The headlines grabbed you.  "Foreclosure activity in March increases 5% over February and 57% over March of 2007!"

The reality?  Most of the foreclosure activity is taking place in Nevada, California, and Florida.  These are the states that had the fastest increase in home prices and the highest use of both Subprime loans and Option ARM loans, both made at very high loan to values.

How's Delaware doing?  Delaware ranks 34th in foreclosure activity among the 50 states and most of that activity is concentrated in the Wilmington area.  There were 192 foreclosure filings in Delaware in March according to RealtyTrac.  This includes about 140 NFS filings - Notice of Foreclosure - and 51 REO filings - Real Estate Owned - when a property is foreclosed on and repurchased by a bank.

Those 192 filings represent 1 foreclosure filing per 1,994 households in Delware compared to 1 per 538 households nationwide.  March also saw a 15.8% REDUCTION in filings compared to February, but it was a 34% increase over March 2007.

Foreclosures are a hard thing for the homeowner involved, especially someone's primary home, but we need to remember that Delaware is holding up pretty well in this housing crunch.

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Jeff Baxter - Prosperity Mortgage - Bethany & Rehoboth Beach, DE

My Website - Email:  jeff.baxter@prosperitymortgage.com

 

 

 

 
Posted by Jeff Baxter on 04/16/2008 11:21 AM   Comments (1)   delaware, foreclosures  
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1 Comments on Foreclosures in Delaware - How Bad Really?

FEB
17
2009

That's great that the numbers are so low there. feather pin
12:40am • #1


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Jeff Baxter

Bethany Beach, DE

More about me…

Prosperity Mortgage

Address: 33298 S. Coastal Highway, Bethany Beach, DE, 19930

Office Phone: (302) 537-5076

Cell Phone: (302) 602-1067

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Thoughts on the mortgage market and the Delaware Beach (Bethany Beach, Rehoboth Beach, Fenwick Island, Dewey Beach, and Lewes).


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