West Virginia Foreclosures Continue Upward Climb in August

West Virginia foreclosure activity rose in August, up to 143 properties with foreclosure filings for the month, a 3 percent increase from the previous month and 233 percent above the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

 West Virginia foreclosures continued to rise in August as they have for the past several months,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even so, the state continues to hold one of the lowest totals in the country. While on the rise, its unemployment rate is still below the national average and home sales are beginning to improve. If these trends persist, it is unlikely that the foreclosure situation will change drastically here.”

 

West Virginia ranked 45th in the country in total foreclosures reported for August. With one in every 6,173 housing units receiving a foreclosure filing, its foreclosure rate ranked 48th among the 50 states.

 

Jefferson County posts state’s top foreclosure rate in August

Jefferson County posted the highest county foreclosure rate in the state for August, with one in every 1,202 housing units receiving a foreclosure filing — five times the state average. Berkeley County had the second highest foreclosure rate, with one in every 2,042 housing units receiving a foreclosure filing during the month — three times the state average. Cabell County posted the third highest foreclosure rate, where one in every 3,085 housing units received a foreclosure filing — twice the state average.

 

Five counties accounted for 56 percent of state’s foreclosure activity for August

Berkeley County led the way, tallying 21 properties with foreclosure filings for the month. Jefferson County reported the second highest foreclosure total, documenting 18 properties with foreclosure filings. Reporting 16 properties with foreclosure filings for the month, Kanawha County posted the third highest total in the state. Cabell County was fourth highest, reporting 15 properties with foreclosure filings, while the fifth highest total was in Harrison County, where 10 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure activity in August

West Virginia accounted for less than one percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 Top Foreclosure Rates by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

West Virginia

2

0

92

0

49

143

6,173

0.06

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

17

0

1

18

1,202

0.30

5.14

Berkeley

0

0

16

0

5

21

2,042

0.17

3.02

Cabell

0

0

7

0

9

15

3,085

0.12

2.00

Harrison

0

0

2

0

8

10

3,197

0.11

1.93

Mason

0

0

0

0

3

3

4,141

0.09

1.49

 

 

West Virginia Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

West Virginia

2

0

92

0

49

143

6,173

2.88

232.56

 

 

 

 

 

 

 

 

 

 

Berkeley

0

0

16

0

5

21

2,042

0.00

61.54

Jefferson

0

0

17

0

1

18

1,202

-18.18

500.00

Kanawha

0

0

7

0

9

16

5,944

6.67

300.00

Cabell

0

0

7

0

9

15

3,085

66.67

400.00

Harrison

0

0

2

0

8

10

3,197

66.67

n/a

 

 

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