West Virginia Foreclosure Activity Falls in First Quarter

Statewide foreclosure filings down from last year

March numbers down from a month earlier; down from a year ago

 

Foreclosure activity in West Virginia fell 27 percent during the first quarter of 2010 and was down 34 percent from the same period last year. In all, the state reported 221 properties with foreclosure filings during the quarter.

 

In March the state reported 73 properties with foreclosure filings, a 1 percent decrease from the previous month and 55 percent below the level reported in March 2009. One in every 12,143 West Virginia housing units received a foreclosure filing during the month, the 49th highest state foreclosure rate.

 

“West Virginia reported a drop in foreclosure filings over the first quarter of 2010, with activity falling below what was reported for last quarter as well as for the same period last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “March filings were also down from last month and as compared to March 2009. While the state’s unemployment rate is in line with the national average, it’s foreclosure activity remains well below most of the nation.”

 

One in every 4,011 West Virginia housing units received a foreclosure filing during the quarter — the 49th highest state foreclosure rate in the nation.

 

Jefferson County tops state in foreclosure rate for the first quarter

Jefferson County had the highest county foreclosure rate in West Virginia during the first quarter, with one in every 932 housing units receiving a foreclosure filing — 4.3 times the state average. Berkeley County had the second highest foreclosure rate, with one in every 1,048 housing units receiving a foreclosure filing — 3.8 times the state average. Morgan County came in third, with one in every 1,371 housing units receiving a foreclosure filing — 2.9 times the state average. Wood County had the fourth highest rate, with one in every 1,461 housing units receiving a foreclosure filing — 2.7 times the state average. 

 

Berkeley County led the state in total foreclosures for the first quarter

Berkeley County led the state in total foreclosure, reporting 42 properties with foreclosure filings for the quarter. Wood County had the second highest total, reporting 28 properties with foreclosure filings. Jefferson County was third, reporting 24 properties with foreclosure filings. Reporting 14 properties with foreclosure filings for the quarter, Kanawha County came in fourth.

 

State a minor contributor to quarterly foreclosure total

West Virginia represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

West Virginia Top Foreclosure Rates By County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

West Virginia

0

0

8

0

213

221

4,011

0.03

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

0

0

24

24

932

0.15

4.31

Berkeley

0

0

0

0

42

42

1,048

0.13

3.83

Morgan

0

0

1

0

6

7

1,371

0.10

2.93

Wood

0

0

0

0

28

28

1,461

0.09

2.74

Monroe

0

0

0

0

5

5

1,509

0.09

2.66

 

 

West Virginia Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

West Virginia

0

0

8

0

213

221

4,011

-27.30

-34.03

 

 

 

 

 

 

 

 

 

 

Berkeley

0

0

0

0

42

42

1,048

-6.67

-26.32

Wood

0

0

0

0

28

28

1,461

-55.56

-39.13

Jefferson

0

0

0

0

24

24

932

-29.41

-60.66

Kanawha

0

0

0

0

14

14

6,797

-41.67

-69.57

Cabell

0

0

1

0

10

11

4,218

-45.00

-26.67

Raleigh

0

0

0

0

11

11

3,368

83.33

-21.43

 

 

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