Foreclosure Activity in Delaware Up for First Half of 2011

Statewide filings climb 2 percent from second half of 2010

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 2,857 Delaware properties during the first six months of 2011, a 2 percent rise from the second half of 2010 and 20 percent above the level reported for the first half of last year, according to the Midyear 2011 Foreclosure Market Report just released by RealtyTrac®.

 

Foreclosure filings were reported on 604 Delaware properties in June, down 7 percent from May and down 12 percent from June 2010. One in every 656 Delaware housing units received a foreclosure filing in June, the 15th highest state foreclosure rate in the nation.

 

 

Kent County posts state’s top foreclosure rate in first half of 2011

One in every 105 housing units in Kent County received a foreclosure filing in the first half of the year — 1.3 times the state average — the highest foreclosure rate of all Delaware counties. New Castle County came in second highest, with a rate of one in every 135 housing units receiving a foreclosure filing up through the midyear period — on par with the state average. Sussex County was third highest for the six-month period, with one in every 177 housing units receiving a foreclosure filing.

 

New Castle County dominates state foreclosure totals in first half of year

New Castle County led all counties, reporting 1,581 properties with foreclosure filings for the midyear period. Sussex County was second highest, reporting 670 properties with foreclosure filings. Kent County came in third, tallying 606 properties with foreclosure filings.

 

State a minor contributor to nation’s foreclosure total in first half of 2011

Delaware accounted for less than 1 percent of the 1,170,402 properties with foreclosure filings reported nationwide for the first half of 2011. Total U.S. activity decreased 25 percent from the second half of 2010, and was down 29 percent from the level reported for the first half of 2010. One in every 111 U.S. housing units received a foreclosure filing during the first six months of the year.

 

“It would be nice to report that foreclosure activity is dropping as a result of improvements in the economy or the housing market,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unfortunately, with unemployment rates inching back up, consumer confidence weak and home sales and prices continuing to languish, this doesn’t appear to be the case.

 

“Processing and procedural delays are pushing foreclosures further and further out – we estimate that as many as 1 million foreclosure actions that should have taken place in 2011 will now happen in 2012, or perhaps even later. This casts an ominous shadow over the housing market, where recovery is unlikely to happen until the current and forthcoming inventory of distressed properties can be whittled down to a manageable number.”

 

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 Market Data By County – Midyear 2011

 

County

Total Properties with Filings

% Housing Units

1 every X HU

% chg July-Dec 10

% chg Jan-June 2010

 

United States

1,170,402

0.90

111

-25.49

-29.27

Delaware

2,857

0.72

139

1.71

19.74

 

New Castle

1,581

0.74

135

-6.17

12.45

Sussex

670

0.57

177

42.25

40.76

Kent

606

0.95

105

-7.20

20.24

 

 

Delaware Market Data by County – June 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg May 11

% Chg June 10

 

 

United States

30,202

33,661

68,023

22,003

68,851

222,740

584

3.64

-29.03

Delaware

0

1

0

402

201

604

656

-7.22

-12.46

 

 

New Castle

0

0

0

240

116

356

601

25.35

-24.26

Sussex

0

0

0

102

53

155

764

-27.57

93.75

Kent

0

1

0

60

32

93

687

-39.22

-33.57

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved