After finding five times as many foreclosure sales in West Virginia as had been reported by a national marketing outfit, The Charleston Gazette reports that "big out-of-state lenders carried out" most of them.
In comparison, West Virginia community banks foreclose rarely, Joe Ellison, CEO of the West Virginia Banking Association, told the newspaper.
Large national lenders hold the majority of the state's mortgages, the article said.
Public Broadcasting has details from The Gazette's weekend special report on foreclosures, with audio.
The Associated Press, meanwhile, reports that "West Virginians pay the lowest housing costs in the country," with a median monthly housing cost of $881 compared to the national median of $1,464.
But the the state's median income level is also low, as is the value of its housing stock. "West Virginia tied Mississippi for the lowest median home value, at $96,000, while Hawaii had the highest, at $555,400," the article said. "The national average was $194,300."
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