Foreclosures climb in Va., U.S.

Foreclosure filings nationwide have hit new highs, according to a report issued today by an online researcher.

The number of filings -- which includes notices of default and auction sales -- posted the highest monthly and quarterly totals since RealtyTrac began tracking foreclosures in 2005.

Virginia is still tracking upward, although the state's monthly and quarterly numbers were not the highest on record here, RealtyTrac spokesman Daren Blomquist said yesterday.

Still, one in every 222 households in Virginia, or a total 14,725, were in various stages of losing their houses in the first quarter, up nearly 12 percent from the same period a year ago. In March, the filings in the state rose 17 percent compared with a year ago.

"We continue to see very heavy levels of calls from people facing foreclosures," said Connie Chamberlin, president and chief executive officer of Housing Opportunities Made Equal of Virginia Inc., a housing advocacy organization in Richmond.

Nationwide, foreclosure filings rose nearly 24 percent in the first quarter from the same period a year ago, with one in every 159 households receiving notices. In March, filings jumped 46 percent.

Blomquist attributed the monthly and quarterly spike in activity nationwide and in Virginia to pent-up demand after a lull in activity as lenders delayed moving forward on foreclosures until they knew what was entailed in President Barack Obama's foreclosure-prevention plan.

"Once the president's plan was unveiled [in mid-February], lenders felt more comfortable proceeding with foreclosures," he said.

Virginia had the 13th highest foreclosure rate in the country in the first quarter, up from 15th a year ago.

"The wave of foreclosures we are seeing right now hit in the beginning of 2007," Blomquist said. "It's not going to go on indefinitely."

Blomquist said he expects the high levels of foreclosed houses on the market will begin to clear by year's end.

But Chamberlin warned that her agency also is seeing an increase in the number of companies trying to make money off loan modifications. Some of these are scams, Chamberlin said.

People who are trying to work with their lenders to modify the terms of their loans should not pay fees, she said.

Nevada, Arizona and California continued to post the highest foreclosure rates in the country. Nevada was No. 1, with one in every 27 housing units receiving a foreclosure filing -- more than five times the national average.

Contact Carol Hazard at (804) 775-8023 or .