Delaware Foreclosure Activity Ticks Up in May

Up 9 percent from April; up 80 percent from May 2010

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 651 Delaware properties in May, up 9 percent from April and 80 percent above the level reported for May 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

Delaware ranked 37th in the nation in total foreclosures for May. One in every 609 Delaware housing units received a foreclosure filing, the nation’s 14th highest foreclosure rate for the month.

 

Kent County posts top foreclosure rate for May

One in every 418 housing units in Kent County received a foreclosure filing in May — 1.5 times the national average and 1.5 times the state average — the highest foreclosure rate of all Delaware counties. The state’s second highest rate was reported in Sussex County, where one in every 553 housing units received a foreclosure filing during the month — 1.1 times the state average. New Castle County came in third, with one in every 753 housing units receiving a foreclosure filing during the month.

 

New Castle County posts highest foreclosure total for May

New Castle County led the state in total foreclosure activity, reporting 284 properties with foreclosure filings for the month. Sussex County had the second highest total, reporting 214 properties with foreclosure filings. Third highest in the state was Kent County, where 153 properties with foreclosure filings were reported.

 

State a minor contributor to nation’s foreclosure crisis in May

Delaware accounted for less than 1 percent of the 214,927 properties with foreclosure filings reported nationwide in May. Total U.S. activity decreased by nearly 2 percent from April, and was down 33 percent from the level reported in May 2010. One in every 605 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure processing delays continue to mask the true face of the foreclosure situation, although there were some clues in the May numbers of what lies behind that mask,” said James J. Saccacio, chief executive officer of RealtyTrac. “First, activity spiked in May for various stages of the foreclosure process in some states, a pattern that has occurred in several states over the past few months. This pattern provides evidence that lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures and as they determine that some local markets are able to absorb more foreclosure inventory.

 

“Second, while the inventory of properties in the foreclosure process has declined steadily over the past six months — thanks in large part to 16 consecutive months of year-over-year declines in new default notices — the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months,” Saccacio continued. “That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory. Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each 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 – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

n/a

n/a

Delaware

0

0

1

490

160

651

609

0.99

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

0

120

33

153

418

1.45

1.46

Sussex

0

0

0

174

40

214

553

1.09

1.10

New Castle

0

0

1

196

87

284

753

0.80

0.81

 

 

Delaware Top Foreclosure Totals by County – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 11

% Chg May 10

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

-8.56

-34.32

Delaware

0

0

1

490

160

651

609

8.50

79.83

 

 

 

 

 

 

 

 

 

 

New Castle

0

0

1

196

87

284

753

7.17

-9.55

Sussex

0

0

0

174

40

214

553

125.26

970.00

Kent

0

0

0

120

33

153

418

-36.25

446.43

 

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