WEST VIRGINIA FORECLOSURE ACTIVITY UP 49 PERCENT IN 2008

More than 600 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 685 West Virginia properties in 2008, an increase of 49 percent from 2007 and an increase of 171 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Mountain State reported 58 properties with foreclosure filings in December, a 71 percent increase from the previous month and an 81 percent increase over December 2007.

 

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 were up in 2008, it still holds one of the lowest numbers nationwide,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s unemployment rate remained virtually unchanged despite record highs around the country. Although home values and sales showed some decline, it was not as severe as many other regions. These factors are helping the state to weather the foreclosure crisis better than most states.”

 

West Virginia ranked 46th in the country in total foreclosures reported for the year. With one in every 1,281 housing units receiving a foreclosure filing, its foreclosure rate ranked 49th among the 50 states.

 

Top eight counties responsible for bulk of state’s foreclosure activity

Eight West Virginia counties accounted for 74 percent of all foreclosure activity in the state for 2008. Wood County led all others, reporting 139 properties with foreclosure filings for the year. Kanawha County came in a close second, reporting 134 properties with foreclosure filings. Berkeley County registered the third highest total, reporting 75 properties with foreclosure filings. Fourth highest total was reported in Cabell, Jefferson and Mercer counties, each with 33 properties with foreclosure filings. Harrison County and Wayne County came in fifth, each documenting 30 properties with foreclosure filings.

 

Wood County posts top foreclosure rate for 2008

Three West Virginia counties led the state in foreclosure rates for 2008. Wood County topped the list, with 0.34 percent of its housing units receiving at least one foreclosure filing during the year. Berkeley County came in second, with 0.18 percent of its housing units receiving at least one foreclosure filing. Jefferson County posted the third highest foreclosure rate, where 0.16 percent of the housing stock received at least one foreclosure filing in 2008.

 

State contributes less than 1 percent to nation’s foreclosure total for 2008

West Virginia accounted for less than 1 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

West Virginia

685

0.08

48.91

 

 

 

 

 

33

Barbour

1

0.01

0.00

2

Berkeley

75

0.18

97.37

21

Boone

4

0.03

300.00

34

Braxton

1

0.01

n/a

25

Brooke

3

0.03

-40.00

10

Cabell

33

0.07

106.25

40

Calhoun

0

0.00

n/a

40

Clay

0

0.00

n/a

40

Doddridge

0

0.00

-100.00

8

Fayette

18

0.08

50.00

40

Gilmer

0

0.00

n/a

40

Grant

0

0.00

n/a

16

Greenbrier

10

0.05

100.00

23

Hampshire

4

0.03

100.00

9

Hancock

11

0.07

22.22

40

Hardy

0

0.00

n/a

7

Harrison

30

0.09

87.50

27

Jackson

3

0.02

0.00

3

Jefferson

33

0.16

106.25

5

Kanawha

134

0.14

13.56

15

Lewis

5

0.06

66.67

19

Lincoln

4

0.04

300.00

39

Logan

1

0.01

-50.00

22

Marion

9

0.03

28.57

29

Marshall

3

0.02

50.00

38

Mason

1

0.01

0.00

40

McDowell

0

0.00

n/a

6

Mercer

33

0.11

17.86

40

Mineral

0

0.00

-100.00

32

Mingo

2

0.01

n/a

14

Monongalia

24

0.06

118.18

40

Monroe

0

0.00

-100.00

13

Morgan

6

0.06

500.00

40

Nicholas

0

0.00

-100.00

30

Ohio

4

0.02

-63.64

40

Pendleton

0

0.00

n/a

40

Pleasants

0

0.00

-100.00

35

Pocahontas

1

0.01

0.00

20

Preston

5

0.04

n/a

11

Putnam

16

0.07

-30.43

12

Raleigh

25

0.07

-41.86

24

Randolph

4

0.03

0.00

31

Ritchie

1

0.02

-66.67

40

Roane

0

0.00

-100.00

26

Summers

2

0.03

-33.33

40

Taylor

0

0.00

n/a

18

Tucker

2

0.04

n/a

28

Tyler

1

0.02

-50.00

37

Upshur

1

0.01

-66.67

4

Wayne

30

0.15

500.00

40

Webster

0

0.00

n/a

36

Wetzel

1

0.01

-50.00

40

Wirt

0

0.00

n/a

1

Wood

139

0.34

178.00

17

Wyoming

5

0.04

n/a

 

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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