DELAWARE FORECLOSURES INCREASE 188 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 922 Percent From a Year Earlier

 

IRVINE, Calif. – June 15, 2007 – Delaware reported 92 foreclosure filings in May, a 188 percent increase in activity from the previous month, and a 922 percent increase from May 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 900,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

Delaware’s economy continues to strengthen and its unemployment rate remains low,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, foreclosure activity within the state remains elevated — both compared to last month and to this time a year ago.”

 

Delaware ranked 46th in the country in total foreclosures reported for May. The state posted the 42nd highest foreclosure rate in the country for the month — one foreclosure filing for every 3,729 households.

 

Kent County leads state in foreclosure activity

Kent County documented the highest foreclosure total, reporting 52 foreclosure filings for the month. New Castle and Sussex counties came in second, each reporting 20 foreclosure filings.

 

Kent County leads state in foreclosure rate for the month

Kent County posted the highest foreclosure rate in the state for May — one foreclosure filing for every 971 households — 3.8 times the state average. Sussex County documented the second highest foreclosure rate in the state — one foreclosure filing for every 4,654 households.

 

State makes small contribution to national total for May

Total foreclosure filings in Delaware accounted for less than 1 percent of the 176,137 foreclosure filings nationwide. The national total was up 19 percent from the previous month, and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 656 U.S. households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

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

 

 

Delaware Foreclosure Market by County – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

Delaware

9

73

0

0

10

92

3,729

0.18

n/a

 

 

 

 

 

 

 

 

 

 

Kent

2

50

0

0

0

52

971

0.68

3.84

New Castle

7

3

0

0

10

20

9,976

0.07

0.37

Sussex

0

20

0

0

0

20

4,654

0.14

0.80

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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