West Virginia Foreclosure Activity Falls in July

Statewide foreclosure filings down 22 percent from June

 

Foreclosure activity in West Virginia decreased 22 percent in July to 86 properties with foreclosure filings, 38 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“West Virginia reported a drop in foreclosure activity in July, with substantially fewer filings than were reported for the previous month and than were reported for July 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “With an unemployment rate of 8.6 — below the national average — and an improving economy, the Mountain State’s foreclosure rate was the lowest in the nation.”

 

The state reported the 50th highest state foreclosure rate, as one in every 10,307 West Virginia housing units received a foreclosure filing during the month.

 

Morgan County posts top county foreclosure rate in July

Morgan County posted the top foreclosure rate in West Virginia for the month, with one in every 1,919 housing units receiving a foreclosure filing in July. Wood County posted the second highest foreclosure rate, with one in every 3,148 housing units receiving a foreclosure filing during the month. Coming in third was Berkeley County, where one in every 3,385 housing units received a foreclosure filing in July.

 

Kanawha County had top foreclosure total for July

Kanawha County led West Virginia in total foreclosure activity, reporting 17 properties with foreclosure filings in July. Second highest total was in Berkeley and Wood counties, each reporting 13 properties with foreclosure filings. Cabell County came in third highest, tallying 11 properties with foreclosure filings.  Morgan County had the fourth highest total, reporting five properties with foreclosure filing.

 

State a minor contributor to nation’s monthly foreclosure total

West Virginia accounted for less than 1 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 U.S. housing units received a foreclosure filing during the month.

 

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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

West Virginia

0

0

11

0

75

86

10,307

0.04

n/a

 

 

 

 

 

 

 

 

 

 

Morgan

0

0

0

0

5

5

1,919

0.21

5.37

Wood

0

0

3

0

10

13

3,148

0.13

3.27

Berkeley

0

0

0

0

13

13

3,385

0.12

3.05

Roane

0

0

2

0

0

2

3,894

0.10

2.65

Cabell

0

0

4

0

7

11

4,218

0.09

2.44

 

 

West Virginia Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

West Virginia

0

0

11

0

75

86

10,307

-21.82

-38.13

 

 

 

 

 

 

 

 

 

 

Kanawha

0

0

0

0

17

17

5,597

13.33

13.33

Berkeley

0

0

0

0

13

13

3,385

44.44

-38.10

Wood

0

0

3

0

10

13

3,148

-48.00

18.18

Cabell

0

0

4

0

7

11

4,218

10.00

22.22

Morgan

0

0

0

0

5

5

1,919

25.00

25.00

 

 

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