Foreclosures Still a Drag on Delaware’s Real Estate Market

Foreclosures are expected to continue to pressure home prices, despite a moratorium in New Castle County on selling properties at sheriff’s sale for back taxes.

Still, the moratorium created by New Castle County Executive Paul Clark’s executive order earlier Feb. 8th, and Clark’s proposed amnesty ordinance that would waive the penalties on back property taxes that are paid in full by the end of May, offer hope for a small and especially vulnerable group of homeowners, said Carlos Herrera, housing clinic director for the Delaware Community Reinvestment Action Council (DCRAC).

“We were seeing foreclosures on properties where the mortgage was paid in full but the owners couldn’t keep up the taxes,” he said. “Often, the owners were very elderly and most of their income was going to medical expenses.”

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