Delaware Foreclosure Activity Up in Third Quarter

Total filings up 18 percent compared to the second quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,626 Delaware properties during the third quarter, an 18 percent increase from the previous quarter and up 109 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, Delaware reported 611 properties with foreclosure filings, a 15 percent decrease from the previous month, but 187 percent above the level reported for the same month last year. One in every 643 Delaware housing units received a foreclosure filing in September, ranking the 22nd highest state foreclosure rate in the nation.

 

“Delaware’s foreclosure activity rose substantially in the third quarter of 2010, reaching a level that is more than double what was reported for the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, some of these foreclosures are likely to be at least stalled due to the 50-state investigation into improper documentation of foreclosures by government officials.”

 

One in every 242 Delaware housing units received a foreclosure filing during the quarter, the 23rd highest state foreclosure rate in the nation.

 

Kent County led state with top foreclosure rate in third quarter

One in every 164 housing units received a foreclosure filing in Kent County — 1.5 times the state average — the highest county foreclosure rate in the state during the third quarter of 2010. New Castle County posted the second highest rate, with one in every 220 housing units receiving a foreclosure filing during the period — 1.1 times the state average. Third highest rate was in Sussex County, where one in every 430 housing units received a foreclosure filing.

 

State’s top foreclosure total in third quarter posted in New Castle County

New Castle County led the state, reporting 971 properties with foreclosure filings for the quarter. Kent County was second, reporting 384 properties with foreclosure filings. Sussex County was third, tallying 271 properties with foreclosure filings.

 

State a minor contributor to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in Delaware. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

Delaware

0

0

0

907

719

1,626

242

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

0

254

130

384

164

0.85

1.48

New Castle

0

0

0

518

453

971

220

0.63

1.10

Sussex

0

0

0

135

136

271

430

0.32

0.56

 

 

Delaware Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

Delaware

0

0

0

907

719

1,626

242

17.57

109.00

 

 

 

 

 

 

 

 

 

 

New Castle

0

0

0

518

453

971

220

9.47

151.55

Kent

0

0

0

254

130

384

164

29.73

75.34

Sussex

0

0

0

135

136

271

430

35.50

56.65

 

 

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