West Virginia Foreclosure Activity Rises in April

Statewide foreclosure filings up 44 percent from March

 

Monthly foreclosure activity in West Virginia rose 44 percent from the previous month to 105 properties with foreclosure filings. This latest state total also represents a 28 percent year-over-year decrease in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

“West Virginia foreclosures were up in April,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest rise was in bank-owned properties, which climbed 54 percent during the month. Even so, the state continues to hold one of the lowest foreclosure rates in the country. It is unlikely that will change dramatically any time soon.”

 

West Virginia ranked 47th in the country in total foreclosures reported for the month. With one in every 8,442 housing units receiving a foreclosure filing, its foreclosure rate ranked 49th among the 50 states.

 

Tucker County posts top foreclosure rate for April

Tucker County posted the highest county foreclosure rate in the state for the month, with one in every 301 housing units receiving a foreclosure filing — 28 times the state average. Wayne County came in second, with one in every 1,960 housing units receiving a foreclosure filing —4.3 times the state average. Berkeley County was third, with one in every 2,316 housing units receiving a foreclosure filing — 3.7 times the state average.

 

Berkeley County led the state in total foreclosures for April

Berkeley County led the way, reporting 19 properties with foreclosure filings for the month. Tucker County came in second highest, documenting 16 properties with foreclosure filings. Reporting 13 properties with foreclosure filings for the month, Wood County ranked third highest. Wayne County was fourth, reporting 10 properties with foreclosure filings, while Kanawha County came in fifth, reporting seven properties with foreclosure filings.

 

State contributes less than 1 percent to nation’s month foreclosure total

West Virginia accounted for less than 1 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 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: DefaultNotice 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

West Virginia

0

0

0

0

105

105

8,442

0.05

n/a

 

 

 

 

 

 

 

 

 

 

Tucker

0

0

0

0

16

16

301

1.28

28.01

Wayne

0

0

0

0

10

10

1,960

0.20

4.31

Berkeley

0

0

0

0

19

19

2,316

0.17

3.65

Pocahontas

0

0

0

0

3

3

2,637

0.15

3.20

Hardy

0

0

0

0

3

3

2,677

0.14

3.15

 

 

 

West Virginia Top Foreclosure Totals by County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

West Virginia

0

0

0

0

105

105

8,442

43.84

-27.59

 

 

 

 

 

 

 

 

 

 

Berkeley

0

0

0

0

19

19

2,316

5.56

-45.71

Tucker

0

0

0

0

16

16

301

n/a

n/a

Wood

0

0

0

0

13

13

3,148

116.67

85.71

Wayne

0

0

0

0

10

10

1,960

n/a

400.00

Kanawha

0

0

0

0

7

7

13,593

250.00

-70.83

 

 

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