Delaware Foreclosure Activity Fell in May

Statewide filings down 19 percent from April

 

Foreclosure activity in Delaware fell 19 percent in May to 362 properties with foreclosure filings. This latest state total represents a 6 percent decrease from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Some Delaware residents were able to breathe a bit easier in May as foreclosure activity fell below what was reported for last month and as compared to this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The threat of foreclosure is still very real for some though, as unemployment, currently above 9 percent, continues to be a valid concern.”

 

Delaware’s total foreclosure activity for the month ranked 39th in the nation. With one in every 1,086 Delaware housing units received a foreclosure filing during the month, the state’s foreclosure rate ranked 34th in the nation.

 

New Castle County led the state in foreclosure rate and total for May

New Castle County posted the highest county foreclosure rate in the state, with one in every 680 housing units receiving a foreclosure filing — 1.6 times the state average. The county also led the state in total foreclosure activity, reporting 314 properties with foreclosure filings for the month.

 

Kent County had the second highest rate, with one in every 2,246 housing units receiving a foreclosure filing. With one in every 5,829 housing units receiving a foreclosure filing, Sussex County had the third highest foreclosure rate in the state.

 

Kent County had the second highest total, documenting 28 properties with foreclosure filings. Reporting 20 properties with foreclosure filings for the month, Sussex County had the third highest total.

 

State a minor contributor to nation’s monthly foreclosure total in May

Delaware accounted for less than 1 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

Delaware

0

0

0

230

132

362

1,086

0.37

n/a

 

 

 

 

 

 

 

 

 

 

New Castle

0

0

0

225

89

314

680

0.59

1.60

Kent

0

0

0

4

24

28

2,246

0.18

0.48

Sussex

0

0

0

1

19

20

5,829

0.07

0.19

 

 

Delaware Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

Delaware

0

0

0

230

132

362

1,086

-18.83

-6.22

 

 

 

 

 

 

 

 

 

 

New Castle

0

0

0

225

89

314

680

62.69

0.32

Kent

0

0

0

4

24

28

2,246

-80.56

64.71

Sussex

0

0

0

1

19

20

5,829

-81.65

-64.29

 

 

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