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Delaware Sees Sharp Reduction in Foreclosure Filings in 2012

Thursday, December 13, 2012
by Katina Geralis

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
Visit My Website
Contact Me
Find me on Facebook
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Knowing When to Sell Your Wilmington Home

Thursday, May 31, 2012
by Katina Geralis

If you're a Wilmington, DE homeowner who is concerned about your property value, you're not alone. Between 2009 and 2011, Delaware experienced an alarming increase in foreclosures, averaging 300% above historical norms.

Recent improvements in short sale timelines, along with stronger pre-foreclosure mediation, are helping to slow the tide. But for many Wilmington homeowners, the questions remain: Should I ride this out? Should I sell before my home value gets worse? What if I can make my mortgage payments now, but my neighborhood is declining? What should I do?

If you're agonizing over these questions, take heart: the first step involves gathering all the information you can. Having solid facts and professional guidance will go a long way towards curing indecision. Here's how I can help you:

  • Provide the most recent sales activity and prices for homes in your area
  • Perform a market analysis of your home's value
  • Provide compassionate counseling about your options, addressing the what-if scenarios
  • Present the honest pros and cons of selling now vs. selling later

Ultimately, the decision to sell, or stay put, is yours. Your risk tolerance for real estate market changes will depend on your personal resources and how secure you feel about your income. If there is any possibility that you may struggle with your mortgage payments in the near future, educating yourself about the options now will save you stress down the road.

As your Wilmington, DE real estate agent, I have helped many sellers successfully navigate short sales and avoid foreclosure. My experience with short sales and foreclosures can help protect you from the uncertainties surrounding complex transactions and changing markets. If you have questions about your home value, or you'd just like to talk about your situation, contact me! I will be happy to help you.

Katina Geralis
Wilmington, DE Real Estate Expert
Keller Williams Realty
Wilmington Real Estate
Wilmington Homes for Sale
Visit My Website
Contact Me
Find me on Facebook
Follow me on Twitter

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