West Virginia Foreclosures

It is phenomenal to look at the foreclosure numbers in the state of West Virginia in comparison to the rest of the United States in today’s economy. When most of the country is running high foreclosure rates and similarly high unemployment numbers at approximately 0.240 percent across the nation in the month of December, the state of West Virginia came back at0.007 percent new foreclosures.

A total of 58 new homes entered the foreclosure system there in December, and that percentage has remained fairly consistent over the last 24 months with very little in the way of variation. And it is expected that the next 24 months will fair about the same with anywhere form 24 to 100 new properties being foreclosed on per month on a regular basis.

Unemployment, which usually accompanies an increase in foreclosures have also been steady over the same time period and that is not expected to change much either so the outlook for the state is really fairly well in comparison to the majority of the rest of the country.

A lot of the state is and was dependent on the coal mining industry and that has been in steady decline for years as the nation moves away from coal as an energy source and towards new sources like solar and nuclear energy. That means that the state of West Virginia has seen the majority of it’s decline in home ownership and has fairly well leveled off and the new crisis facing the nation is having little if any effect on the area.

While the rest of the country is for the most part being hit with the mortgage crisis for the first time, this state has been there before and is actually fairing well and not going to see as huge of a negative impact in the way of foreclosures as some of the other states who are more dependant on manufacturing and retail to stabilize the economy and home market.

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