West Virginia Foreclosures Down in 2010

Foreclosure filings drop 10 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,329 West Virginia properties for 2010, down 10 percent from a year ago but 94 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 116 West Virginia properties in December 2010, a 30 percent decrease from November, but 13 percent higher than the level reported in December 2009. One in every 7,642 West Virginia housing units received a foreclosure filing during the month.

 

West Virginia foreclosures were down in 2010,” said James j. Saccacio, chief executive officer of RealtyTrac. The largest decrease was in default notices, which fell 42 times what they were in December 2009. The state’s home values showed an increase, and home sales here did not fall as far as most states. If these trends continue, we may see foreclosures continue to fall here this year.”

West Virginia ranked 46th in the nation in total foreclosures reported for 2010. Its foreclosure rate of one in every 667 housing units receiving a foreclosure filing during the year, ranked it 49th among the 50 states.

Jefferson County achieves top foreclosure rate honors in 2010

Jefferson County posted the highest foreclosure rate in West Virginia for 2010, with one in every 175 housing units receiving a foreclosure filing — 3.8 times the state average. Berkeley County reported the second highest foreclosure rate, with one in every 218 housing units receiving a foreclosure filing for the year — 3.1 times the state average. Tucker County came in third, with one in every 230 housing units receiving a foreclosure filing — 2.9 times the state average.

 

Berkeley County dominates state foreclosure activity in 2010

Foreclosure activity was heaviest in Berkley County, which reported 202 properties with foreclosure filings for the year. Wood County tallied the second highest foreclosure level, reporting 167 properties with foreclosure filings. Third highest total was in Kanawha where 151 properties with foreclosure filings were reported. Fourth highest was Jefferson County, where 128 properties with foreclosure filings were reported. Cabell County filled out the state’s top five with 124 properties with foreclosure filings for the year.

 

State contributes less than 1 percent to total foreclosure activity in 2010

West Virginia accounted for less than 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 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 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

West Virginia

0

0

267

0

1,062

1,329

667

0.07

n/a

 

 

 

 

 

 

 

 

 

 

Jefferson

0

0

40

0

88

128

175

0.26

3.82

Berkeley

0

0

1

0

201

202

218

0.21

3.06

Tucker

0

0

0

0

21

21

230

0.20

2.90

Wood

0

0

34

0

133

167

245

0.18

2.72

Morgan

0

0

11

0

26

37

259

0.17

2.57

 

West Virginia Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

492

1.67

23.23

West Virginia

0

0

267

0

1,062

1,329

667

-10.14

94.01

 

 

 

 

 

 

 

 

 

 

Berkeley

0

0

1

0

201

202

218

-22.01

169.33

Wood

0

0

34

0

133

167

245

9.15

20.14

Kanawha

0

0

41

0

110

151

630

-17.49

12.69

Jefferson

0

0

40

0

88

128

175

-32.63

287.88

Cabell

0

0

52

0

72

124

374

10.71

275.76

 

 

 

West Virginia Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

West Virginia

0

0

42

0

74

116

7,642

0.07

n/a

 

 

 

 

 

 

 

 

 

 

Berkeley

0

0

1

0

17

18

2,444

0.20

3.13

Cabell

0

0

9

0

8

17

2,729

0.18

2.80

Wayne

0

0

1

0

6

7

2,799

0.18

2.73

Wood

0

0

9

0

2

11

3,720

0.13

2.05

Jefferson

0

0

0

0

6

6

3,727

0.13

2.05

 

 

West Virginia Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

West Virginia

0

0

42

0

74

116

7,642

-29.27

12.62

 

 

 

 

 

 

 

 

 

 

Berkeley

0

0

1

0

17

18

2,444

-56.10

157.14

Cabell

0

0

9

0

8

17

2,729

54.55

466.67

Kanawha

0

0

7

0

4

11

8,650

-66.67

120.00

Wood

0

0

9

0

2

11

3,720

-38.89

-69.44

Raleigh

0

0

5

0

3

8

4,631

100.00

166.67

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