WEST VIRGINIA FORECLOSURES INCREASE 7 PERCENT IN JUNE

State Activity Up 23 Percent From a Year Ago

 

IRVINE, Calif. – July 31, 2006 – West Virginia reported 76 properties entering some stage of the foreclosure process in June, up 7 percent increase from the 71 properties reported in May, and 22.6 percent above the 62 properties reported for the same month last year, according to the RealtyTrac™ June 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,” 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.”

 

Based on these latest numbers West Virginia currently ranks 40th in the country in terms of total foreclosure activity. Reporting one new foreclosure filing for every 11,113 households — 12 percent of the national average — the state foreclosure rate ranks 41st among the 50 states.

 

Kanawha County Tops in Foreclosure Activity

Reporting 21 properties in some stage of the foreclosure process, Kanawha County led the state in foreclosure activity, followed by Wood County reporting nine properties in foreclosure. Cabell and Raleigh counties each reported seven properties in the foreclosure pipeline.

 

Brooke County Posts Highest Foreclosure Rate

Brooke County posted the state’s highest foreclosure rate for the month, with one new foreclosure filing for every 2,788 households — 4 times the state average and 47 percent of the national average. Wirt County had the second highest foreclosure rate in the state with one new foreclosure filing for every 3,266 households — 3.4 times the state average  and 40 percent of the national average. Jefferson County rounded out the top three, reporting one new foreclosure filing for every 3,525 households — 3.1 times the state average and 40 percent of the national average.

 

West Virginia Makes Minimal Contribution to Monthly National Total

West Virginia contributed less than 1 percent of the 88,194 properties entering some stage of foreclosure nationwide in June. The national total represents a 5 percent decline from the May total of 92,746 foreclosures. The national foreclosure rate declined to one foreclosure filing for every 1,311 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 – June 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

21,866

38,382

2,966

9,598

15,382

88,194

1,311

West Virginia

1

58

0

0

17

76

11,113

0.118

 

 

 

 

 

 

 

 

 

 

Berkeley

0

0

0

0

0

0

0.00

0.00

Boone

0

1

0

0

0

1

11,575

0.11

0.96

Braxton

0

1

0

0

0

1

7,374

0.18

1.51

Brooke

0

2

0

0

2

4

2,788

0.47

3.99

Cabell

0

3

0

0

4

7

6,516

0.20

1.71

Calhoun

0

0

0

0

1

1

3,848

0.34

2.89

Fayette

0

3

0

0

0

3

7,205

0.18

1.54

Grant

0

0

0

0

0

0

0.00

0.00

Greenbrier

0

0

0

0

0

0

0.00

0.00

Harrison

0

1

0

0

1

2

15,556

0.08

0.71

Jackson

0

1

0

0

0

1

12,245

0.11

0.91

Jefferson

1

4

0

0

0

5

3,525

0.37

3.15

Kanawha

0

17

0

0

4

21

4,466

0.29

2.49

Mason

0

0

0

0

1

1

12,056

0.11

0.92

Mercer

0

2

0

0

0

2

15,072

0.09

0.74

Mineral

0

0

0

0

1

1

12,094

0.11

0.92

Monongalia

0

1

0

0

0

1

36,695

0.04

0.30

Ohio

0

1

0

0

1

2

11,083

0.12

1.00

Putnam

0

1

0

0

0

1

21,621

0.06

0.51

Raleigh

0

7

0

0

0

7

5,097

0.26

2.18

Randolph

0

1

0

0

0

1

13,478

0.10

0.82

Roane

0

0

0

0

0

0

0.00

0.00

Taylor

0

1

0

0

0

1

7,125

0.18

1.56

Tyler

0

0

0

0

1

1

4,780

0.27

2.32

Wayne

0

1

0

0

0

1

19,107

0.07

0.58

Webster

0

0

0

0

0

0

0.00

0.00

Wetzel

0

1

0

0

0

1

8,313

0.16

1.34

Wirt

0

0

0

0

1

1

3,266

0.40

3.40

Wood

0

9

0

0

0

9

4,421

0.30

2.51

 

 

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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