Despite the national housing crisis, Charlottesville has a slightly lower foreclosure rate than the national average.

The Daily Progress reports:

Less than 1/2 of 1 percent of Charlottesville area homeowners were either in foreclosure or more than 60 days behind payments on a subprime loan, according to October statistics compiled by the Federal Reserve Bank of Richmond….“It’s fair to say that the Charlottesville area does not have a subprime mortgage crisis, at least not at this point,” said Phil d’Oronzio, principal of Pilot Mortgage.

Jim Duncan asks:

I’d love to see the sources of all of these conclusions. For example – how is the “Charlottesville region” defined – which localities are included?

Well, Jim my Nordic powers lead me to no data source, either. I did find this a table on page 34 of the regional 2007 third quarter snapshot that explains Virginia has slightly lower (4.41%) mortgage delinquencies when compared to a national average (5.81%).  Additionally, Virginia subprime mortgage delinquencies (15.77%) are slightly lower than the national average (16.68%).  I do wonder where the Daily Progress sourced their information, because I couldn’t find it.

Does anyone know?