“Foreclosures are rising faster in Virginia than almost anywhere else” — what does it mean for Harrisonburg and Rockingham County??

This morning the Richmond Times-Dispatch reported that Virginia is 11th in foreclosures. This new ranking was based on a report released yesterday by RealtyTrac Inc.

Some commentary was added by Connie Chamberlin, the president and CEO of Housing Opportunities Made Equal…

“Foreclosures are rising faster in Virginia than almost anywhere else” said Connie Chamberlin…

“Virginia’s stable economy kept foreclosures at bay, but the problem is catching up here. Moreover, lending practices are loose, possibly more so than in other states, Chamberlin said.”

So….what does this mean for homes and homeowners in Harrisonburg and Rockingham County? It depends on when you ask….

In March 2008, the Daily News Record reported that 2007 showed a 38% increase over 2006 in foreclosures in Harrisonburg and Rockingham County.

But two months later, in May 2008, the Daily News Record reported a 15.8% decrease in foreclosures when comparing 2008 (Q1) to 2007 (Q1) in Harrisonburg and Rockingham County.

So, here’s my (elementary) executive summary for you:

1. Foreclosures rates are increasing nationwide.  (+53%, June 2007 to June 2008)
2. Foreclosure rates are increasing in Virginia.  (+204%, June 2007 to June 2008)
3. Foreclosure rates are decreasing in Harrisonburg and Rockingham County. (-16%, 2007-Q1 to 2008-Q1)