Delaware Real Estate Foreclosures
The economy of Delaware reportedly been strong during the period from 2000 to 2008, based on the most recent data released by the United States Department of Commerce. During this time period, the economy of Delaware increased from $41 billion in 2000 to 62 billion in 2008, with the real estate sector bringing in a healthy $7.5 billion to the economy in 2008.
The real estate market of Delaware was the second strongest sector in Delaware during this time, second only to the financial and insurance sectors of Delaware. According to various sources, Delaware foreclosures during 2008 were 1,474, with 400 new foreclosure listings during the month of March. The average price paid for a foreclosure property in Delaware was $247,892 during 2008, with the average price going down slightly to $241, 870 during the month of March.
The number and rate of foreclosures around the state of Delaware has increased in several cities around the state during the period from March to April. In Dover, Delaware the price of foreclosures increased by a total percentage of 0.91 percent, a marginal increase that only affected the price paid for a Dover foreclosure by a small amount.
Over in Clayton, Delaware the price of a Clayton foreclosure increased by a slightly higher percentage in comparison to Dover, with an increase of 1.49 percent. At the same time, investors purchasing foreclosure property in Smyrna, Delaware paid 3.36 percent more for a Smyrna foreclosure than investors purchasing similar property in Dover and Clayton, Delaware. This means that those who purchased foreclosure property in these cities paid a slightly higher dollar amount than investors in other cities in Delaware.
The rate and number of foreclosures in some cities around the beautiful state of Delaware also decreased during the period from March to April. In the city of Lewes, Delaware investors looking to purchase Lewes foreclosures paid 5.45 percent less in general than people that purchased foreclosure property in the three cities mentioned above.
During the same period from March to April, investors purchasing foreclosure property in Felton, Delaware were reported as paying around 7.79 percent less for Felton foreclosures. At the same time, the cost of foreclosure property in Harrington, Delaware went down by 15.8 percent, a significant amount which allowed investors to purchase the Harrington foreclosures they desired for less on average than in other cities in Delaware.
These statistics indicate that people deciding to buy in these three Delaware cities during the time period from March to April paid quite a bit less for the dream home for which they were looking.
In the latest news about Delaware foreclosures, Delaware policy makers recently announced $6 million in federal funding from the United States Department of Housing and Urban Development (HUD) to help homeowners in Delaware facing foreclosure on their property. The disbursement of funds will be managed by the Delaware State Housing Authority (DSHA), though the DSHA’s current Delaware Emergency Mortgage Assistance Program.
The program will provide eligible home owners facing foreclosure in Delaware with up to $30,000 to help with payments on their mortgage principal, interest payments on their house loan, mortgage insurance, taxes on their property and the hazard insurance they need.
Home owners in Delaware that would like to see if they are eligible for the funds available through this news should talk with an approved United States Department of Housing and Urban Development housing counseling agency for more information. The agency representatives contacted will help home owners in Delaware facing foreclosure through the application process required to determine eligibility for the money that’s available to home owners in Delaware.
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