Delaware Foreclosure Activity Increases in August

Filings increase 47 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 717 Delaware properties in August, a 47 percent increase from the previous month and a 128 percent increase from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

Delaware foreclosures were up in August,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in bank-owned properties, which climbed 102 percent for the month. The state’s home values declined more than four times the national average during the past year. This has likely contributed to the overall rise.”

 

Delaware ranked 38th in the nation in total foreclosures reported for the month. Its foreclosure rate of one in every 548 housing units receiving a foreclosure filing during the month, ranked it 17th among the 50 states.

 

Kent County dominates the state in foreclosure rate for August

Foreclosure rates for August were led by Kent County, where one in every 281 housing units received a foreclosure filing during the month. One in every 532 housing units received a foreclosure filing in New Castle County, for the second highest rate in the state. Coming in third was Sussex County, where one in every 1,267 housing units received a foreclosure filing in August.

 

New Castle County posts top foreclosure total for August

New Castle County led Delaware in total foreclosure activity for August, reporting 401 properties with foreclosure filings. Kent County documented the second highest foreclosure activity, where 224 properties with foreclosure filings were reported. Sussex County came in third, tallying 92 properties with foreclosure filings.

 

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

Delaware accounted for less than 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 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 – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

Delaware

0

0

0

458

259

717

548

0.70

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

0

189

35

224

281

1.36

1.95

New Castle

0

0

0

226

175

401

532

0.72

1.03

Sussex

0

0

0

43

49

92

1,267

0.30

0.43

 

 

Delaware Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

Delaware

0

0

0

458

259

717

548

47.23

128.34

 

 

 

 

 

 

 

 

 

 

New Castle

0

0

0

226

175

401

532

31.91

152.20

Kent

0

0

0

189

35

224

281

98.23

154.55

Sussex

0

0

0

43

49

92

1,267

31.43

37.31

 

 

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