West Virginia Foreclosure Activity Rises in Third Quarter

Total foreclosure filings up 67 percent from Q2; up 356 percent from Q3 2008.

 

West Virginia reported 570 properties with foreclosure filings in the third quarter of 2009, an increase of 67 percent from the previous quarter and 356 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. 

 

Foreclosure activity in West Virginia was up more than 125 percent in September from the previous month to 322 properties with foreclosure filings and up 395 percent from September 2008.

 

“West Virginia experienced a major increase in foreclosure activity over the third quarter of 2009, bringing it to more than four times the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “It is important to note that West Virginia saw the effects of mounting foreclosures later than many others, so even with such an increase over the course of one year, the state is still fairing much better than many parts of the nation.”

 

One in every 1,549 West Virginia housing units received a foreclosure filing during the third quarter, ranking 48th among the 50 states.

 

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

Jefferson County posted the highest county foreclosure rate in the state for the third quarter, with one in every 305 housing units receiving a foreclosure filing — 5.1 times the state average. Berkeley County came in second, with one in every 442 housing units receiving a foreclosure filing during the quarter — 3.5 times the state average. Third highest rate was posted by Wetzel County, where one in every 643 housing units received a foreclosure filing — 2.4 times the state average.

 

Berkeley County leads state in foreclosure activity in the third quarter

Berkeley County led the state in activity, reporting 97 properties with foreclosure filings for the quarter. Jefferson County had the second highest total, reporting 71 properties with foreclosure filings. Kanawha County came in third, tallying 62 properties with foreclosure filings. Cabell County posted the fourth highest for the quarter, reporting 59 properties with foreclosure filings. Wood County documented 35 properties with foreclosure filings, the state’s fifth highest foreclosure total in the quarter.

 

State a minor contributor to nation’s foreclosure activity for quarter and month

West Virginia accounted for less than 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and less than 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 month — 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 month — which is extremely rare — 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 – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

West Virginia

6

0

287

0

277

570

1,549

0.09

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

2

0

42

0

27

71

305

0.45

5.08

Berkeley

3

0

37

0

57

97

442

0.31

3.50

Wetzel

1

0

1

0

11

13

643

0.21

2.41

Cabell

0

0

34

0

25

59

784

0.17

1.97

Hampshire

0

0

6

0

8

14

894

0.15

1.73

 

 

West Virginia Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

West Virginia

6

0

287

0

277

570

1,549

67.16

356.00

 

 

 

 

 

 

 

 

 

 

Berkeley

3

0

37

0

57

97

442

36.62

288.00

Jefferson

2

0

42

0

27

71

305

97.22

1320.00

Kanawha

0

0

40

0

22

62

1,534

12.73

169.57

Cabell

0

0

34

0

25

59

784

110.71

391.67

Wood

0

0

27

0

8

35

1,167

45.83

29.63

 

 

West Virginia Top Foreclosure Rates By County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

West Virginia

6

0

96

0

220

322

2,741

0.14

n/a

 

 

 

 

 

 

 

 

 

 

Wetzel

1

0

0

0

15

16

522

0.71

5.25

Jefferson

2

0

9

0

23

34

636

0.59

4.31

Berkeley

3

0

5

0

52

60

715

0.52

3.84

Hardy

0

0

0

0

8

8

993

0.37

2.76

Pocahontas

0

0

2

0

5

7

1,128

0.33

2.43

 

 

West Virginia Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

West Virginia

6

0

96

0

220

322

2,741

125.17

395.38

 

 

 

 

 

 

 

 

 

 

Berkeley

3

0

5

0

52

60

715

185.71

300.00

Cabell

0

0

11

0

25

36

1,286

140.00

620.00

Jefferson

2

0

9

0

23

34

636

88.89

1600.00

Kanawha

0

0

20

0

13

33

2,882

106.25

200.00

Wood

0

0

15

0

4

19

2,150

171.43

18.75

 

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