Total foreclosure filings down 9 percent from Q2; Down 12 percent from Q3 2008.

Delaware reported 778 properties with foreclosure filings in the third quarter of 2009, a decrease of 9 percent from the previous quarter and 12 percent below the level reported in the third quarter of 2008, according to the latest RealtyTrac^® U.S. Foreclosure Market Report. 

Foreclosure activity in Delaware was down 32 percent in September from the previous month to 213 properties with foreclosure filings and down 50 percent from September 2008.

“Delaware welcomed a drop in foreclosure activity over the third quarter of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Delaware’s unemployment rate hit 8.3 percent in September, leaving many residents wary of what will come in future months.”

One in every 500 Delaware housing units received a foreclosure filing during the third quarter, ranking 38^th among the 50 states.

Kent County posts state’s top foreclosure rate in the third quarter

Kent County posted the highest county foreclosure rate in the state for the third quarter, with one in every 281 housing units receiving a foreclosure filing — 1.8 times the state average. New Castle County came in second, with one in every 550 housing units receiving a foreclosure filing during the quarter. Sussex County posted the third highest foreclosure rate, where one in every 662 housing units received a foreclosure filing.

New Castle County leads state in foreclosure activity in the third quarter

New Castle County led the state in foreclosure activity, reporting 386 properties with foreclosure filings for the quarter. Kent County had the second highest total, reporting 219 properties with foreclosure filings. Sussex County came in third, tallying 173 properties with foreclosure filings.

State a minor contributor to nation’s foreclosure activity for quarter and month

Delaware accounted for less than 1 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and less than 1 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default — Notice of Default (NOD) and Lis Pendens (LIS); Auction — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

Delaware Top Foreclosure Rates By County – Q3 2009

Delaware Top Foreclosure Totals by County – Q3 2009

Delaware Top Foreclosure Rates By County – Sept 2009

Delaware Top Foreclosure Totals by County – Sept 2009