DELAWARE FORECLOSURE ACTIVITY INCREASES 3 PERCENT IN FIRST QUARTER

State Activity Up 54 Percent From Q1 2008

Monthly Activity Up 58 percent in March, Soars 124 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 828 Delaware properties in the first quarter of 2009, a 3 percent increase from the previous quarter and 54 percent above the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Delaware reported 431 properties with foreclosure filings in March, a 58 percent increase from the previous month and 124 percent above its March 2008 total.

 

“Foreclosure activity rose slightly in Delaware in the first quarter of 2009 and remained significantly elevated compared to the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “As in many parts of the country, unemployment remains a significant problem which is causing distressed homeowners to face foreclosure.”

 

Delaware ranked 39th in the country in total properties with foreclosure filings for the quarter. One in every 469 Delaware housing units received a foreclosure filing during the month, the 31st highest state foreclosure rate in the nation.

 

New Castle County responsible for bulk of state total for the quarter

New Castle County accounted for 54 percent of all foreclosure activity in the state during the quarter, reporting 447 properties with foreclosure filings. Kent County was second, reporting 197 properties with foreclosure filings. Sussex County came in third, reporting 184 properties with foreclosure filings.

 

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

With one in every 313 housing units receiving a foreclosure filing — 1.5 times the state average — Kent County posted the highest foreclosure rate in the state for the quarter. New Castle County came in second, with one in every 475 housing units receiving a foreclosure filing — on par with the state average. Third highest rate was documented in Sussex County, where one in every 623 housing units received a foreclosure filing during the month.

 

State a minor contributor to nation’s foreclosure total for Q1 2009

Delaware accounted for less than 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

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 quarter  — 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 quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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 – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16

23.63

Delaware

0

1

6

607

214

828

469

2.60

54.19

 

 

 

 

 

 

 

 

 

 

Kent

0

1

1

145

50

197

313

45.93%

222.95%

New Castle

0

0

4

329

114

447

475

-10.60%

1.36%

Sussex

0

0

1

133

50

184

623

6.98%

425.71%

 

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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