The State of Foreclosures in Delaware

Despite being among the smallest States in America, Delaware has the higher rate of foreclosure when compared to other huge states like California. The State rank in top 10 in the category of states that have higher rates of foreclosure. The latest research by the University of Delaware business school found that 3 houses in every 80 houses were under foreclosure. The same statistic match was the statistics given by the federal government at the end of year 2013 about the foreclosure rate in the state of California. Despite being high, this was a reduction when compared to the previous years.

In the same report, the following cities had the highest rates of foreclosure were Wilmington, Dover, Newark, Middletown, Milford, and Milton. The cities has recorded a rate that was more by over 10 percent in all their residential as well as commercial properties.

A Decrease in Foreclosures

In spite of recording a higher rate of foreclosure, the rate was lower than the average national rate. This means that there were other states were performing poorly when compared to Delaware. However, the rate of files had reduced by 12 percent when compared to the previous year both in commercial as well as residential properties. The report also indicated that the rate of foreclosure had reduced in its three counties by 3.4 percent in Kent County, 3.5 percent in New Castle County and 4.5 percent in Sussex County. Experts have also expressed their optimisms that the rates are likely to reduce in the State after the huge impact recorded in its three counties.

In the last 6 months, the rate of bank repossessions had reduced significantly by 14 percent when compared to 10 percent of the previous year. In addition, the number of properties under the review of foreclosure has also reduced by 5.8 percent to about 600 both commercial as well as residential properties (houses). Real estate experts also indicated that the scheduled auctions together with bank repossessions had reduced in the state by 15 percent at the same time passing the 10 percent recorded in the previous year. The Delaware government has also come up with laws that will make the rate of foreclosure goes down come the analysis at the end of the year 2014.

From these statistics, the residents has been optimistic things will change come the end of the year. This was after the Delaware governor; Mr. Jack Markell expressed his commitment that he will make sure that the rate of foreclosure goes down to less than 10 percent at the end of the year. With the current trend were the number of people withdrawing their cases increasing from 10 percent to 25 percent when compared to the previous year 2013, the rate is likely to drop once the analysis and reports is made at the end of year. The judges in the state have also started hearing cases filed in the last 6 months that will help lower the rate of foreclosure. Even as we approach the second phase of the year, reports have indicated that the trends in the market shows that things will change at the end of the year, 2014.

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