Business
Foreclosures on increase
State, with exception of Eastern Panhandle, remains relatively flat
FAIRMONT — According to the West Virginia Division of Banking’s recent survey, the number of home foreclosures in the state has gone up.
Bob Lamont, general counsel for the Division of Banking, said the study was conducted earlier this year and also during part of last year.
The division has examiners who are on the road investigating banks, nondepository mortgage lenders and brokers, he said. As time permitted, these professionals visited county clerks’ offices to count the foreclosures in the state.
The county-by-county survey provides information on mortgage foreclosures during 2007 and 2008. Information was gathered on the borrower, original lender, property location, date of sale and original loan, the amount of the original note, and other items, Lamont said.
In West Virginia, there were 2,296 mortgage foreclosures in 2007 and the number jumped to 2,577 the following year, which represents a 12 percent increase. Marion County was recorded as having 45 foreclosures in 2007 and 47 last year, for a two-year total of 92.
As for the surrounding counties, Harrison had a total of 200 foreclosures for both years — 92 in 2007 and 108 in 2008 — and Monongalia’s total came to 70 — 28 in 2007 and then 42 in 2008. Taylor County had 24 foreclosures — 12 each year — and Wetzel County had 25 — 10 in 2007 and 15 in 2008.
The survey found that West Virginia state-chartered banks and the national banks stationed in the state made up less than 11 percent of the foreclosure totals for the two years.
“We were happy to see that our community banks were not necessarily making bad loans,” Lamont said.
He pointed out that “not every foreclosure is a sign that there was a predatory loan.” A foreclosure, which is unfortunate for any family, may be the result of a life event that someone has no control over.
Even though the foreclosure numbers have been increasing considerably across the country, West Virginia as a whole has stayed relatively flat, Lamont said.
He said the exception is the Eastern Panhandle, which experienced a significant rise in foreclosures. This area of the state saw more increases in property values and a real estate boom like much of the country, and then a fallout. The remainder of West Virginia, however, has been somewhat immune.
Press reports had indicated that West Virginia and other rural states had very low rates of foreclosures, but it was later discovered that some companies weren’t counting all the statistics in rural areas, Lamont said. As a result, the division decided to gather better data and conducted the survey.
“There really was just no data set out there that would count the foreclosures for every type of lender ... and we just wanted to get an accurate account,” he said.
Lamont said correct data was also necessary because some federal funds, such as those for the Neighborhood Stabilization Program, are at least in part dependent upon the foreclosure rate in the state. If foreclosures are severely under-counted, that could cost the state money.
Legislation was passed this session related to the reporting of data for residential mortgage foreclosure sales.
Because of the hardships the West Virginia Division of Banking faced to send its examiners to the various counties, the entity was looking for some sort of mechanism to get the data. The new law — House Bill 3082 — requires county clerks to periodically report the foreclosures, and then the division compiles the information and publishes it online, Lamont said.
“We’ll have accurate data on a yearly basis to see whether the trend is up, down, are there hot spots in the state,” he said.
Lamont said the West Virginia Housing Development Fund expressed interest in knowing where there are greater-than-average foreclosures because they may be able to provide assistance.
E-mail Jessica Legge at jlegge@timeswv.com.
- Business
-
-
Recession helps keep people in state, but future population decline expected
While the recession has helped keep people in West Virginia, the state population is expected to drop in the future.
The West Virginia University College of Business and Economics’ Bureau of Business and Economic Research recently published the 2010 West Virginia Population Projection, which looks at age group and sex and includes data for individual counties. -
Financial planning ‘natural thing’ for Jason Reynolds
Jason Reynolds can’t get enough of financial planning.
After being away from his hometown for many years, Reynolds just returned to Fairmont and started a business here. The Financial Planning Practice of Jason T. Reynolds, with securities offered through Kovack Advisors, officially opened at 207 Fairmont Ave. on Sept. 1. -
Taziki’s Mediterranean Café open on WVU campus
Taziki’s Mediterranean Café is bringing hands-on restaurant experience to the campus of West Virginia University.
Taziki’s, now located in the Mountainlair Student Union in Morgantown, provides an on-campus laboratory setting and allows students to see the actual workings of the restaurant, said Nancy McIntyre, associate dean for academic affairs in the WVU College of Business and Economics. -
Noteworthy Sweets offers ‘the real thing’
Gwen Hoffmaster truly values relationships at her new business, Noteworthy Sweets LLC.
On July 21, Hoffmaster opened this specialty dessert shop in downtown Fairmont. Customers can find the store at 91 Fairmont Ave., in the historic Crawford building beside Aspire Uniqueness Boutique. -
State continues to target Internet payday lending
Internet payday loans harm consumers and put them in a major debt trap.
Last week, the Office of West Virginia Attorney General Darrell McGraw filed a lawsuit against eight companies for their involvement in Internet payday loans. -
Twin Papoose Design: ‘Make everything beautiful’
Deb Wilson, owner of Twin Papoose Design, has “a mission to make everything beautiful.”
On June 1, Wilson opened an interior design studio in White Hall for residential and commercial interiors. Her business, Twin Papoose Design, can now be found in the back section of Fabric and Foam Sales, located at 2937 White Hall Boulevard, about a fourth of a mile past Wal-Mart. -
Businesses using social networking as way to get their name out
In today’s technology-oriented world, many businesses are using social networking as a way to get their name out.
Companies are finding websites like Facebook, MySpace, LinkedIn, Twitter and YouTube to be very useful tools for promoting their services and offerings and connecting with customers and business associates. Many local businesses have caught onto this trend and are taking advantage of the benefits. -
Dan’s Electric can handle ‘about anything’
Dan’s Electric, which focuses on small jobs, can take care of “about anything that people need done in and around the home.”
Owner Dan Hart, a licensed and insured electrician, started the business in April. He runs Dan’s Electric out of his home in Grafton and said his truck also serves as his office because he’s on the road a lot. -
Simply Floors offers ‘old-fashioned touch’
Simply Floors LLC gives that “old-fashioned, home touch.”
Business partners and co-owners Terri Morrison and Shawn Reed held the grand opening for their store, located at 126 Adams St. in downtown Fairmont, on June 3. Simply Floors, which is family owned and operated, offers all types of flooring, including carpet, vinyl, laminate, hardwood, ceramic and more. -
New tax credit will provide boost for small businesses
According to Families USA, the new health insurance tax credit will provide “real and significant help” for small businesses.
Families USA, a consumer health organization, and Small Business Majority, a small business advocacy group, co-authored and recently released a report titled “A Helping Hand for Small Businesses: Health Insurance Tax Credits.” - More Business Headlines
-
Recession helps keep people in state, but future population decline expected
