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By Kevin Allen Rappahannock News Staff Writer
Headlines across the nation this summer have proclaimed rising numbers of foreclosures in several U.S. housing markets.
But so far, Rappahannock County is avoiding that trend.
For the years 2002 through 2006, Rappahannock averaged 2.4 foreclosures per year, according to records at the Clerk of the Circuit Court’s office. This year, the county has had two foreclosure listings, one of which was sold Tuesday.
“We haven’t seen any increases, nor do we have any [foreclosures],” said Mike Leake, president and CEO of Rappahannock National Bank. “But we haven’t been an active part in subprime lending”
A lot of recent foreclosures around the nation have been the result of subprime lending, such as long-term, interestonly loans, Leake said.
“We stayed away hum specialized types of financing,” he said. “Because of that, we haven’t seen any rise in foreclosures or delinquencies here at the bank”
Of course, RNB is not the only bank that provides loans to local homebuyers, but Leake said most lenders would likely shy away from offering subprime financing in a market like Rappahannock.
“Home prices in Rappahannock prevent subprime lending on a large scale,” he
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