West Virginia Continues With Low Foreclosure Rates

Posted on May 27, 2008
Filed Under Foreclosure Homes | Leave a Comment

It is a moot question as to why West Virginia has again shown low foreclosure rates. It ranks 48^th – truly an enviable position. Only North Dakota and Vermont are in a better position than West Virginia. Also in the same category are Kentucky, Alabama, Mississippi and Montana.

West Virginia occupies a unique position historically and geographically. It broke away from Virginia during the American Civil War. A variety of geographical regions are included in the state but the dominant factor is the Appalachian Mountains. West Virginia is famed for its natural beauty making it ideal for skiing, water rafting, rock climbing and also hunting.

The question hangs in the air. None of the states have a high per capita income but for some strange reason the mortgage holders in these regions are faring better that the rich states of California, Nevada, Florida, Ohio, Virginia and Maryland.

In this Mountain State only one out of 11,704 houses received foreclosure notice in April. In the nation the ratio is 1:519. Maryland was 1:360, Ohio was 1:432, Virginia 1:618 making them rank 6^th, 8^th and 12^th respectively. Philadelphia ranked 33^rd with 1:1670 and Kentucky 43^rd with 1:3,702.

Some are of the opinion that West Virginia has been greatly spared the agony of foreclosures because it being a conservative state there were not too many sub-prime mortgages. Here traditional lending practices had prevailed. As a result the real estate market has not plumbed. This is corroborated by facts that West Virginias have strong attachment to their house and will do anything to save their property. In contrast Nevada has the highest foreclosure rate in tune with its highflying lifestyle. In 2005 West Virginia boasted of the highest house ownership ratio of 81.3%. Across the nation it was 68.9% at that time. In California the house ownership rate in 2005 was 59.7%. Today the foreclosure rate is 1:204. In Nevada the house ownership rate was 63.4% in 2005 and the current foreclosure rate is 1:146.

Thus there seems to a link between house ownership and foreclosure rates. Florida figures however cancel this theory because it had a house ownership rate of 72.4% – a number well above the national rate.

Sieving through the jumble of causes it appears that West Virginia has been spared the intensity and ferocity of the crisis because of solid traditional values that makes it a wonderful place to reside in.

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