DELAWARE FORECLOSURE ACTIVITY UP 57 PERCENT IN FEBRUARY

Activity Increases 20 Percent From February 2008

 

IRVINE, Calif. – March 27, 2009 – Delaware reported 273 properties with foreclosure filings in February, a 57 percent increase from the previous month and 20 percent above the level reported for February 2008, 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.

 

“Foreclosures in Delaware were up substantially both in February and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac.  “Home sales statewide fell nearly 15 percent in 2008. Plus, in January unemployment was up nearly 3 percent from a year earlier. These factors are contributing to the overall rise in foreclosure activity we are reporting.”

 

Delaware ranked 41st in the country in total foreclosures for the month. With one in every 1,424 housing units receiving a foreclosure filing, its foreclosure rate ranked 33rd among the 50 states.

 

New Castle County posts highest state foreclosure activity in February

New Castle County led the state in foreclosure activity in February, reporting 129 properties with foreclosure filings for the month. Kent County was second highest, reporting 86 properties with foreclosure filings. Sussex County came in third, reporting 58 properties with foreclosure filings.

 

Kent County posts state’s highest foreclosure rate for February

With one in every 717 housing units receiving a foreclosure filing — twice the state average — Kent County reported the highest county foreclosure rate in the state for February. New Castle County came in second, with one in every 1,647 housing units receiving a foreclosure filing. Third highest rate was documented in Sussex County, where one in every 1,975 housing units received a foreclosure filing during the month.

 

State a minor contributor to nation’s overall foreclosure total for February

Delaware accounted for less than 1 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 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 – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

Delaware

0

0

0

203

70

273

1,424

0.31

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

0

65

21

86

717

0.61

1.99

New Castle

0

0

0

99

30

129

1,647

0.27

0.86

Sussex

0

0

0

39

19

58

1,975

0.22

0.72

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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