DELAWARE FORECLOSURE ACTIVITY DOWN 57 PERCENT IN APRIL

Activity Level Up 34 Percent From April 2008

 

IRVINE, Calif. – May 29, 2009 – Foreclosure filings were reported on 186 Delaware properties in April, a 57 percent decline from the previous month but still 34 percent above the level reported for April 2008, 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 1.5 million properties from over 2,200 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.

 

“Although foreclosures were down in Delaware by more than 50 percent for the month, activity was still significantly up from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the state’s unemployment rate has been on the rise during the past year, it still remains nearly 1 percent below the national average.”

 

Delaware ranked 43rd in the country in total foreclosures for the month. With one in every 2,089 housing units receiving a foreclosure filing, its foreclosure rate ranked 39th among the 50 states.

 

Three counties account for state’s entire foreclosure activity in April

Kent County led the state in foreclosure activity in April, reporting 79 properties with foreclosure filings for the month. New Castle County reported 59 properties with foreclosure filings, the state’s second highest county total.  Sussex County came in third highest, reporting 48 properties with foreclosure filings.

 

Kent County posts state’s highest foreclosure rate for April

With one in every 780 housing units receiving a foreclosure filing — 2.7 times the state average — Kent County posted the highest foreclosure rate in the state for April. Sussex County had the second highest rate, with one in every 2,387 housing units receiving a foreclosure filing. Third highest rate was documented in New Castle County, where one in every 3,600 housing units received a foreclosure filing during the month.

 

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

Delaware accounted for less than 1 percent of the 342,038 properties with foreclosure filings reported nationwide in April. The national total represented a negligible increase in activity from the previous month but was still 32 percent ahead of the total reported for April 2008. One in every 374 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 Foreclosure Market Data by County – April 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 09

% Chg Apr 08

 

 

 

 

 

 

 

 

 

 

United States

65,456

76,608

100,559

35,512

63,903

342,038

374

0.25

32.25

Delaware

0

0

0

95

91

186

2,089

-56.84

33.81

 

 

 

 

 

 

 

 

 

 

Kent

0

0

0

52

27

79

780

17.91

64.58

New Castle

0

0

0

3

56

59

3,600

-79.93

1.72

Sussex

0

0

0

40

8

48

2,387

-31.43

45.45

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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