West Virginia Foreclosures Rises in November

Foreclosure filings up 11 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 164 West Virginia properties in November, up 11 percent from the previous month and a 44 percent rise from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

One in every 5,405 West Virginia housing units received a foreclosure filing in November, the 48th highest state foreclosure rate in the nation.

 

“Unlike much of the nation, which saw a drop in foreclosure activity in November due to fallout from the ‘robo-signing’ controversy, West Virginia actually reported an increased number of filings for the month,” said James J. Saccacio, chief executive officer of RealtyTrac. “Though its unemployment rate – currently at 8.8 percent – appears to be worsening, it seems the state should see some slowdown in activity in the coming months as long as lenders continue to have their processes thoroughly checked for accuracy and fairness.”

 

Berkeley County has top foreclosure rate in November

Berkeley County posted the top foreclosure rate in West Virginia for November, with one in every 1,073 housing units receiving a foreclosure filing — five times the state average.

Jefferson County had the second highest foreclosure rate, reporting one in every 1,720 housing units receiving a foreclosure filing — 3.1 times the state average. Wood County came in third, with one in every 2,273 housing units receiving a foreclosure filing — 2.4 times the state average.

 

Berkeley County also reports highest foreclosure total in November

Berkeley County also led West Virginia in foreclosure activity, reporting 41 proprieties with a foreclosure filing. Kanawha County had the second highest total, reporting 33 properties with foreclosure filings. Wood County was third highest, tallying 18 properties with foreclosure filings. Jefferson County reported 13 properties with foreclosure filings for the month, the state’s fourth highest activity level.

 

State a minor contributor to total foreclosure total

West Virginia accounted for less than 1 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 U.S. housing units received a foreclosure filing during the month.

 

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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

West Virginia

0

0

56

0

108

164

5,405

0.09

n/a

 

 

 

 

 

 

 

 

 

 

Berkeley

0

0

0

0

41

41

1,073

0.46

5.04

Jefferson

0

0

7

0

6

13

1,720

0.29

3.14

Wood

0

0

7

0

11

18

2,273

0.22

2.38

Kanawha

0

0

18

0

15

33

2,883

0.17

1.87

Calhoun

0

0

0

0

1

1

3,994

0.12

1.35

 

 

West Virginia Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

West Virginia

0

0

56

0

108

164

5,405

10.81

43.86

 

 

 

 

 

 

 

 

 

 

Berkeley

0

0

0

0

41

41

1,073

215.38

105.00

Kanawha

0

0

18

0

15

33

2,883

57.14

312.50

Wood

0

0

7

0

11

18

2,273

12.50

-14.29

Jefferson

0

0

7

0

6

13

1,720

-23.53

18.18

Cabell

0

0

9

0

2

11

4,218

-21.43

37.50

 

 

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