During recent months, many of the nation’s lenders held off on repossessions to gauge the impact of federal programs aimed at rescuing troubled homeowners.

Foreclosure activity in March was also at its highest ever reported on a national level. 340,000 foreclosure filings were reported in March, reflecting a 17 percent increase form February and a 46 percent increase from March 2008.

March statistics show one out of every 626 Hampton Roads homes was in foreclosure in March. This figure does not include homeowners behind on their mortgage payments. Hampton Roads foreclosures were most prevalent in Suffolk, Portsmouth and Norfolk, each locality had a filing on at least one out of every 482 homes.

The RealtyTrac data suggest Hampton Roads foreclosure activity in the past year has grown faster here than nationally. Economists have attributed part of that spike to the increasing number of local homeowners being “underwater” in their mortgages as home prices have fallen. Being underwater – the amount of the mortgage is higher than a home’s value – is one of the leading precursors to foreclosure, economists say.

Hampton Roads Real Estate Values as reported by Realty Trac:

Chesapeake Real Estate Values – March 2009

Median Estimated Value: $238,986
12-month Change: -9.96%
Area Foreclosures: 751

Virginia Beach Real Estate Values – March 2009

Median Estimated Value: $242,198
12-month Change: -9.05%
Area Foreclosures: 1,242

Norfolk Real Estate Values – March 2009

Median Estimated Value: $178,871
12-month Change: -9.55%
Area Foreclosures: 839

Portsmouth Real Estate Values – March 2009

Median Estimated Value: $157,661
12-month Change: -8.16%
Area Foreclosures: 494

Suffolk Real Estate Values – March 2009

Median Estimated Value: $369,360
12-month Change: 0%
Area Foreclosures: 368

Learn more about Hampton Roads foreclosures by visiting ButlerTeamHomes.com.