Foreclosures Not Letting Up

For developers and homeowners, market not done caving

It was a bad week for major foreclosures in Delaware, and real estate veterans say there are a lot more to come, especially in Kent and Sussex counties.

One Maryland-based developer lost prime building land near Lewes and on Indian River Bay, along with an entire subdivision north of Milton, on Tuesday, when Stonebridge Bank bought the properties for just over $1 million at a Sussex County sheriff's sale, following foreclosure on more than $13.8 million in debts to the bank.

The same day, another local investor group lost a planned 64-acre development near the Assawoman Bay State Wildlife area in a Wilmington Savings Fund Society foreclosure and sale that netted the bank about $2.2 million of the $6.9 million owed on a $10 million mortgage dating to 2006.

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