Deleware Loans & Mortgages

A Delaware Home Can Make A Great Start

By Sharon Secor

Direct Lending Solutions Staff Writer

Delaware , located in the Mid-Atlantic region of the United States, is one of the original thirteen colonies that founded the United States. First among the colonies to sign the Articles of Confederation and the first to ratify the American Constitution, Delaware carries the nickname The First State.

Inhabited originally by a number of Native American groups, the area’s first European settlers were the Dutch, who established a small community there in 1631. This settlement lasted less than a year, the settlers killed and the settlement burned during a confrontation with Native Americans. Swedish settlers established a colony and trading post in 1638, which was eventually taken over by the Dutch and incorporated into a settlement begun under the authority of Peter Stuyvesant.

In 1664 the British took the colony from the Dutch, eventually granting proprietorship to William Penn, giving his province of Pennsylvania access to the sea. The Lower Counties, as the area was called at this time, became a territory of Pennsylvania until 1776, when Delaware declared its independence from the British and established its own state government, separate from Pennsylvania.

Delaware has a vibrant economy, often outperforming the US national economy. Industries that contribute to the Delaware economy include chemicals, food processing, paper, rubber, plastics, and agriculture. Delaware is home to more than half a million business headquarters, a figure that includes more than 50 percent of all publicly traded companies in the United States and 60 percent of the nation’s Fortune 500 companies.

For those who are considering a move to Delaware, there is good news in both the real estate and home loan markets for the potential home buyer. The inventory of homes for sale in the state is greater than in previous years, rising from a 3.6 months supply of inventory in 2005 to a 5.2 months supply in 2006, a change of 44 percent. Homes listed for sale in Delaware are staying on the market longer, the median time rising from 14 days in 2005 to 23 days in 2006, a 64 percent increase. Median existing homes prices rose by 7 percent during the same period, reflecting a slower rate of increase than reported the previous year. Interest rates for Delaware home loans remain affordable, a 30 year fixed rate mortgage averaging 6.27 percent in June of 2007.

If you are relocating and considering the purchase of a Delaware home, there is no time like the present. With a plentiful supply of houses on the market and low Delaware home loan rates, it is a buyer’s market, making it easier to find the perfect home for your family at an affordable price.

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