Delinquencies and foreclosures
As of this past August, Delaware’s foreclosure inventory stood at
1.5 percent of all homes with a mortgage, compared with the national rate of
0.9 percent, according to a report by CoreLogic. The First State’s serious
delinquency rate — an indicator of future foreclosures — came in at
3. 8 percent for the same period, compared with the national rate of
2.8 percent.
The number of foreclosure actions in Delaware dropped off significantly
starting in second-quarter 2012, Attom Data Solutions reports. By second-quarter 2013, foreclosure filings in the state were on the upswing.
Foreclosure actions (defaults, auctions and real estate owned) then
dropped off again, reaching a low point of 1,059 in third-quarter 2015.
Foreclosure filings then began to rise again, however, reaching 1,843 this
past third quarter.
Unemployment
The unemployment rate in Delaware has been below the national rate
since the official end of the Great Recession in June 2009. Delaware’s
unemployment rate hit a high mark of 8. 7 percent for four months in late
2009 and early 2010, while the national rate was 9 percent or higher for
30 consecutive months between 2009 and 2011.
Through the first six months of 2016, nonfarm-employment growth
in Delaware was among the strongest in the nation, clocking in at
3.1 percent and trailing only Utah and Oregon, U.S. Department of Labor
data shows. Unemployment in Delaware stood at 4. 3 percent as of this
past September, compared with the national rate of 5 percent.
Sources: Attom Data Solutions, City of Wilmington, CoreLogic, Delaware Department of
Labor, Delaware Economic Development Office, Delaware State College, Dover International
Speedway, Downtown Newark, ESPN, Fortune, Long & Foster Real Estate Inc., Market Watch ,
Midland Daily News, Militaryheritage.com, News week, Reuters , The Economist, The National
Association of Manufacturers, The Pew Charitable Trusts, The State Capital Daily, U. S.
Department of Commerce, U. S. Department of Labor, University of Delaware, Zillow
Bill Conroy is managing editor of Scotsman Guide.
Reach him at (800) 297-6061 or billc@scotsmanguide.com.
WILMINGTON
The state’s largest city, with a population of some 72,000 people, was
incorporated in 1731 and is home to global giant the DuPont Co. as
well as numerous financial institutions — many attracted to the area
after banking laws were liberalized in the state in the early 1980s. The
median home value in Wilmington, which has a reputation as a high-crime city, was $121,200 as of this past September, down 4. 3 percent
year over year, according to Zillow.
NEWARK
This city of 34,000 is home to the University of Delaware, which serves
some 23,000 students and is where soon-to-be former Vice President
Joe Biden earned his undergraduate degree. The city, founded in
the mid-1700s, today boasts a vibrant downtown that in recent years
has attracted more than $40 million in private investment and some
30 new businesses.
DOVER
Delaware’s capital since 1777, Dover’s history traces back to the late
1600s when the original town was plotted and a courthouse built
on the site. The city of some 38,000 today is the second-largest in
the state and home to Dover Air Force Base, which has an estimated
$470 million annual economic impact on the local economy.
3 Cities to Watch
Delaware Foreclosure Filings
Source: Attom Data Solutions
REO Auction Default
