Delaware Foreclosure Activity Rises in First Quarter

Statewide foreclosure filings up significantly from last year

March numbers up from a month earlier; down from a year ago

 

Foreclosure activity in Delaware rose 15 percent during the first quarter of 2010 and was up 46 percent from the same period last year. In all, the state reported 1,211 properties with foreclosure filings during the quarter.

 

In March the state reported 344 properties with foreclosure filings, a 10 percent increase from the previous month, but 20 percent below the level reported in March 2009. One in every 1,142 Delaware housing units received a foreclosure filing during the month, the 36th highest state foreclosure rate.

 

“Delaware foreclosures heated up in the first quarter of 2010 as the state’s level of activity trumped what was reported for last quarter as well as for the first quarter of 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “Filings also rose between February and March, though activity remained lower than in March 2009. Unemployment, currently at 9.2 percent, continues to be a contributing factor keeping foreclosure filings up.”

 

One in every 324 Delaware housing units received a foreclosure filing during the quarter — the 34th highest state foreclosure rate in the nation.

 

Kent County tops state in foreclosure rate for the first quarter

Kent County had the highest county foreclosure rate in the state during the first quarter, with one in every 260 housing units receiving a foreclosure filing — 1.3 times the state average. With one in every 331 housing units receiving a foreclosure filing, New Castle County had the second highest rate — on par with the state average. Sussex County came in third, with one in every 360 housing units receiving a foreclosure filing. 

 

New Castle County led the state in total foreclosures for the first quarter

New Castle County tallied the highest level of foreclosure activity of any county in the state with 645 properties with foreclosure filings for the quarter. Sussex County had the second highest total, reporting 324 properties with foreclosure filings. Reporting 242 properties with foreclosure filings for the quarter, Kent County came in third.

 

State a minor contributor to nation’s quarterly foreclosure total

Delaware represented less than 1 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

Delaware

0

0

0

759

452

1,211

324

0.43

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

0

149

93

242

260

0.53

1.25

New Castle

0

0

0

444

201

645

331

0.42

0.98

Sussex

0

0

0

166

158

324

360

0.38

0.90

 

 

Delaware Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

Delaware

0

0

0

759

452

1,211

324

15.44

46.26

 

 

 

 

 

 

 

 

 

 

New Castle

0

0

0

444

201

645

331

27.72

44.30

Sussex

0

0

0

166

158

324

360

0.00

76.09

Kent

0

0

0

149

93

242

260

10.00

22.84

 

 

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