Delaware Foreclosure Activity Down in February

Statewide filings decrease 32 percent from January; Up 14 percent from February 2009

 

Foreclosure activity in Delaware decreased in February to 312 properties with foreclosure filings, down 32 percent from the previous month, but still 14 percent above the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Delaware foreclosures were down in February,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decrease was in auctions, which dropped 72 percent for the month. While the state’s unemployment rate is still on the rise, it remains below the national average. This is definitely helping to keep foreclosures here lower than most of the country right now.”

 

Delaware ranked 43rd in the country in total foreclosures reported for the month. With one in every 1,260 housing units receiving a foreclosure filing, its foreclosure rate ranked 34th among the 50 states.

 

Sussex County posts top foreclosure rate in the state for February

Sussex County posted the state’s highest county foreclosure rate in February, with one in every 670 housing units receiving a foreclosure filing — 1.8 times the state average. Kent County was second, with one in every 786 housing units receiving a foreclosure filing — 1.6 times the state average. New Castle County came in third highest, with one in every 3,681 housing units receiving a foreclosure filing.

 

Sussex County led the state in total foreclosures in February

Sussex County led the way, totaling 174 properties with foreclosure filings for the month. Kent County was second, documenting 80 properties with foreclosure filings. New Castle County ranked third highest, reporting 58 properties with foreclosure filings for the month.

 

State contributes less than 1 percent to nation’s month foreclosure total

Delaware accounted for less than 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: DefaultNotice 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 received for a property during the month, 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 – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

Delaware

0

0

0

96

216

312

1,260

0.33

n/a

 

 

 

 

 

 

 

 

 

 

Sussex

0

0

0

59

115

174

670

0.62

1.88

Kent

0

0

0

44

36

80

786

0.53

1.60

New Castle

0

0

0

-7

65

58

3,681

0.11

0.34

 

 

 

Delaware Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every

X HU (rate)

% Chg

Jan 10

% Chg

Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

Delaware

0

0

0

96

216

312

1,260

-32.17

14.29

 

 

 

 

 

 

 

 

 

 

Sussex

0

0

0

59

115

174

670

125.97

200.00

Kent

0

0

0

44

36

80

786

-44.44

-6.98

New Castle

0

0

0

-7

65

58

3,681

-75.73

-55.04

 

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