Southwest Virginia feeling housing downturn

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The housing market turmoil has struck Southwest Virginia, where foreclosure filings were up 262 percent in 2008 over the previous year.

The region previously had escaped much of the subprime crisis, but the Roanoke Metropolitan area had 301 foreclosure filings in 2008.

The area, however, still has a much lower foreclosure rate than other Virginia localities. Only one out of every 422 households in the Roanoke MSA filed for foreclosure, while one of every 299 households in Fairfax County filed for foreclosure in 2008. (The Roanoke Times

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