Delaware Foreclosure Activity More Than Doubled in May

Total foreclosure filings statewide up from a year ago..

 

Delaware foreclosure activity more than doubled in May to 386 properties with foreclosure filings, a 108 percent increase from the previous month and 46 percent ahead of May 2008, according to RealtyTrac’s latest U.S. Foreclosure Market Report.

 

Delaware’s foreclosure activity rose sharply in May and is still significantly ahead of the level reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “One major contributing factor to the sudden increase is the state’s unemployment rate, which at over 8 percent is now the highest level of joblessness reported in 32 years.”

 

Delaware ranked 41st in the country in total properties with foreclosure filings for May. One in every 1,007 Delaware housing units received a foreclosure filing during the month, ranking 28th among the 50 states.

 

New Castle County tops in foreclosure activity and rate for May

Reporting 313 properties with foreclosure filings in May, New Castle County led the state with the highest activity level for May. With one in every 679 housing units receiving a foreclosure filing during the month, the county also posted the highest foreclosure rate for the month.

 

Second highest total was in Sussex County, where 56 properties with foreclosure filings were reported. The county also posted the state’s second highest foreclosure rate, with one in every 2,046 housing units receiving a foreclosure filing.

 

Kent County had the third highest total, reporting 17 properties with foreclosure filings. It also had the third highest rate, with one in every 3,626 housing units receiving a foreclosure filing during the month.

 

State a minor contributor to nation’s foreclosure activity for May

Foreclosure activity in Delaware represented less than 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

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 month — 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 month — which is extremely rare — 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

Delaware

0

0

0

328

58

386

1,007

107.53

45.66

 

 

 

 

 

 

 

 

 

 

Kent

0

0

0

2

15

17

3,626

-78.48

-37.04

New Castle

0

0

0

287

26

313

679

430.51

44.91

Sussex

0

0

0

39

17

56

2,046

16.67

154.55

 

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