of foreclosures is not evident at Housing Opportunities Made Equal Inc. of Virginia, a housing advocacy group in Richmond.
"We are not seeing any decrease," said Will Sanford, a research analyst with HOME.
The number of people in default of their mortgages and seeking help at the agency rose in February, he said.
"While the majority of our clients got bad adjustable rate loans, we are starting to see more people affected by the economic downturn -- people losing their jobs and unable to make their mortgage payments," Sanford said.
However, more lenders are working with borrowers, modifying loans or delaying foreclosures actions, he said.
While the rate of increase may be slowing in Virginia, the number of people having trouble paying their mortgages remains high.
The number of filings in Virginia in February was 4,823, or one in every 679 households, according to RealtyTrac. Virginia had the 15th highest foreclosure filings rate in the nation.
By comparison, the number of filings two years ago in Virginia was 718, or one filing in every 4,020 households. The state was No. 37 in 2007.
Nationwide, foreclosure filings increased 30 percent from the same month a year ago -- with one in every 440 U.S. households receiving a foreclosure filing -- and they rose 6 percent from January.
"The increase in foreclosure activity from January to February is somewhat surprising, given that many of the foreclosure prevention efforts and moratoria in place in January were extended through most of February," said James J. Saccacio, chief executive officer of RealtyTrac.
Nevada, with one in every 70 housing units receiving a foreclosure filing in February, posted the nation's highest foreclosure rate, following by Arizona and California.
California has the highest totals with foreclosure filings on 80,775 properties in February.
Contact Carol Hazard at (804) 775-8023 or chazard@timesdispatch.com.
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