DELAWARE FORECLOSURE ACTIVITY UP 220 PERCENT IN JANUARY

Yearly Foreclosure Total Up 62 Percent From January 2007

 

IRVINE, Calif. – Feb. 26, 2008 – Delaware reported 173 foreclosure filings in January, a 220 percent increase from the previous month, and a 62 percent increase from January 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 million properties from nearly 2,500 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.

 

Delaware foreclosures are more than three times what they were in December,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home sales fell nearly 20 percent last year. This is likely contributing to the overall rise.”

 

Delaware ranked 41st in the country in total foreclosures reported for the month. The state’s foreclosure rate of one foreclosure filing for every 2,167 households ranked it 31st among the 50 states.

 

New Castle County posts highest foreclosure total

New Castle County held the highest foreclosure total for the month in Delaware, with 168 foreclosure filings. Kent County posted the second highest foreclosure total, reporting four foreclosure filings, followed by Sussex County with one foreclosure filing.

 

New Castle County reports highest foreclosure rate

New Castle County reported the highest county foreclosure rate in Delaware for January, one foreclosure filing for every 1,248 households — 1.7 times the state average. Kent County posted the second highest foreclosure rate, one foreclosure filing for every 14,540 households. Sussex County registered the third highest foreclosure rate, one filing for every 107,119 households.

 

State contributes less than 1 percent to nation’s monthly total

Total foreclosure filings in Delaware accounted for less than 1 percent of the 233,001 foreclosure filings reported nationwide in January. The national total represents an 8 percent increase from the previous month, and is 57 percent above the total reported for January 2007. The nation’s foreclosure rate increased to one foreclosure filing for every 534 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

Delaware Foreclosure Market by County – January 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

Households per Filings

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

52,321

60,101

19,662

55,590

45,327

233,001

534

n/a

n/a

Delaware

0

0

113

2

58

173

2,167

0.25

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

3

1

0

4

14,540

0.04

0.15

New Castle

0

0

110

0

58

168

1,248

0.43

1.74

Sussex

0

0

0

1

0

1

107,119

0.00

0.02

 

 

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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