Delaware Foreclosures Up in 2010

Filings rise 56 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,727 Delaware properties for 2010, up 56 percent from a year ago and 88 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 441 Delaware properties in December 2010, a 6 percent decrease from November, but 72 percent higher than the level reported in December 2009. One in every 891 Delaware housing units received a foreclosure filing during the month.

 

Delaware foreclosures were up significantly last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed 88 percent for the year. The state’s home values declined nearly double the rate of the national average throughout most of the year, and home sales dropped further here than most states. These factors are major contributors to the overall rise in foreclosure activity.”

Delaware ranked 41st in the nation in total foreclosures for 2010. Its foreclosure rate of one in every 83 housing units receiving a foreclosure filing during the year ranked 30th among the 50 states.

Kent County achieves top foreclosure rate honors in 2010

One in every 60 housing units received a foreclosure filing in Kent County in 2010 — 1.4 times the state average. New Castle County reported the second highest foreclosure rate in the state with one in every 76 housing units receiving a foreclosure filing for the year. Sussex County came in third, with one in every 134 housing units receiving a foreclosure filing.

 

New Castle County dominates state foreclosure activity in 2010

Foreclosure activity was heaviest in New Castle County, which reported 2,809 properties with foreclosure filings for the year. Kent County tallied the second highest foreclosure level, reporting 1,048 properties with foreclosure filings. Third highest total was in Sussex County where 870 properties with foreclosure filings were reported.

 

State a minor contributor to nation’s foreclosure activity in 2010

Delaware accounted for less than 1 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

Delaware

0

0

0

2,606

2,121

4,727

83

0.54

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

0

631

417

1,048

60

0.75

1.39

New Castle

0

0

0

1,572

1,237

2,809

76

0.59

1.09

Sussex

0

0

0

403

467

870

134

0.34

0.62

 

Delaware Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

492

1.67

23.23

Delaware

0

0

0

2,606

2,121

4,727

83

55.80

87.88

 

 

 

 

 

 

 

 

 

 

New Castle

0

0

0

1,572

1,237

2,809

76

76.00

74.80

Kent

0

0

0

631

417

1,048

60

52.10

136.04

Sussex

0

0

0

403

467

870

134

16.15

87.10

 

 

 

Delaware Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

Delaware

0

0

0

291

150

441

891

0.56

n/a

 

 

 

 

 

 

 

 

 

 

Kent

0

0

0

100

38

138

456

1.10

1.96

New Castle

0

0

0

189

96

285

749

0.67

1.19

Sussex

0

0

0

2

16

18

6,477

0.08

0.14

 

 

Delaware Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

Delaware

0

0

0

291

150

441

891

-5.57

71.60

 

 

 

 

 

 

 

 

 

 

New Castle

0

0

0

189

96

285

749

-1.72

470.00

Kent

0

0

0

100

38

138

456

126.23

53.33

Sussex

0

0

0

2

16

18

6,477

-84.48

-84.62

 

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