West Virginia Foreclosure Activity Rose in May

Statewide foreclosure filings up 9 percent from April

 

Foreclosure activity in West Virginia rose 9 percent in May to 114 properties with foreclosure filings. This latest state total represents a 13 percent increase from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“West Virginia reported a hike in foreclosure activity in May, with more filings than were reported for last month and than were reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “On a brighter note, the state’s unemployment rate fell slightly to 8.6 percent in May and 41 of its 55 counties reported improvement, making an economic turnaround look more and more probable.”

 

The state’s foreclosure rate ranked 49th in the nation, as one in every 7,776 West Virginia housing units received a foreclosure filing during the month.

 

Jefferson County led the state in foreclosure activity for May

Jefferson County posted the highest foreclosure rate in West Virginia for May, with one in every 1,315 housing units receiving a foreclosure filing — 5.9 times the state average. Morgan County had the second highest foreclosure rate, with one in every 1,919 housing units receiving a foreclosure filing — 4.1 times the state average. Wood County had the third highest foreclosure rate, with one in every 2,923 housing units receiving a foreclosure filing — 2.7 times the state average.

 

Jefferson County also tops in foreclosure total for May

Jefferson County also led West Virginia in total foreclosure activity, reporting 17 properties with foreclosure filings for the month. Wood County had the second highest total, documenting 14 properties with foreclosure filings. Berkeley County had the third highest foreclosure total, reporting 12 properties with foreclosure filings for the month. Cabell County was fourth highest, reporting 11 properties with foreclosure filings.

 

State a minor contributor to nation’s monthly foreclosure total in May

West Virginia accounted for less than 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

West Virginia

0

0

28

0

86

114

7,776

0.05

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

7

0

10

17

1,315

0.30

5.91

Morgan

0

0

3

0

2

5

1,919

0.21

4.05

Wood

0

0

2

0

12

14

2,923

0.14

2.66

Grant

0

0

0

0

2

2

3,357

0.12

2.32

Berkeley

0

0

0

0

12

12

3,667

0.11

2.12

 

 

West Virginia Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

West Virginia

0

0

28

0

86

114

7,776

8.57

12.87

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

7

0

10

17

1,315

325.00

21.43

Wood

0

0

2

0

12

14

2,923

7.69

40.00

Berkeley

0

0

0

0

12

12

3,667

-36.84

-53.85

Cabell

0

0

7

0

4

11

4,218

450.00

266.67

Kanawha

0

0

0

0

8

8

11,894

14.29

-11.11

 

 

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