Foreclosed homes are a hot market throughout Virginia -- and supplies are ramping up. According to foreclosure-tracking firm RealtyTrac, October's foreclosure filings rose 7 percent to 231,000 filings nationwide. A "foreclosure filing" is any one of the following foreclosure-related events : A default notice on a home; a scheduled auction for a home; or, a bank repossession of a home. Because of this definition, a single home can account for up to 3 foreclosure filings -- one from each category. Because of this, we may glean more relevant insight into the foreclosure market by separating RealtyTrac's foreclosure report into "event types".
- Default Notices : Up 10% from September 2011; Down 31% from October 2010.
- Scheduled Auctions : Up 8% from September 2011; Down 38% from October 2010.
- Bank Repossessions : Up 4% from September 2011; Down 27% from October 2010.
- Top 10 Foreclosure States : 1 foreclosure per 341 households, on average
- Bottom 10 Foreclosure States : 1 foreclosure per 7,434 households, on average