Up 240 Percent From February 2007
IRVINE, Calif. – March 26, 2008 – Delaware reported 228 properties with foreclosure filings for February 2008. The total represents a 32 percent increase in activity from the previous month and is 240 percent above the level reported for February 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’s economy appears to be softening as the state recently reported an increase in its jobless rate to 3.8 percent,” said James J. Saccacio, chief executive officer of RealtyTrac. “Along with this increase in unemployment comes mounting foreclosure activity, which may continue if additional jobs are lost within the state.”
Delaware ranked 40th in the country in total properties with foreclosure filings for February. One in every 1,644 Delaware households received a foreclosure filing during the month, ranking the state 31st among the 50 states.
New Castle County leads state in foreclosure activity
New Castle County led the state in foreclosure activity in February, reporting 141 properties with foreclosure filings. Second place Kent County documented 55 properties with foreclosure filings, while third place Sussex County reported 32 properties with foreclosure filings.
Kent County posts highest foreclosure rate
Kent County led the way with a rate of one in every 1,057 households receiving a foreclosure filing for the month — 1.6 times the state average. New Castle County posted the state’s second highest rate, with one in every 1,486 households receiving a foreclosure filing — 1.1 times the state average. The third highest rate was documented in Sussex County, where one in every 3,347 households received a foreclosure filing in February.
State a minor contributor to nation’s foreclosure total in February
Total filings in Delaware accounted for less than 1 percent of the 223,651 properties with foreclosure filings reported nationwide in January. The national total represents a 4 percent decrease from the previous month, but is still 60 percent ahead of the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during 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 – February 2008
1 in every # households
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).
Atomic Public Relations