Delaware Sees Sharp Reduction in Foreclosure Filings in 2012
One year ago, the State of Delaware had one of the highest foreclosure rates in the nation. This prompted our State lawmakers to create the Automatic Residential Foreclosure Mediation Program, which became effective as of January 19, 2012.
In December 2011, Delaware foreclosure filings affected 1 out of every 485 homes, according to data by RealtyTrac.
New Castle County had the highest rate of filings. Foreclosures in the State were also swift, averaging only 106 days to process. The average sale price of a foreclosed home was $121,100.
As of November 2012, Delaware foreclosure filings affected 1 out of every 1,166 homes, according to RealtyTrac. Kent County took over the top spot for the highest rates of foreclosure.
While our foreclosure process remains efficient, the timeline can now range up to 6 months. Meanwhile, the average sale price of a foreclose home has improved to $162,140.
Who gets the credit for the improvement? We all do! There are six things that have helped make a difference for distressed homeowners in Delaware:
- Delaware's mandatory mediation program
- Improvements in the regional economy
- Improvements in the short sale process
- Federal involvement with large banks to promote alternatives to foreclosure
- Improvements in Delaware home values
- Slowing rate of new defaults
It's important to note that it took a combination of the above to bring us to the improvement we have today. We must also acknowledge that foreclosure remains a concern in Delaware, and we will be dealing with distressed properties for the foreseeable future.
If you are a homeowner in Wilmington or Newark who is struggling with mortgage payments, or you want to sell your home but you have negative equity - let me help! I have extensive experience in short sales and foreclosures, and I can guide you through the options that are available. I also have tips on avoiding foreclosure on my website.
Have a few questions, or just want to talk about your situation? Contact me today! I will be happy to help you.
Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
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