West Virginia Foreclosures Decline in October

Statewide filings down 69 percent from September

 

West Virginia reported 100 properties with foreclosure filings in October, down 69 percent from the previous month, but still up 12 percent from October 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report. West Virginia ranked 47th in the country in total foreclosures reported for the month. With one in every 8,827 housing units receiving a foreclosure filing, its foreclosure rate ranked 49th among the 50 states.

 

“West Virginia foreclosures fell significantly in October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in default notices, which dropped 100 percent for the month. The state had one of the highest increases in home sales during the third quarter. This is undoubtedly helping to keep foreclosures here lower than most states.”

 

Pocahontas County posts state’s top foreclosure rate in October

Pocahontas County posted the highest county foreclosure rate in West Virginia for October, with one in every 1,579 housing units receiving a foreclosure filing — 5.6 times the state average. Jefferson County ranked second highest, reporting one in every 1,966 housing units receiving a foreclosure filing — 4.5 the state average. Berkeley County had the third highest rate, with one in every 2,382 housing units receiving a foreclosure filing — 3.7 times the state average. Wood County posted the fourth highest foreclosure rate, where one in every 3,713 housing units received a foreclosure filing during the month — 2.4 times the state average.

 

Five counties dominate state in foreclosure totals during October

Berkeley County led all counties, totaling 18 properties with foreclosure filings for the month. Kanawha County was second highest, documenting 13 properties with foreclosure filings. Jefferson County posted the third highest foreclosure total, reporting 11 properties with foreclosure filings for the month. Wood County came in fourth, reporting 11 properties with foreclosure filings, while the fifth highest total was in Cabell County, where 10 properties with foreclosure filings were reported for the month.

 

State responsible for less than 1 percent of nation’s foreclosure activity in October

West Virginia accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 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 – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

West Virginia

0

0

47

0

53

100

8,827

0.04

n/a

 

 

 

 

 

 

 

 

 

 

Pocahontas

0

0

0

0

5

5

1,579

0.24

5.59

Jefferson

0

0

5

0

6

11

1,966

0.20

4.49

Berkeley

0

0

7

0

11

18

2,382

0.16

3.71

Wood

0

0

3

0

8

11

3,713

0.10

2.38

Wayne

0

0

3

0

2

5

3,914

0.10

2.26

 

 

 

 

West Virginia Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

West Virginia

0

0

47

0

53

100

8,827

-68.94

12.36

 

 

 

 

 

 

 

 

 

 

Berkeley

0

0

7

0

11

18

2,382

-70.00

100.00

Kanawha

0

0

10

0

3

13

7,316

-60.61

-23.53

Jefferson

0

0

5

0

6

11

1,966

-67.65

175.00

Wood

0

0

3

0

8

11

3,713

-42.11

-66.67

Cabell

0

0

7

0

3

10

4,628

-72.22

900.00

 

 

 

 

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