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Foreclosure Rates in New Castle County, Delaware

New Castle County is located in the state of Delaware metropolitan area, and is populated by approximately 525,000 people. The median household income is $53,543, making it a thriving middle-class urban city. It is the northernmost county in Delaware, and is bordered by Pennsylvania, New Jersey, and Maryland. New Castle County has a burgeoning economy and a constantly expanding number of employment opportunities. Purchasing a foreclosure property in New Castle ensures that you will be buying a home in an area where a growing city will lead to an increase in housing demand.

The latest RealtyTrac® U.S. Foreclosure Market Report states that there were 192 mortgage foreclosures in the state of Delaware in March 2008, which is a 34 percent increase from last year’s rate. One out of every 1,994 houses in Delaware has received foreclosure filings in March, which makes the state number 42 in the ranking of national foreclosure rates per state. The county with the highest number of foreclosures in Delaware is New Castle County, which had 151 properties foreclosed on in March. That means that one in every 1,398 households in New Castle received a foreclosure filing, which is 1.4 times the state average. The other two counties in Delaware, Sussex and Kent, had 37 and 4 property foreclosings respectively.

The percentage of foreclosures in Delaware accounts for less than 1 percent of the nation’s 234,685 foreclosures in March. National foreclosing rates have raised 5 percent in the last month, and 57 percent in the last year. The good news is that Delaware’s foreclosure rate is down 16% since last month, but chief executive officer James J. Sccacio of RealtyTrac says that “Despite giving back half of February’s gain in foreclosure filings this month, Delaware’s foreclosure total is still ahead of this time last year. Unemployment in the state is well below the national average. Still, home price appreciation, while positive, continues to slow down, making it difficult for financially distressed homeowners to find a way out of foreclosure.”