WEST VIRGINIA FORECLOSURES INCREASE 37 PERCENT IN JULY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Down 59 Percent From a Year Ago

 

IRVINE, Calif. – July 31, 2006 – West Virginia reported 104 properties entering some stage of the foreclosure process in July, a 37 percent increase in activity from the 76 properties reported in June, though 59 percent below the 251 properties reported for the same month last year, according to the RealtyTrac™ July 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.

 

“Even though job growth and the general economy in West Virginia are seeing improvement, the rate of foreclosures within the state has continued to increase on a monthly basis,” 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 39th in the nation in total foreclosures reported for July. The state’s foreclosure rate of one new foreclosure filing for every 8,121 households ranks it 43rd among the 50 states.

 

Two Counties Contribute More than Half of State’s Foreclosure Activity

Kanawha County led all counties in the state, reporting 34 properties entering some stage of the foreclosure process for July. Wood County came in second, reporting 22 properties.

 

Wood County Posts Highest Foreclosure Rate

Wood County posted the state’s highest foreclosure rate in July, reporting one new foreclosure filing for every 1,808 households — 4.5 times the state average and 0.7 times the national average. Lewis County had the second highest rate, reporting one new foreclosure filing for every 2,648 households — 3.1 times the state average and 0.5 times the national average.

 

West Virginia Total Has Little Impact on Monthly National Total

West Virginia foreclosures accounted for less than 1 percent of the 92,845 properties entering some stage of foreclosure nationwide in July. The national total represents a 5 percent increase from June when a total 88,194 foreclosures were reported. The nation’s foreclosure rate also increased to one new foreclosure filing for every 1,245 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 – July 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,202

38,173

4,795

13,295

16,380

92,845

1,245

West Virginia

0

87

0

0

17

104

8,121

0.15

 

 

 

 

 

 

 

 

 

 

Berkeley

0

2

0

0

0

2

16,457

0.08

0.49

Brooke

0

2

0

0

0

2

5,575

0.22

1.46

Cabell

0

3

0

0

2

5

9,123

0.14

0.89

Fayette

0

2

0

0

0

2

10,808

0.12

0.75

Greenbrier

0

1

0

0

0

1

17,644

0.07

0.46

Harrison

0

1

0

0

3

4

7,778

0.16

1.04

Jackson

0

1

0

0

1

2

6,123

0.20

1.33

Jefferson

0

1

0

0

0

1

17,623

0.07

0.46

Kanawha

0

30

0

0

4

34

2,758

0.45

2.94

Lewis

0

3

0

0

0

3

2,648

0.47

3.07

Marion

0

0

0

0

0

0

0.00

0.00

Marshall

0

1

0

0

0

1

15,814

0.08

0.51

Mason

0

0

0

0

0

0

0.00

0.00

Mercer

0

9

0

0

0

9

3,349

0.37

2.42

Mineral

0

0

0

0

0

0

0.00

0.00

Mingo

0

0

0

0

1

1

12,898

0.10

0.63

Monongalia

0

0

0

0

1

1

36,695

0.03

0.22

Morgan

0

0

0

0

0

0

0.00

0.00

Nicholas

0

1

0

0

0

1

12,406

0.10

0.65

Ohio

0

0

0

0

1

1

22,166

0.06

0.37

Putnam

0

1

0

0

0

1

21,621

0.06

0.38

Raleigh

0

5

0

0

2

7

5,097

0.24

1.59

Randolph

0

1

0

0

0

1

13,478

0.09

0.60

Roane

0

1

0

0

0

1

7,360

0.17

1.10

Upshur

0

1

0

0

0

1

10,751

0.12

0.76

Wayne

0

0

0

0

1

1

19,107

0.07

0.43

Wood

0

21

0

0

1

22

1,808

0.69

4.49

 

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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