Foreclosure Activity More Than Triples From a Year Ago
IRVINE, Calif. – Dec. 11, 2006 – Delaware reported 32 properties entering some stage of the foreclosure process in November, a 36 percent decrease from the 50 properties reported in October, but a 256 percent increase from the nine properties reported for the same month last year, according to the RealtyTrac™ U.S. Foreclosure Market Report.
RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.
“Although Delaware foreclosures decreased in November, they have more than tripled from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that while job growth remains steady in many areas, it has weakened considerably throughout Sussex County – especially in the manufacturing and tourism sectors. This, in addition to the state’s weakening housing market, is likely contributing to the year-over-year rise.”
Delaware ranked among the 10 lowest states in total foreclosures reported for November. The state’s foreclosure rate of one new foreclosure filing for every 10,721 households — well below the national average — ranked it among the 10 lowest state foreclosure rates.
Sussex accounts for majority of state total
Leading the state in foreclosure activity for the month was Sussex County, reporting 23 properties entering some stage of the foreclosure process. New Castle County documented the second highest total, reporting five properties in some stage of the foreclosure process for the month, followed by Kent County with four properties entering some stage of the foreclosure process.
Sussex County also posts state’s top foreclosure rate
Sussex County posted the top foreclosure rate in the state for November, one new foreclosure filing for every 4,047 households — 2.7 times the state average but still less than one-quarter of the national average. Kent County reported the second highest foreclosure rate, with one new foreclosure filing for every 12,620 households, followed by New Castle County, with one new foreclosure filing for every 39,904 households.
Nationwide a total of 120,334 properties entered some stage of foreclosure in November. The national total represents a 4 percent increase from the 115,568 foreclosures reported in October. The nation’s foreclosure rate increased to one new foreclosure filing for every 961 households during the month.
The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).
For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.
Delaware Foreclosure Market by County – November 2006
1 in every # households
About RealtyTrac Inc.
Ranked as the third largest real estate site by MediaMetrix and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.
Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.
Atomic Public Relations