DELAWARE FORECLOSURE ACTIVITY UP 19 PERCENT IN SEPTEMBER

Filings Statewide Increase 80 Percent From September 2007

 

IRVINE, Calif. – Oct. 27, 2008 – Foreclosure filings were reported on 429 Delaware properties in September, an increase of 19 percent from the previous month and 80 percent above the level reported for September 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure filings in Delaware were up substantially in September on both a monthly and annual basis,” said James J. Saccacio, chief executive officer of RealtyTrac. “One cause of this is unemployment, which although is well below the national average, is still up one percent since January. Foreclosures could continue to skyrocket as the state deals with home price depreciation and the recent closing of the local Chrysler plant which employed about 1,100 workers.”

 

Delaware ranked 38th in the country in total properties with foreclosure filings for September. One in every 892 Delaware households received a foreclosure filing during the month, ranking 21st among the 50 states.

 

New Castle County tops in foreclosure activity and rate for September

New Castle County led the state in foreclosure activity in September, reporting 317 properties with foreclosure. With one in every 666 households receiving a foreclosure filing during the month — 1.3 times the state average — the county also posted the highest foreclosure rate in the state for the month.

 

Kent County came in second highest, reporting 58 properties with foreclosure filings for the month. The county also reported the second highest rate in the state, with one in every 1,037 households receiving a foreclosure filing.

 

Sussex County ranked third highest total, reporting 54 properties with foreclosure filings. One in every 2,067 households in Sussex County received a foreclosure filing during the month, the third highest rate in the state.

 

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

Delaware accounted for less than 1 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 U.S. households receiving 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 – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

Delaware

0

5

3

316

105

429

892

0.53

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

1

33

24

58

1,037

0.46

0.86

New Castle

0

4

2

238

73

317

666

0.71

1.34

Sussex

0

1

0

45

8

54

2,067

0.23

0.43

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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