Delaware Foreclosure Activity Declines in October

Filings down 6 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 575 Delaware properties during October, a 6 percent decrease from the previous month but up 31 percent from October of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Delaware foreclosures were down in October but well ahead of this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest drop was in bank-owned properties, which fell 63 percent for the month. The state’s unemployment rate remains well below the national average, and home sales were more than double that of most states earlier this year.”

 

Delaware ranked 40th in the nation in total foreclosures in October. Its foreclosure rate of one in every 683 housing units receiving a foreclosure filing during the month ranked it 25th among the 50 states.

 

Kent County posts state’s top foreclosure rate for October

One in every 419 housing units received a foreclosure filing in Kent County during October — 1.6 times the state average, the highest county foreclosure rate in the state for the month.  New Castle County registered the second highest rate, with one in every 639 housing units receiving a foreclosure filing during the month — 1.1 times the state average. Sussex County was third highest, with one in every 1,281 housing units receiving a foreclosure filing.

 

New Castle County dominates state foreclosure activity in October

Foreclosure activity was heaviest in New Castle County, which reported 334 properties with foreclosure filings for the month. Kent County tallied the second highest foreclosure level, reporting 150 properties with foreclosure filings. Third highest total was in Sussex County, where 91 properties with foreclosure filings were reported.

 

State a minor contributor to nation’s monthly foreclosure total

Delaware accounted for less than 1 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

Delaware

0

0

0

453

122

575

683

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

0

130

20

150

419

0.93

1.63

New Castle

0

0

0

255

79

334

639

0.61

1.07

Sussex

0

0

0

68

23

91

1,281

0.30

0.53

 

 

Delaware Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

Delaware

0

0

0

453

122

575

683

-5.89

30.98

 

 

 

 

 

 

 

 

 

 

New Castle

0

0

0

255

79

334

639

-24.60

12.46

Kent

0

0

0

130

20

150

419

172.73

108.33

Sussex

0

0

0

68

23

91

1,281

-19.47

30.00

 

           

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