WEST VIRGINIA FORECLOSURES DROP 49 PERCENT IN AUGUST

State’s Activity Down 28 Percent From a Year Ago

 

IRVINE, Calif. – August 31, 2006 – West Virginia reported 53 properties entering some stage of the foreclosure process in August, a 49 percent drop in activity from the 104 properties reported in July, and 28 percent below the 74 properties reported for the same month last year, according to the RealtyTrac™ August 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

“Job growth and the general economy in West Virginia are finally seeing improvement, which is apparent in the declining number of foreclosures seen within the state,” said James J. Saccacio, chief executive officer of RealtyTrac. “Foreclosures are a lagging indicator of economic health. So it can take months before the effects of an improved economy are seen.”

 

West Virginia ranked 42nd in the country in total foreclosures reported for August. The state’s foreclosure rate of one new foreclosure filing for every 15,936 households — six percent of the national average — ranks it 46th among the 50 states.

 

Kanawha County accounts for largest share of state total

Leading the state in foreclosures for the month was Kanawha County, reporting 24 properties entering some stage of the foreclosure process. Mercer County had the second highest total, reporting six properties entering some stage of the foreclosure process.

 

Highest foreclosure rate reported in Kanawha County

Kanawha County posted the state’s highest foreclosure rate in August, with one new foreclosure filing for every 3,908 households — 4.1 times the state average and 26 percent the national average.  Reporting one new foreclosure filing for every 5,024 households — 3.2 times the state average and 20 percent of the national average — Mercer County had the second highest foreclosure rate in the state.  

 

State has little impact on national total

West Virginia‘s foreclosure activity accounted for less than 1 percent of the 115,292 properties entering some stage of the foreclosure process nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,003 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).

 

 

 

                          West Virginia Foreclosure Market by County – August 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

West Virginia

0

52

0

0

1

53

15,936

0.06

 

 

 

 

 

 

 

 

 

 

Barbour

0

1

0

0

0

1

7,348

0.14

2.17

Berkeley

0

2

0

0

0

2

16,457

0.06

0.97

Brooke

0

1

0

0

0

1

11,150

0.09

1.43

Cabell

0

4

0

0

1

5

9,123

0.11

1.75

Clay

0

0

0

0

0

0

0.00

0.00

Hancock

0

2

0

0

0

2

7,364

0.14

2.16

Harrison

0

3

0

0

0

3

10,371

0.10

1.54

Jackson

0

0

0

0

0

0

0.00

0.00

Jefferson

0

0

0

0

0

0

0.00

0.00

Kanawha

0

24

0

0

0

24

3,908

0.26

4.08

Lewis

0

1

0

0

0

1

7,944

0.13

2.01

Lincoln

0

1

0

0

0

1

9,846

0.10

1.62

Logan

0

0

0

0

0

0

0.00

0.00

Marion

0

0

0

0

0

0

0.00

0.00

Marshall

0

1

0

0

0

1

15,814

0.06

1.01

Mercer

0

6

0

0

0

6

5,024

0.20

3.17

Mineral

0

0

0

0

0

0

0.00

0.00

Monongalia

0

0

0

0

0

0

0.00

0.00

Morgan

0

0

0

0

0

0

0.00

0.00

Nicholas

0

1

0

0

0

1

12,406

0.08

1.28

Pendleton

0

0

0

0

0

0

0.00

0.00

Preston

0

1

0

0

0

1

13,444

0.07

1.19

Putnam

0

0

0

0

0

0

0.00

0.00

Raleigh

0

2

0

0

0

2

17,839

0.06

0.89

Roane

0

0

0

0

0

0

0.00

0.00

Taylor

0

1

0

0

0

1

7,125

0.14

2.24

Upshur

0

1

0

0

0

1

10,751

0.09

1.48

 

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 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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