West Virginia Reports More Than 600 Properties With Foreclosure Filings in First Half of 2009

Statewide foreclosure activity up 112 percent from previous six months

Foreclosure filings rise 2 percent in Q2; Increase 13 percent in June

 

West Virginia reported 663 properties with foreclosure filings throughout the first six months of 2009, a 112 percent increase from the previous six months and 74 percent ahead of the first half of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Mountain State reported 341 properties with foreclosure filings for the second quarter of the year, a 2 percent increase from the previous quarter and 75 percent ahead of the total reported for the same quarter last year. For June, the state reported 114 properties with foreclosure filings, up 13 percent from the previous month and a 36 percent increase from June 2008.

 

West Virginia foreclosures more than doubled so far this year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate remains below the national average, but it has increased nearly five percent since this time last year. Even so, West Virginia has fewer foreclosures than most states right now.”

 

West Virginia ranked 44th in the country in total foreclosures reported for the first six months of 2009. With one in every 1,331 housing units receiving a foreclosure filing, its foreclosure rate ranked 46th among the 50 states.

 

Berkeley County leads in midyear foreclosure filings

Berkeley County posted West Virginia’s highest foreclosure activity, reporting 126 properties with foreclosure filings, accounting for 20 percent of foreclosure activity for the first half of 2009. Kanawha County came in second highest, reporting 98 properties with foreclosure filings halfway through the year. Jefferson County was third highest, documenting 93 properties with foreclosure filings. Wood County posted the fourth highest foreclosure total, where 69 properties with foreclosure filings were reported. Cabell County registered the state’s fifth highest total at midyear, reporting 41 properties with foreclosure filings.

 

Jefferson County dominates in midyear foreclosure rate rankings

Jefferson County led West Virginia’s foreclosure rate, with one in every 233 housing units receiving a foreclosure filing during the first six months of 2009. Berkeley County was second, with one in every 340 housing units receiving a foreclosure filing during the period. Morgan County had the third highest rate, with one in every 452 housing units receiving a foreclosure filing. Wood County was fourth, with one in every 592 housing units receiving a foreclosure filing, followed by fifth place Kanawha County, where one in every 971 housing units received a foreclosure filing during the six month period.

 

State contributes less than 1 percent to nation’s foreclosure total through midyear West Virginia accounted for less than 1 percent of the 1,528,364 properties with foreclosure filings reported nationwide halfway through 2009. The national total represented a greater than 9 percent increase in activity from the previous six month period and was almost 15 percent ahead of the total reported for the first half of 2008. One in every 84 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

       January – June 2009

 

County Name

Total Properties with FC Filings

% Housing Units

1/every X HU (rate)

% Chg From Jul-Dec 08

% Chg From Jan-Jun  08

 

 

 

 

 

 

United States

1,528,364

1.195

84

9.46

14.66

West Virginia

663

0.08

1,331

111.82

73.56

 

 

 

 

 

 

Barbour

1

0.01

7,565

0.00

 n/a

Berkeley

126

0.29

340

162.50

350.00

Boone

1

0.01

11,811

-50.00

-50.00

Braxton

2

0.03

3,812

 n/a

100.00

Brooke

0

0.00

 n/a

 n/a

-100.00

Cabell

41

0.09

1,129

215.38

95.24

Calhoun

0

0.00

 n/a

 n/a

 n/a

Clay

0

0.00

 n/a

 n/a

 n/a

Doddridge

1

0.03

3,785

 n/a

 n/a

Fayette

17

0.08

1,312

112.50

54.55

Gilmer

0

0.00

 n/a

 n/a

 n/a

Grant

2

0.03

3,331

 n/a

 n/a

Greenbrier

5

0.03

3,713

-37.50

150.00

Hampshire

4

0.03

3,128

0.00

 n/a

Hancock

2

0.01

7,422

-77.78

0.00

Hardy

3

0.04

2,649

 n/a

 n/a

Harrison

9

0.03

3,552

80.00

-64.00

Jackson

1

0.01

12,647

-50.00

0.00

Jefferson

93

0.43

233

342.86

615.38

Kanawha

98

0.10

971

113.04

7.69

Lewis

5

0.06

1,630

150.00

66.67

Lincoln

2

0.02

5,050

-33.33

100.00

Logan

0

0.00

 n/a

 n/a

-100.00

Marion

18

0.07

1,507

260.00

350.00

Marshall

7

0.04

2,291

 n/a

133.33

Mason

1

0.01

12,423

 n/a

0.00

McDowell

0

0.00

 n/a

 n/a

 n/a

Mercer

27

0.09

1,115

68.75

50.00

Mineral

3

0.02

4,336

 n/a

 n/a

Mingo

1

0.01

13,364

 n/a

-50.00

Monongalia

19

0.05

2,005

171.43

11.76

Monroe

0

0.00

 n/a

 n/a

 n/a

Morgan

21

0.22

452

600.00

600.00

Nicholas

2

0.02

6,441

 n/a

 n/a

Ohio

7

0.03

3,165

 n/a

133.33

Pendleton

0

0.00

 n/a

 n/a

 n/a

Pleasants

1

0.03

3,250

 n/a

 n/a

Pocahontas

1

0.01

7,896

0.00

 n/a

Preston

3

0.02

4,621

50.00

0.00

Putnam

11

0.05

2,124

266.67

-15.38

Raleigh

32

0.09

1,154

255.56

100.00

Randolph

4

0.03

3,483

100.00

100.00

Ritchie

2

0.04

2,826

100.00

 n/a

Roane

1

0.01

7,732

 n/a

 n/a

Summers

1

0.01

7,476

0.00

0.00

Taylor

2

0.03

3,640

 n/a

 n/a

Tucker

1

0.02

4,813

0.00

0.00

Tyler

1

0.02

4,891

 n/a

0.00

Upshur

4

0.04

2,830

300.00

 n/a

Wayne

10

0.05

1,957

25.00

-54.55

Webster

0

0.00

 n/a

 n/a

 n/a

Wetzel

1

0.01

8,358

 n/a

0.00

Wirt

0

0.00

 n/a

 n/a

 n/a

Wood

69

0.17

592

-13.75

11.29

Wyoming

0

0.00

 n/a

-100.00

-100.00

              

 

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