West Virginia Foreclosure Activity Unchanged in February

Statewide filings down 33 percent from February 2009

 

Foreclosure activity in West Virginia remained the same for the month in February with 74 properties with foreclosure filings but declined 33 percent below the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“West Virginia foreclosures are down from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest drop was in auctions, which fell 99 percent for the year. While the state’s unemployment rate is still rising, it remains below the national average, and home sales picked up here last year. These trends have definitely contributed to the overall decline.”

 

West Virginia ranked 47th in the country in total foreclosures reported for the month. With one in every 11,979 housing units receiving a foreclosure filing, its foreclosure rate ranked 49th among the 50 states.

 

Berkeley County posts top foreclosure rate in the state for February

Berkeley County posted the state’s highest county foreclosure rate in February, with one in every 3,143 housing units receiving a foreclosure filing — 3.8 times the state average. Lewis County was second, with one in every 4,082 housing units receiving a foreclosure filing — 2.9 times the state average. Jefferson County came in third highest, with one in every 4,472 housing units receiving a foreclosure filing — 2.7 times the state average.

 

Berkeley County also reports highest number in total foreclosures in February

Berkeley County also led the way in total foreclosures for the state, reporting 14 properties with foreclosure filings for the month. Kanawha County was second, documenting 10 properties with foreclosure filings. Wood County ranked third highest, reporting nine properties with foreclosure filings for the month. Jefferson County came in fourth place, reporting five properties with foreclosure filings, while Cabell County and Raleigh County both came in fifth place, each reporting four 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 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

West Virginia

0

0

1

0

73

74

11,979

0.03

n/a

 

 

 

 

 

 

 

 

 

 

Berkeley

0

0

0

0

14

14

3,143

0.13

3.81

Lewis

0

0

0

0

2

2

4,082

0.10

2.93

Jefferson

0

0

0

0

5

5

4,472

0.09

2.68

Wood

0

0

0

0

9

9

4,547

0.09

2.63

Morgan

0

0

0

0

2

2

4,797

0.09

2.50

 

 

 

 

West Virginia Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Jan 10

% Chg

Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

West Virginia

0

0

1

0

73

74

11,979

0.00

-33.33

 

 

 

 

 

 

 

 

 

 

Berkeley

0

0

0

0

14

14

3,143

40.00

-36.36

Kanawha

0

0

0

0

10

10

9,515

400.00

-33.33

Wood

0

0

0

0

9

9

4,547

-30.77

-57.14

Jefferson

0

0

0

0

5

5

4,472

-28.57

-70.59

Cabell

0

0

0

0

4

4

11,599

0.00

100.00

Raleigh

0

0

0

0

4

4

9,262

0.00

-33.33

 

 

 

 

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