Delaware Foreclosure Activity Falls in July

Statewide filings down 29 percent from June

 

Foreclosure activity in Delaware decreased 29 percent in July to 487 properties with foreclosure filings, but remained 63 percent above the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Delaware reported a welcome drop in foreclosure activity in July, with substantially fewer filings than were reported for the previous month, but far more than were reported for July 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate has begun to slowly improve as well, sliding from 8.5 percent in June down to 8.4 percent in July.”

 

The state foreclosure total was the 39th highest in the nation. One in every 807 Delaware housing units received a foreclosure filing during the month, the 29th highest state foreclosure rate among the 50 states.

 

Kent County posts top county foreclosure rate in July

One in every 557 housing units in Kent County received a foreclosure filing in July, giving the county the top foreclosure rate in the state for the month. New Castle County posted the second highest rate, with one in every 702 housing units receiving a foreclosure filing during the month. Coming in third was Sussex County, where one in every 1,666 housing units received a foreclosure filing in July.

 

New Castle County had top foreclosure total for July

Reporting 304 properties with foreclosure filings in July, New Castle County led the state in total foreclosure activity. Second highest was Kent County, reporting 113 properties with foreclosure filings. Sussex County came in third, tallying 70 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

Delaware accounted for less than 1 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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: 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 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

Delaware

0

0

0

359

128

487

807

0.49

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

0

72

41

113

557

0.71

1.45

New Castle

0

0

0

249

55

304

702

0.57

1.15

Sussex

0

0

0

38

32

70

1,666

0.24

0.48

 

 

Delaware Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

Delaware

0

0

0

359

128

487

807

-29.42

63.42

 

 

 

 

 

 

 

 

 

 

New Castle

0

0

0

249

55

304

702

-35.32

70.79

Kent

0

0

0

72

41

113

557

-19.29

56.94

Sussex

0

0

0

38

32

70

1,666

-12.50

45.83

 

 

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