Charlottesville Foreclosures – not that bad

Could this be a sign that the local media is going to start running positive coverage of the local real estate market? Today’s Daily Progress notes (no longer available):

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.
…
The Charlottesville region has been immune to the high numbers of subprime loan defaults seen elsewhere because the local economy is relatively strong and stable. Thanks in large part to the area’s quality of life, as well as the University of Virginia and the National Ground Intelligence Center, families continue to move to the Charlottesville area.

Three things –

1 – I like a positive story as much as anybody, however one of the benefits of blogs is that with blogs, every statistic can be (and frequently is) cited. I’d love to see the sources of all of these conclusions. For example – how is the “Charlottesville region” defined – which localities are included?
2 – Take this positive story with the same amount of salt as you do the negative ones – there is always more to the story.
3 – It’s great to see a non-doom-and-gloom story fora  change. For better or worse, media does influence consumer psychology.

Related reading:

Sub-prime lending and the slums of tomorrow.
Subprime loans failing pre-resets (no longer available)

Now is as good a time as any to dispel the conception that interest rates are high (no longer available).