Foreclosures increase in West Virginia- By: Adam Sanderson
The US is going through one of its most challenging phases. Unemployment is at its peak and as people lose jobs they are faltering on mortgage payments. Subsequently banks are taking over the homes and foreclosures have become common. In West Virginia, foreclosures have increased by leaps and bounds. Last year it touched 2,577 which is a 12 per cent increase from 2007. The loans that defaulted are bank accounts that are not in the state.
Writer Kate Long noted that in autumn last year more individuals faced foreclosures than the numbers reported by RealtyTrac. The realty tracker acknowledged that it had misstated the numbers losing homes in the state. However, law makers are taking refuge in the faulty numbers to say that the number of foreclosures in West Virginia have remained stable. There is no need to protect the hapless homeowners, the lobbyists argue.
Foreclosures are on the rise indeed but the only silver streak is that national and state banks are responsible for not even 11 per cent of the foreclosures in the last two years. The state banks are regulated by state laws which are stricter than the federal laws. Local banks also have their fingers firmly on the pulse of their customers. This was revealed by Sara Cline, who is the banking commissioner.
The Federal regulators control the national banks. These banks dole out money to the jobless and those whose appraisals have been inflated. These people are not in a position to pay back the money.
Even in the state, there are regions where the foreclosure rates are not as high. These pockets are Cabell, Boone, Kanawha, Putnam, Roane and Raleigh and Logan Fayette. These counties showed a marked decline in foreclosure levels.
It may be pointed out that the state has kept records of actual sales. There are no records of homes that were sold to avert foreclosures, or people who could not pay the mortgage and were ultimately compelled to leave their homes. The state also does not have any record of people who have fallen behind in payments. There are no statistics of people who are three months behind scheduled payments.
The foreclosure crisis that swept through the nation taking the economy as hostage will be abated only when the unemployment problem is solved. Till such time, the home owners are being overtly careful in dealing with the banks. Even the lenders have become more cautious.
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Adam Sanderson, has been working on foreclosurerepos.com studying the foreclosures market, helping buyers on the finer points of bank foreclosures. Try to visit foreclosurerepos.com and begin your foreclosures by state search.