WEST VIRGINIA FORECLOSURES DECREASE 33 PERCENT IN APRIL

Market Activity Down 35 Percent From a Year Ago

Upshur County Posts State’s Highest Foreclosure Rate

 

IRVINE, Calif. – May 31, 2006 – West Virginia reported 50 properties entering some stage of foreclosure in April, a 33 percent decline from the previous month and a 35 percent decrease from the 77 foreclosures reported in April 2005, according to RealtyTrac’s April 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

“A record increase in home price appreciation in 2005 seems to be keeping West Virginia foreclosures in check,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, potential loss of jobs in the mining industry and a growing inventory of unsold homes threaten to push the state’s foreclosure rate higher in the coming months.”

 

With one foreclosure filing for every 16,892 households (8 percent of the national average), West Virginia‘s foreclosure rate was among the 10 lowest in the country. Overall, the state total accounted for about 0.10 percent of the nation’s foreclosure filings, with only 10 states reporting fewer filings during the month.

 

Upshur County posted the highest foreclosure rate in the state, with one new foreclosure filing for every 3,584 households in April (4.7 times the state average but still less than half of the national average).

 

Kanawha County reported eight properties entering some stage of foreclosure in April, the most of any county in the state. The county’s foreclosure rate of one foreclosure filing for every 11,724 households almost 1.5 times the state average.

 

Nationwide a total of 91,168 properties entered some stage of foreclosure in April, a 10 percent decrease from the previous month but a 33 percent year-over-year increase from April 2005. This marked the second straight month of decreasing U.S. foreclosure activity. At one foreclosure filing for every 1,268 households, the national foreclosure rate for April was higher than for any month in 2005.

 

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).

 

                             West Virginia Foreclosure Market By County — April 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every #households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

U.S.

21,244

38,238

2,833

9,071

19,782

91,168

1,268

West Virginia

1

28

0

0

21

50

16,892

0.08

 

 

 

 

 

 

 

 

 

 

Berkeley

0

1

0

0

0

1

32,913

0.04

0.51

Cabell

0

1

0

0

2

3

15,205

0.08

1.11

Clay

0

0

0

0

0

0

 

0.00

0.00

Fayette

0

1

0

0

0

1

21,616

0.06

0.78

Hancock

0

1

0

0

0

1

14,728

0.09

1.15

Harrison

0

1

0

0

4

5

6,222

0.20

2.71

Jackson

0

0

0

0

1

1

12,245

0.10

1.38

Jefferson

0

1

0

0

0

1

17,623

0.07

0.96

Kanawha

0

7

0

0

1

8

11,724

0.11

1.44

Marion

1

0

0

0

0

1

26,660

0.05

0.63

Mercer

0

3

0

0

1

4

7,536

0.17

2.24

Monongalia

0

0

0

0

0

0

 

0.00

0.00

Monroe

0

1

0

0

0

1

7,267

0.17

2.32

Ohio

0

0

0

0

3

3

7,389

0.17

2.29

Pocahontas

0

0

0

0

0

0

 

0.00

0.00

Raleigh

0

2

0

0

3

5

7,136

0.18

2.37

Roane

0

1

0

0

0

1

7,360

0.17

2.30

Taylor

0

1

0

0

0

1

7,125

0.18

2.37

Tyler

0

0

0

0

1

1

4,780

0.27

3.53

Upshur

0

3

0

0

0

3

3,584

0.35

4.71

Wayne

0

1

0

0

1

2

9,554

0.13

1.77

Wetzel

0

0

0

0

1

1

8,313

0.15

2.03

Wood

0

3

0

0

2

5

7,957

0.16

2.12

Wyoming

0

0

0

0

1

1

11,698

0.11

1.44

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, 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 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. 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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