Delaware Foreclosure Activity Increases in 2009

Statewide filings up 21 percent from 2008; down 42 percent from November

 

Delaware tallied 3,034 properties with foreclosure filings in 2009, a 21 percent increase from the total reported for 2008 and 204 percent higher than the level reported for all of 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Reporting 257 properties with foreclosure filings for December, Delaware had a 42 percent decrease from the previous month, and was 39 percent below December 2008. The state’s foreclosure rate — one in every 1,512 housing units received a foreclosure filing – ranked 40th in the nation for the month.

 

Delaware foreclosures were up overall for 2009 but declined in the month of December,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s unemployment rate is still below the national average and home sales are really beginning to pick up. If these trends continue, we may see foreclosures begin to decline here in 2010.”

 

Delaware ranked 42nd in the nation for total foreclosures in 2009. With one in every 128 housing units receiving a foreclosure filing, Delaware’s foreclosure rate ranked 35th in the nation for the year.

 

Kent County posted state’s highest foreclosure rate for 2009

With one in every 89 housing units receiving a foreclosure filing in 2009, Kent County posted the highest county foreclosure rate in the state for the year. New Castle County had the second highest rate, with one in every 133 housing units receiving a foreclosure filing. Sussex County came in third, with one in every 153 housing units receiving a foreclosure filing.

 

New Castle County led state in total foreclosure filings for 2009

Reporting a total of 1,596 properties with foreclosure filings for the year, New Castle County led the state in total foreclosures in 2009. Sussex County came in second, documenting 749 properties with foreclosure filings. Reporting 689 properties with foreclosure filings for the year, Kent County had the third highest total in the state.

 

State a minor contributor to nation’s foreclosure total in 2009

Delaware accounted for less than 1 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Delaware

3,034

0.78

128

20.59

203.70

 

 

 

 

 

 

Kent

689

1.12

89

55.18

204.87

New Castle

1,596

0.75

133

-0.68

151.74

Sussex

749

0.65

153

61.08

438.85

 

 

Delaware Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

Delaware

3,034

0.78

128

20.59

203.70

 

 

 

 

 

 

New Castle

1,596

0.75

133

-0.68

151.74

Sussex

749

0.65

153

61.08

438.85

Kent

689

1.12

89

55.18

204.87

 

 

Delaware Top Foreclosure Rates by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

Delaware

0

0

0

155

102

257

1,512

0.24

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

0

58

32

90

685

0.53

2.21

Sussex

0

0

0

94

23

117

979

0.37

1.54

New Castle

0

0

0

3

47

50

4,248

0.09

0.36

 

 

Delaware Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

Delaware

0

0

0

155

102

257

1,512

-41.99

-39.10

 

 

 

 

 

 

 

 

 

 

Sussex

0

0

0

94

23

117

979

-20.95

0.00

Kent

0

0

0

58

32

90

685

8.43

47.54

New Castle

0

0

0

3

47

50

4,248

-76.42

-79.51

 

 

 

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