West Virginia Foreclosure Activity Doubles in 2009

Statewide filings up 116 percent from 2008; Down 10 percent from November

 

West Virginia foreclosures were up in 2009, with 1,479 properties with foreclosure filings, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total represents a 116 percent increase from the total reported for 2008, and is 222 percent higher than the level reported for all of 2007.

 

West Virginia foreclosures more than doubled in 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the state’s unemployment rate is still below the national average, it did have the highest increase for the year. However, home sales are really beginning to pick up. If this trend continues, we may see foreclosures fall here in 2010.”

 

West Virginia ranked 45th in total foreclosures reported for 2009 when compared to the 50 states. With one in every 597 housing units receiving a foreclosure filing, West Virginia’s foreclosure rate ranked 48th in the nation for the year.

 

Reporting 103 properties with foreclosure filings for December, West Virginia had a 10 percent decrease from the previous month, but was still 78 percent above December 2008. The state’s foreclosure rate — one in every 8,570 housing units received a foreclosure filing — ranked 49th in the nation for the month.

 

Jefferson County posts state’s highest foreclosure rate for 2009

Jefferson County posted the highest county foreclosure rate in West Virginia for the year, with one in every 114 housing units receiving a foreclosure filing in 2009. Berkeley County had the second highest rate, with one in every 166 housing units receiving a foreclosure filing. Wood County came in third highest, with one in every 267 housing units receiving a foreclosure filing. Morgan County was fourth highest with one in every 306 housing units receiving a foreclosure filing, followed by Cabell County, with one in every 413 housing units receiving a foreclosure filing.

 

Kanawha County posts state’s highest total foreclosure filings in 2009

Kanawha County led the state in total foreclosures in 2009, reporting a total of 95,110 properties with foreclosure filings for the year. Cabell County came in second, documenting 46,281 properties with foreclosure filings. Berkeley County had the third highest total in the state, reporting 42,872 properties with foreclosure filings for the year. Wood County was fourth highest, reporting 40,844 properties with foreclosure filings, followed by Monongalia County in fifth place, tallying 38,089 properties with foreclosure filings for all of 2009.

 

State contributes less than 1 percent to nation’s foreclosure total in 2009

West Virginia accounted for less than 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

West Virginia

1,479

0.17

597

115.91

221.52

 

 

 

 

 

 

Jefferson

190

0.88

114

475.76

1,087.50

Berkeley

259

0.60

166

245.33

581.58

Wood

153

0.37

267

10.07

206

Morgan

31

0.33

306

416.67

3,000

Cabell

112

0.24

413

239.39

600

 

 

West Virginia Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

West Virginia

1,479

0.17

597

115.91

221.52

 

 

 

 

 

 

Berkeley

259

0.60

166

245.33

581.58

Jefferson

190

0.88

114

475.76

1,087.50

Kanawha

183

0.19

520

36.57

55.08

Wood

153

0.37

267

10.07

206

Cabell

112

0.24

413

239.39

600

 

 

West Virginia Top Foreclosure Rates by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

West Virginia

0

0

1

0

102

103

8,570

0.04

n/a

 

 

 

 

 

 

 

 

 

 

Wood

0

0

0

0

36

36

1,135

0.32

7.55

Jefferson

0

0

0

0

13

13

1,664

0.22

5.15

Monroe

0

0

0

0

2

2

3,765

0.10

2.28

Doddridge

0

0

0

0

1

1

3,785

0.10

2.26

Wayne

0

0

0

0

5

5

3,914

0.09

2.19

 

 

West Virginia Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

West Virginia

0

0

1

0

102

103

8,570

-9.65

77.59

 

 

 

 

 

 

 

 

 

 

Wood

0

0

0

0

36

36

1,134.56

71.43

200

Jefferson

0

0

0

0

13

13

1,663.77

18.18

225

Berkeley

0

0

0

0

7

7

6,124.57

-65

16.67

Harrison

0

0

0

0

6

6

5,328.33

50

 

Wayne

0

0

0

0

5

5

3,914.20

150

 

 

 

 

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