WEST VIRGINIA FORECLOSURE ACTIVITY UP 37 PERCENT IN OCTOBER

Foreclosure Activity Increases 85 Percent From October 2007

 

IRVINE, Calif. – Nov. 26, 2008 – West Virginia reported 89 properties with foreclosure filings in October, a 37 percent increase from the previous month, and 85 percent ahead of the level reported for October 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Although West Virginia foreclosures increased in October and from this time last year, the state still holds one of the lowest foreclosure totals nationwide,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that West Virginia’s unemployment rate is currently below most states, and that its home price appreciation rate was above the national average during the past year. These factors are likely helping to keep foreclosures here relatively low.”

 

West Virginia ranked 45th in the country in total foreclosures reported for the month. With one in every 9,863 housing units receiving a foreclosure filing, its foreclosure rate ranked 46th among the 50 states.

 

Five counties dominate state’s foreclosure activity for October

Five West Virginia counties accounted for 80 percent of all foreclosure activity in the state for October. Wood County reported 33 properties with foreclosure filings for the month. Kanawha County documented the state’s second highest foreclosure total, reporting 17 properties with foreclosure filings. Third highest was Berkeley County, reporting nine properties with foreclosure filings. Mercer County came in fourth place, documenting eight properties with foreclosure filings, followed by Jefferson County with four properties with foreclosure filings.

 

Wood County posts top foreclosure rate for October

Wood County tallied the highest county foreclosure rate in West Virginia for October, with one in every 1,234 housing units receiving a foreclosure filing for the month — eight times the state average. Mercer County posted the state’s second highest foreclosure rate, with one in every 3,770 housing units receiving a foreclosure filing during the month — 2.6 times the state average. The third highest rate in the state was reported in Berkeley County, where one in every 4,593 housing units received a foreclosure filing in October — 2.2 times the state average.

 

State accounts for less than 1 percent of nation’s foreclosure total in October

West Virginia accounted for less than 1 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented a decrease of more than 5 percent from the previous month but was still almost 25 percent ahead of the total reported for October 2007. One in every 452 U.S. housing units received a foreclosure filing during the month.

 

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 Foreclosure Market Data by County – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

West Virginia

0

0

68

0

21

89

9,863

0.05

n/a

 

 

 

 

 

 

 

 

 

 

Barbour

0

0

0

0

0

0

 n/a

0.00

0.00

Berkeley

0

0

7

0

2

9

4,593

0.10

2.15

Boone

0

0

0

0

1

1

11,821

0.04

0.83

Braxton

0

0

0

0

0

0

 n/a

0.00

0.00

Brooke

0

0

0

0

0

0

 n/a

0.00

0.00

Cabell

0

0

1

0

0

1

46,200

0.01

0.21

Calhoun

0

0

0

0

0

0

 n/a

0.00

0.00

Clay

0

0

0

0

0

0

 n/a

0.00

0.00

Doddridge

0

0

0

0

0

0

 n/a

0.00

0.00

Fayette

0

0

2

0

0

2

11,139

0.04

0.89

Gilmer

0

0

0

0

0

0

 n/a

0.00

0.00

Grant

0

0

0

0

0

0

 n/a

0.00

0.00

Greenbrier

0

0

3

0

0

3

6,142

0.07

1.61

Hampshire

0

0

0

0

0

0

 n/a

0.00

0.00

Hancock

0

0

0

0

0

0

 n/a

0.00

0.00

Hardy

0

0

0

0

0

0

 n/a

0.00

0.00

Harrison

0

0

2

0

1

3

10,618

0.04

0.93

Jackson

0

0

0

0

0

0

 n/a

0.00

0.00

Jefferson

0

0

4

0

0

4

5,281

0.09

1.87

Kanawha

0

0

16

0

1

17

5,583

0.08

1.77

Lewis

0

0

0

0

0

0

 n/a

0.00

0.00

Lincoln

0

0

0

0

0

0

 n/a

0.00

0.00

Logan

0

0

0

0

0

0

 n/a

0.00

0.00

Marion

0

0

1

0

0

1

27,081

0.02

0.36

Marshall

0

0

0

0

0

0

 n/a

0.00

0.00

Mason

0

0

0

0

0

0

 n/a

0.00

0.00

McDowell

0

0

0

0

0

0

 n/a

0.00

0.00

Mercer

0

0

8

0

0

8

3,770

0.12

2.62

Mineral

0

0

0

0

0

0

 n/a

0.00

0.00

Mingo

0

0

0

0

0

0

 n/a

0.00

0.00

Monongalia

0

0

1

0

0

1

37,885

0.01

0.26

Monroe

0

0

0

0

0

0

 n/a

0.00

0.00

Morgan

0

0

1

0

0

1

9,295

0.05

1.06

Nicholas

0

0

0

0

0

0

 n/a

0.00

0.00

Ohio

0

0

0

0

0

0

 n/a

0.00

0.00

Pendleton

0

0

0

0

0

0

 n/a

0.00

0.00

Pleasants

0

0

0

0

0

0

 n/a

0.00

0.00

Pocahontas

0

0

0

0

0

0

 n/a

0.00

0.00

Preston

0

0

1

0

0

1

13,819

0.03

0.71

Putnam

0

0

1

0

0

1

23,173

0.02

0.43

Raleigh

0

0

3

0

0

3

12,251

0.04

0.81

Randolph

0

0

0

0

0

0

 n/a

0.00

0.00

Ritchie

0

0

0

0

0

0

 n/a

0.00

0.00

Roane

0

0

0

0

0

0

 n/a

0.00

0.00

Summers

0

0

0

0

0

0

 n/a

0.00

0.00

Taylor

0

0

0

0

0

0

 n/a

0.00

0.00

Tucker

0

0

0

0

0

0

 n/a

0.00

0.00

Tyler

0

0

0

0

0

0

 n/a

0.00

0.00

Upshur

0

0

0

0

0

0

 n/a

0.00

0.00

Wayne

0

0

0

0

0

0

 n/a

0.00

0.00

Webster

0

0

0

0

0

0

 n/a

0.00

0.00

Wetzel

0

0

0

0

0

0

 n/a

0.00

0.00

Wirt

0

0

0

0

0

0

 n/a

0.00

0.00

Wood

0

0

17

0

16

33

1,234

0.37

7.99

Wyoming

0

0

0

0

0

0

 n/a

0.00

0.00

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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