Delaware Foreclosure Activity Doubles in October

Statewide filings up 106 percent from September

 

Delaware foreclosure filings doubled in the month of October, up 106 percent from the previous month to 439 properties with foreclosure filings, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The latest monthly total is still 112 percent above the state foreclosure level reported one year ago.

 

Delaware foreclosures were up significantly in October and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The increase was driven primarily by auction notices, which saw a 210 percent for the month. A major contributing factor to the increase in activity is the state’s unemployment rate, which has continued to rise during the past few months but is still below the national average.”

 

Delaware ranked 40th in the country in total foreclosures for the month. With one in every 885 housing units receiving a foreclosure filing, its foreclosure rate ranked 32nd among the 50 states.

 

New Castle County posts state’s top foreclosure rate in October

With one in every 715 housing units receiving a foreclosure filing — 1.2 times the state average — New Castle County posted the highest county foreclosure rate in the state for October. Kent County ranked second highest, with one in every 856 housing units receiving a foreclosure filing — on par with the state average. Sussex County had the third highest rate, with one in every 1,637 housing units receiving a foreclosure filing.

 

Bulk of state foreclosure activity for October reported in one county

New Castle County accounted for 68 percent of all foreclosure activity in the state for October, reporting 297 properties with foreclosure filings for the month. Kent County was second highest, documenting 72 properties with foreclosure filings. Reporting 70 properties with foreclosure filings for the month, Sussex County was third highest total in the state.

 

State a minor contributor to nation’s foreclosure total in October

Delaware accounted for less than 1 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

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 – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

Delaware

0

0

0

329

110

439

885

0.43

n/a

 

 

 

 

 

 

 

 

 

 

New Castle

0

0

0

223

74

297

715

0.54

1.24

Kent

0

0

0

55

17

72

856

0.45

1.03

Sussex

0

0

0

51

19

70

1,637

0.24

0.54

 

 

Delaware Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

Delaware

0

0

0

329

110

439

885

106.10

112.08

 

 

 

 

 

 

 

 

 

 

New Castle

0

0

125

0

83

297

715

324.29

197.00

Kent

0

0

56

0

23

72

856

-5.26

41.18

Sussex

0

0

40

0

12

70

1,637

4.48

25.00

 

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