WEST VIRGINIA FORECLOSURES INCREASE 5 PERCENT IN JANUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Up 22 Percent From a Year Ago

 

IRVINE, Calif. – Feb. 25, 2007 – West Virginia documented 115 new foreclosure filings in January, a 5 percent increase from the previous month, and a 22 percent increase from January 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 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.

 

West Virginia foreclosures are higher than they’ve been during any month in 2006,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s unemployment rate was higher than the national average last year and that its home price appreciation was below the national rate. These factors have likely contributed to the overall rise. Even so, the state still holds one of the lower foreclosure rates nationwide.”

 

West Virginia ranked 40th in the country in total foreclosures reported for January. The state’s foreclosure rate of one new foreclosure filing for every 7,345 households ranked 45th among the 50 states.

 

Kanawha County accounts for largest share of state total

Kanawha County led the state in total foreclosures, reporting 36 foreclosure filings for the month. Wood County documented the second highest total, reporting 15 filings. Raleigh County documented the third highest total, reporting 14 filings in the foreclosure pipeline during the month.

 

Raleigh County leads state in foreclosure rate

Raleigh County held the highest foreclosure rate in West Virginia for January, with one new foreclosure filing for every 2,548 households — 2.9 times the state average. Kanawha County registered the second highest rate, with one new foreclosure filing for every 2,605 households — 2.8 times the state average. Lewis County registered the third highest foreclosure rate, with one new foreclosure filing for every 2,648 households — 2.8 times the state average.

 

State makes minor contribution to national total

West Virginia accounted for less than 1 percent of the 130,511 foreclosure filings nationwide in January, up 19 percent from the previous month and up 25 percent from January 2006. The nation’s foreclosure rate increased to one new foreclosure filing for every 886 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

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 – January 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,317

52,326

6,983

19,980

23,905

130,511

886

n/a

n/a

West Virginia

0

115

0

0

0

115

7,345

0.12

n/a

 

 

 

 

 

 

 

 

 

 

Berkeley

0

7

0

0

0

7

4,702

0.19

1.56

Braxton

0

1

0

0

0

1

7,374

0.12

1.00

Cabell

0

5

0

0

0

5

9,123

0.10

0.81

Fayette

0

2

0

0

0

2

10,808

0.08

0.68

Greenbrier

0

1

0

0

0

1

17,644

0.05

0.42

Hampshire

0

2

0

0

0

2

5,593

0.16

1.31

Hancock

0

2

0

0

0

2

7,364

0.12

1.00

Harrison

0

1

0

0

0

1

31,112

0.03

0.24

Jackson

0

0

0

0

0

0

n/a

0.00

0.00

Jefferson

0

6

0

0

0

6

2,937

0.30

2.50

Kanawha

0

36

0

0

0

36

2,605

0.34

2.82

Lewis

0

3

0

0

0

3

2,648

0.33

2.77

Lincoln

0

0

0

0

0

0

n/a

0.00

0.00

Marion

0

1

0

0

0

1

26,660

0.03

0.28

Marshall

0

1

0

0

0

1

15,814

0.06

0.46

Mason

0

0

0

0

0

0

n/a

0.00

0.00

Mercer

0

4

0

0

0

4

7,536

0.12

0.97

Monongalia

0

1

0

0

0

1

36,695

0.02

0.20

Morgan

0

0

0

0

0

0

n/a

0.00

0.00

Ohio

0

1

0

0

0

1

22,166

0.04

0.33

Putnam

0

5

0

0

0

5

4,324

0.20

1.70

Raleigh

0

14

0

0

0

14

2,548

0.35

2.88

Randolph

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

1

0

0

0

1

7,331

0.12

1.00

Tucker

0

1

0

0

0

1

4,634

0.19

1.58

Wayne

0

2

0

0

0

2

9,554

0.09

0.77

Webster

0

1

0

0

0

1

5,273

0.17

1.39

Wetzel

0

2

0

0

0

2

4,157

0.21

1.77

Wood

0

15

0

0

0

15

2,652

0.33

2.77

 

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 construction properties, 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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