WEST VIRGINIA FORECLOSURE ACTIVITY INCREASES 96 PERCENT IN FIRST QUARTER

State Foreclosure Activity Up 134 Percent From Q1 2008

Monthly Foreclosure Activity Up 46 percent in March, Up 138 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 335 West Virginia properties in the first quarter of 2009, a 96 percent increase from the previous quarter, and 134 percent above the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

West Virginia reported 162 properties with foreclosure filings in March, a 46 percent increase from the previous month and 138 percent above its March 2008 total.

 

“Foreclosure activity within West Virginia rose in the first quarter of 2009, bringing it to more than double the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment continues to be an issue within the state, especially in the construction and manufacturing sectors.”

 

West Virginia ranked 44th in the country in total properties with foreclosure filings for the quarter. One in every 2,635 West Virginia housing units received a foreclosure filing during the month, the 46th highest state foreclosure rate in the nation.

 

Jefferson County the single largest contributor to state total for the quarter

Jefferson County led the state reporting 61 properties with foreclosure filings. Berkeley County was second, reporting 57 properties with foreclosure filings for the quarter. Kanawha and Wood counties were in third, each reporting 46 properties with foreclosure filings.

 

Jefferson County posts state’s top foreclosure rate in the state for first quarter

Jefferson County led the state, with one in every 355 housing units receiving a foreclosure filing — 7.4 times the state average. Morgan County came in second, with one in every 730 housing units receiving a foreclosure filing — 3.6 times the state average. Berkeley County posted the third highest foreclosure rate, where one in every 752 housing units received a foreclosure filing during the month — 3.5 times the state average.

 

State a minor contributor to nation’s foreclosure total for Q1 2009

West Virginia accounted for less than 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter  — broken out by type of filing at the county, state and national level. 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 filed against a property during the quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

 

                     West Virginia Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16

23.63

West Virginia

0

0

285

0

50

335

2,635

95.91

134.27

 

 

 

 

 

 

 

 

 

 

Barbour

0

0

1

0

0

1

7,565

0.00%

Berkeley

0

0

50

0

7

57

752

235.29%

235.29%

Boone

0

0

0

0

0

0

-100.00%

-100.00%

Braxton

0

0

1

0

0

1

7,624

Brooke

0

0

0

0

0

0

Cabell

0

0

13

0

2

15

3,085

275.00%

1400.00%

Calhoun

0

0

0

0

0

0

Clay

0

0

0

0

0

0

Doddridge

0

0

1

0

0

1

3,785

Fayette

0

0

7

0

0

7

3,185

0.00%

133.33%

Gilmer

0

0

0

0

0

0

Grant

0

0

1

0

0

1

6,662

Greenbrier

0

0

2

0

0

2

9,282

-60.00%

Hampshire

0

0

2

0

0

2

6,256

100.00%

Hancock

0

0

1

0

1

2

7,422

-33.33%

100.00%

Hardy

0

0

2

0

1

3

2,649

Harrison

0

0

2

0

1

3

10,657

50.00%

200.00%

Jackson

0

0

0

0

0

0

-100.00%

Jefferson

0

0

56

0

5

61

355

335.71%

6000.00%

Kanawha

0

0

44

0

2

46

2,068

84.00%

6.98%

Lewis

0

0

3

0

0

3

2,716

50.00%

50.00%

Lincoln

0

0

0

0

0

0

-100.00%

Logan

0

0

0

0

0

0

-100.00%

Marion

0

0

6

0

0

6

4,520

50.00%

Marshall

0

0

5

0

0

5

3,208

Mason

0

0

0

0

0

0

McDowell

0

0

0

0

0

0

Mercer

0

0

9

0

1

10

3,010

0.00%

-9.09%

Mineral

0

0

1

0

0

1

13,008

Mingo

0

0

1

0

0

1

13,364

Monongalia

0

0

11

0

0

11

3,463

266.67%

-8.33%

Monroe

0

0

0

0

0

0

Morgan

0

0

12

0

1

13

730

550.00%

550.00%

Nicholas

0

0

2

0

0

2

6,441

Ohio

0

0

2

0

0

2

11,079

100.00%

Pendleton

0

0

0

0

0

0

Pleasants

0

0

1

0

0

1

3,250

Pocahontas

0

0

0

0

0

0

-100.00%

Preston

0

0

0

0

0

0

-100.00%

Putnam

0

0

4

0

0

4

5,840

300.00%

-20.00%

Raleigh

0

0

13

0

1

14

2,637

133.33%

55.56%

Randolph

0

0

3

0

0

3

4,643

200.00%

Ritchie

0

0

0

0

0

0

Roane

0

0

0

0

1

1

7,732

Summers

0

0

0

0

0

0

-100.00%

Taylor

0

0

1

0

0

1

7,280

Tucker

0

0

1

0

0

1

4,813

Tyler

0

0

0

0

0

0

Upshur

0

0

1

0

0

1

11,320

0.00%

Wayne

0

0

2

0

4

6

3,262

-25.00%

Webster

0

0

0

0

0

0

Wetzel

0

0

1

0

0

1

8,358

-50.00%

Wirt

0

0

0

0

0

0

Wood

0

0

23

0

23

46

888

-13.21%

119.05%

Wyoming

0

0

0

0

0

0

-100.00%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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