The last quarter has seen a rise in foreclosures in the Hampton Roads area. They went up 22% verses 23% for other areas. While this is a healthy increase, Hampton Roads is still low being 84th out of 100 largest metro areas. The area comprises Virginia Beach, Chesapeake, Nofolk, Newport News as well as Portsmouth and Hampton. This means that 1 out of 544 households received a notice of default, auction-sale or bank-repossession during the quarter. This compares to 1 out of 194 in the 100 largest metro areas. Scary stuff indeed but it could be scarier.
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