Delaware Foreclosure Activity Higher in Second Quarter

Activity level rises 14 percent from Q1

Foreclosure filings increase 53 percent mid-year; up 91 percent in June

 

Delaware reported 1,383 properties with foreclosure filings for the second quarter of 2010, a 14 percent increase from the first quarter of the year and is nearly 62 percent above the level reported for the second quarter of 2009.

 

Activity level in the First State rose during the first half of 2010, and rose in June. For the first six months of the year, Delaware reported 2,386 properties with foreclosure filings, a 32 percent rise in activity from the second half of 2009, and 53 percent above the level reported mid-year 2009. In June the state tallied 690 properties with foreclosure filings, an increase of 91 percent from the previous month and up 102 percent from June 2009.

 

Delaware foreclosures were up during the first half of the year, during the second quarter and during the month of June,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s home sales declined further than the national average and its home values declined further than most states during the past year. These factors are definitely contributing to the overall rise.”

 

One in every 284 Delaware housing units received a foreclosure filing during the quarter, giving the state the 29th highest foreclosure rate in the nation.

 

Kent County posts state’s top foreclosure rate for the quarter

Kent County posted the highest county foreclosure rate in Delaware during the second quarter, with one in every 212 housing units receiving a foreclosure filing in the county. New Castle County came in second highest in the state, with one in every 241 housing units receiving a foreclosure filing. Sussex County reported the third highest foreclosure rate, with one in every 583 housing units receiving a foreclosure filing during the second quarter.

 

New Castle County leads state in total foreclosures for the second quarter

New Castle County led Delaware in foreclosure activity, reporting 887 properties with foreclosure filings for the quarter, while Kent County documented the second highest foreclosure total, reporting 296 properties with foreclosure filings. Reporting 200 properties with foreclosure filings for the quarter, Sussex County came in third.

 

State contributes less than 1 percent to nation’s quarterly total

Foreclosure activity in Delaware represented less than 1 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

Delaware

0

0

0

844

539

1,383

284

0.51

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

0

208

88

296

212

0.68

1.34

New Castle

0

0

0

531

356

887

241

0.60

1.18

Sussex

0

0

0

105

95

200

583

0.25

0.49

 

 

Delaware Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

Delaware

0

0

0

844

539

1,383

284

14.20

62.13

 

 

 

 

 

 

 

 

 

 

New Castle

0

0

0

531

356

887

241

37.52

61.86

Kent

0

0

0

208

88

296

212

22.31

108.45

Sussex

0

0

0

105

95

200

583

-38.27

22.70

 

 

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