Local foreclosures filings increased by 77 percent last month, compared to October 2008.
RealtyTrac, which studies foreclosures, reported 329 foreclosure filings on the Peninsula and Middle Peninsula and in Isle of Wight.
About this time last year, the region started seeing a dramatic climb in foreclosures. Nationally, foreclosures have dipped the last three months from record-high levels but are still up 19 percent from October 2008, according to the report. Local foreclosures are up compared to 271 foreclosures in September
"Three consecutive monthly declines is unprecedented for our report, and on first blush an indication that the foreclosure tide may be turning," said James J. Saccacio, RealtyTrac's chief executive officer. "However, the fundamental forces driving foreclosure activity in this housing downturn — high-risk mortgages, negative equity, and unemployment — continue to loom over any nascent recovery."
Across the nation, Nevada, California and Florida had the highest foreclosure rates. In Nevada, it was as many as one filing for every 80 households.
Half of the nation's filings were in four states: California, Florida, Illinois and Michigan.
Virginia ranked 19th in the nation for its foreclosure rate, down from 17th in September.
In Hampton Roads, Newport News had 132 properties with foreclosure filings, up 24.5 percent from October 2008. In Hampton, foreclosures tripled to 99, from 32 in October 2008. York County saw filings jump from one in October 2008 to 12 last month. James City County filings were up to 46, from 17.
Isle of Wight filings increased from seven to nine, year over year. Gloucester filings were up to 19, from 17. Poquoson had seven filings last month, up from four in October 2008. No filings were reported in Williamsburg.
By the numbers 19th Virginia's ranking in the nation in October for its foreclosure rate 17th Virginia's ranking in the nation in September for its foreclosure rate