Issue Foreclosure Reports Monthly
News-RegisterMortgage foreclosures are just one of many economic indicators used by government policy makers. But because they are a good indicator of catastrophic financial problems facing some families, they are more important in some ways than, say, international trade figures. That is particularly so for officials at the local and state levels.
Unfortunately, it has proven difficult to obtain reliable figures on mortgage foreclosures. Some national reporting firms admit that their numbers are flawed. So, the West Virginia Legislature ordered that the state Division of Banking provide annual reports on foreclosures in our state.
Banking division numbers are more accurate than the hit-and-miss surveys performed by some private-sector companies, simply because the agency can require that financial institutions submit reports.
A report comparing the number of foreclosures in West Virginia during 2007 and 2008 was issued this week. It shows that 2,296 properties were foreclosed upon throughout West Virginia in 2007. The number was up to 2,577 last year.
Numbers for the Northern Panhandle are interesting, in part because they go against the state trend. The number of foreclosures in Brooke, Hancock, Marshall, Ohio, Tyler and Wetzel counties during 2007 was 230. Last year it dropped to 211. The number was down in Brooke, Hancock, Ohio and Tyler counties and up in Marshall and Wetzel counties.
We will not speculate on what the numbers mean for our area, simply because that would amount to guesswork. Such analysis should be left up to the experts, who can view individual reports in the context of other indicators.
However, the numbers lead to a question: What about this year? Are foreclosures up, down or stable in our area and throughout the state? That information could be of substantial importance to local and state leaders trying to make decisions about government spending and economic development.
We suggest, then, that the Division of Banking should issue monthly reports on foreclosures, not just the annual ones required by the Legislature.
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mickLo
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08-25-09 12:43 AM
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Its the current economic issue that should be given the priority. Indianapolis home prices are the cheapest in the nation. Foreclosure sales are through the roof, and home prices are very affordable, enough so that first time buyers are getting incredible deals on their first home, and Indianapolis is the place to buy. The Midwest in and of itself is home to most of the top ranks of most affordable places to purchase a home. Obviously, you need more than a cash until payday loan for a house there, but if you are contemplating a move to a secured loan for a home will be quite reasonably modest.Pls. refer to *******personalmoneystore****/moneyblog/2009/08/20/good-time-buy-indianapolis/ for further details.
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TruthSeeker
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08-14-09 7:40 AM
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Agree with knightmom. In addition, monthly reports on foreclosures in WV and all other states are available from several highly publicized and well regarded places on the web. Why can't this newspaper report the truth?
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knightmom
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08-13-09 10:01 PM
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Should hope you could read bill before opining. The state agency is not charged with reporting til after third quarter of this year and then only quarterly data provided by the counties. Info on 2007 and 2008 gathered well before passage of the HB 3082 and provided as a resource to combat false data provided by national services and provide accurate picture of foreclosures in WV. Please be more responsible with your news.
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