DELAWARE FORECLOSURE ACTIVITY DOWN 16 PERCENT IN MARCH

State Foreclosure Filings Up 34 Percent From March 2007

 

IRVINE, Calif. – April 30, 2008 – Delaware reported 192 properties with foreclosure filings in March, a 16 percent decrease in activity from the previous month, but still 34 percent above the level reported for March 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million 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.

 

“Despite giving back half of February’s gain in foreclosure filings this month, Delaware’s foreclosure total is still ahead of this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment in the state is well below the national average. Still, home price appreciation, while positive, continues to slow down, making it difficult for financially distressed homeowners to find a way out of foreclosure.

 

Total foreclosure activity in the First State ranked 42nd among the 50 states. One in every 1,994 Delaware households received a foreclosure filing during the month, the 34th highest foreclosure rate in the country.

 

New Castle County tops state in foreclosure total for March

New Castle County led the state in foreclosure activity for March, reporting 151 properties with foreclosure filings for the month. Sussex County came in second, reporting 37 properties with foreclosure filings. Kent County came in a distant third, reporting four properties with foreclosure filings for the month.

 

New Castle County posts top foreclosure rate for March

New Castle County tallied the highest county foreclosure rate in Delaware for the month, with one in every 1,398 households receiving a foreclosure filing — 1.4 times the state average. Sussex County posted the state’s second highest foreclosure rate, with one in every 3,017 household receiving a foreclosure filing during the month. The third highest rate in the state was reported by Kent County, where one in every 15,038 households received a foreclosure filing in March.

 

State a minor contributor to nation’s total in March

Total foreclosure filings in Delaware accounted for less than 1 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households 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 Foreclosure Market by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

Delaware

0

1

0

140

51

192

1,994

0.27

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

0

3

1

4

15,038

0.04

0.13

New Castle

0

1

0

103

47

151

1,398

0.39

1.43

Sussex

0

0

0

34

3

37

3,017

0.18

0.66

 

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 homes, 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

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved