Delaware Foreclosures Up Slightly in August

Delaware foreclosure activity rose 5 percent in August to 314 properties with foreclosure filings, still 13 percent below the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Although Delaware foreclosures were up slightly in August, they are lower than they were this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The biggest year-over decline was in default notices, which were down nearly 80 percent from last year. The state’s unemployment rate is holding below the national average, although it is 3 percent above the state’s jobless rate from a year ago. Home sales have picked up as well this year.”

 

Kent County posts state’s top foreclosure rate in August

With one in every 700 housing units receiving a foreclosure filing — 1.8 times the state average — Kent County posted the highest county foreclosure rate in the state for August. New Castle County had the second highest rate, with one in every 1,336 housing units receiving a foreclosure filing during the month. Third highest rate was documented in Sussex County, where one in every 1,710 housing units received a foreclosure filing.

 

New Castle County posts highest total for August

Reporting 159 properties with foreclosure filings, New Castle County led the state in foreclosure activity for August. Kent County reported the second highest foreclosure total, documenting 88 properties with foreclosure filings. Reporting 67 properties with foreclosure filings for the month, Sussex County posted the third highest total in the state.

 

State a minor contributor to nation’s foreclosure activity in August

Delaware accounted for less than one percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 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 Top Foreclosure Rates by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl Avg

/State Avg

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

Delaware

0

5

0

187

122

314

1,238

0.29

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

1

0

58

29

88

700

0.51

1.77

New Castle

0

4

0

81

74

159

1,336

0.27

0.93

Sussex

0

0

0

48

19

67

1,710

0.21

0.72

 

 

Delaware Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

Delaware

0

5

0

187

122

314

1,238

5.37

-13.02

 

 

 

 

 

 

 

 

 

 

New Castle

0

4

0

81

74

159

1,336

-10.67

-30.26

Kent

0

1

0

58

29

88

700

22.22

33.33

Sussex

0

0

0

48

19

67

1,710

39.58

0.00

 

 

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