WEST VIRGINIA FORECLOSURE ACTIVITY UP 74 PERCENT IN MARCH

Statewide Filings Down 28 Percent From March 2007

 

IRVINE, Calif. – April 30, 2008 – West Virginia reported 68 properties with foreclosure filings for March, a 74 percent increase in activity from the previous month, but down 28 percent from March 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 million properties from nearly 2,500 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 saw a slight increase in foreclosure activity in March, the Mountain State has not experienced the surge of foreclosures we have seen in other states,” said James J. Saccacio, chief executive officer of RealtyTrac. “Despite the national mortgage crisis, West Virginia’s housing market remains strong. We have seen some foreclosure activity in the Eastern Panhandle region, but overall the state’s economy is surviving just fine.

 

West Virginia ranked 47th in the country in total foreclosure filings reported in March. One in every 12,909 West Virginia households received a foreclosure filing during March, ranking the state 47th among the 50 states.

 

Wood County leads the state in foreclosure activity and rate in March

Wood County led the state in terms of both foreclosure activity and foreclosure rate in March. The county reported 20 properties with foreclosure filings for the month for a foreclosure rate of one in every 2,036 households receiving a foreclosure filing for the month — 6.3 times the state average.

 

Kanawha County documented the second highest foreclosure total, reporting 13 properties with foreclosure filings, while third place Berkeley County reported nine properties with foreclosure filings for the month.

 

Wayne County posted the state’s second highest foreclosure rate in the state, with one in every 3,887 households receiving a foreclosure filing — 3.3 times the state average. Third highest rate in the state was reported in Berkeley County, where one in every 4,593 households received a foreclosure filing in March — 2.8 times the state average.

 

State a minor contributor to nation’s foreclosure total in March

Total foreclosure filings in West Virginia accounted for less than 1 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households 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 by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

West Virginia

0

0

37

0

31

68

12.909

0.04

n/a

 

 

 

 

 

 

 

 

 

 

Barbour

0

0

0

0

0

0

n/a

0.00

0.00

Berkeley

0

0

8

0

1

9

4,593

0.12

2.81

Boone

0

0

1

0

0

1

11,821

0.05

1.09

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

0

0

1

1

46,200

0.01

0.28

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

1

0

0

1

22,277

0.02

0.58

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

0

0

0

0

n/a

0.00

0.00

Hampshire

0

0

0

0

0

0

n/a

0.00

0.00

Hancock

0

0

1

0

0

1

14,812

0.04

0.87

Hardy

0

0

0

0

0

0

n/a

0.00

0.00

Harrison

0

0

1

0

1

2

15,928

0.03

0.81

Jackson

0

0

0

0

0

0

n/a

0.00

0.00

Jefferson

0

0

1

0

1

2

10,562

0.05

1.22

Kanawha

0

0

13

0

0

13

7,301

0.07

1.77

Lewis

0

0

1

0

0

1

8,124

0.07

1.59

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

0

0

0

0

n/a

0.00

0.00

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

3

0

1

4

7,539

0.07

1.71

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

3

0

0

3

12,628

0.04

1.02

Monroe

0

0

0

0

0

0

n/a

0.00

0.00

Morgan

0

0

0

0

1

1

9,295

0.06

1.39

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

0

0

0

0

n/a

0.00

0.00

Putnam

0

0

2

0

0

2

11,587

0.05

1.11

Raleigh

0

0

2

0

0

2

18,376

0.03

0.70

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

5

5

3,887

0.14

3.32

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

0

0

20

20

2,036

0.26

6.34

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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