West Virginia Foreclosure Activity Higher in Second Quarter

Activity level rises 48 percent from Q1

Foreclosure filings decrease 17 percent mid-year; down 4 percent in June

 

West Virginia reported 328 properties with foreclosure filings for the second quarter of 2010, the fourth lowest activity level in the nation. This latest total represents a 48 percent increase from the first quarter of the year but is nearly 4 percent below the level reported for the second quarter of 2009.

 

Activity level in the Mountain State rose during the first half of 2010, but dropped in June. For the first six months of the year, West Virginia reported 549 properties with foreclosure filings, a 36 percent drop in activity from the second half of 2009, and 17 percent below the level reported mid-year 2009. In June the state tallied 81 properties with foreclosure filings, a decrease of 4 percent from the previous month and down 4 percent from June 2009.

 

West Virginia foreclosures were down during the month of June and during the first half of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate remains below the national average and its home values did not decline as far as most states during the past year. This is definitely helping to keep foreclosures here among the lowest in the nation.”

 

One in every 2,703 West Virginia housing units received a foreclosure filing during the quarter, giving the state the second lowest foreclosure rate in the nation.

 

Tucker County posts state’s top foreclosure rate for the quarter

Tucker County posted the highest county foreclosure rate in West Virginia during the second quarter, with one in every 284 housing units receiving a foreclosure filing in the county — 9.5 times the state average. Jefferson County posted the second highest foreclosure rate, with one in every 699 housing units receiving a foreclosure filing — 3.9 times the state average. Wood County reported the third highest foreclosure rate, with one in every 787 housing units receiving a foreclosure filing during the second quarter — 3.4 times the state average.

 

Wood County leads state in total foreclosures for the second quarter

Wood County reported 52 properties with foreclosure filings for the quarter, while Berkeley County documented the second highest foreclosure total, reporting 40 properties with foreclosure filings. Reporting 32 properties with foreclosure filings for the quarter, Jefferson County came in third. Kanawha County was fourth, reporting 30 properties with foreclosure filings. Fifth highest total was Cabell County, where 23 properties with foreclosure filings were reported for the quarter.

 

State contributes less than 1 percent to nation’s quarterly total

Foreclosure activity in West Virginia represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

West Virginia

0

0

56

0

272

328

2,703

0.05

n/a

 

 

 

 

 

 

 

 

 

 

Tucker

0

0

0

0

17

17

284

0.51

9.53

Jefferson

0

0

11

0

21

32

699

0.21

3.87

Wood

0

0

9

0

43

52

787

0.18

3.43

Morgan

0

0

6

0

4

10

959

0.15

2.82

Wayne

0

0

1

0

19

20

980

0.15

2.76

 

 

West Virginia Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

West Virginia

0

0

56

0

272

328

2,703

48.42

-3.81

 

 

 

 

 

 

 

 

 

 

Wood

0

0

9

0

43

52

787

85.71

116.67

Berkeley

0

0

0

0

40

40

1,100

-4.76

-43.66

Jefferson

0

0

11

0

21

32

699

33.33

-11.11

Kanawha

0

0

1

0

29

30

3,172

114.29

-45.45

Cabell

0

0

11

0

12

23

2,017

109.09

-17.86

 

 

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