Foreclosure Home Housing & Foreclosure Reports New Jersey Foreclosure Activity Rises in January

New Jersey Foreclosure Activity Rises in January

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Statewide filings up 63 percent from December

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,734 New Jersey properties in January, a 63 percent increase from December, but still 69 percent below the level reported for January 2011, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

New Jersey had the 39th highest foreclosure rate, reporting one in every 2,049 New Jersey housing units with a foreclosure filing in January.

Sussex County posts top foreclosure rate in the state for January
 One in every 1,070 housing units in Sussex County had a foreclosure filing in January — 1.9 times the state average — the highest foreclosure rate of all New Jersey counties for the month. Passaic County had the second highest rate of one in every 1,197 housing units with a foreclosure filing during the month — 1.7 times the state average. Salem County had the third highest rate of one in every 1,371 housing units with a foreclosure filing during the month — 1.5 times the state average.

Essex County leads state in foreclosure activity in January
 Essex County led all counties, reporting 186 properties with foreclosure filings for the month. Ocean County had the second highest total, reporting 169 properties with foreclosure filings. Hudson County was third, reporting 156 properties with foreclosure filings. Fourth highest was Passaic County, recording 147 properties with foreclosure filings. Camden County was fifth highest, tallying 133 properties with foreclosure filings for the month.

State a minor contributor to total foreclosure activity in January
 New Jersey accounted for 1 percent of the 210,941 properties with foreclosure filings reported nationwide in January. Total U.S. activity increased by 3 percent from December, but was still down over 19 percent from the level reported in January 2011. One in every 624 U.S. housing units received a foreclosure filing during the month.

“Although overall foreclosure activity was down from a year ago for the 16th straight month in January, we continue to see signs on a local and regional level that the frozen-up foreclosure process is beginning to thaw,” said Brandon Moore, CEO of RealtyTrac. “Foreclosure activity increased on a year-over-year basis for the first time in more than 12 months in Florida, Michigan, Indiana and Pennsylvania, following a pattern we saw in late 2011 in states such as California, Arizona and Massachusetts.

“We expect the pattern of increasing foreclosures to continue in the coming months, especially given the finalized mortgage and foreclosure settlement reached in early February between 49 state attorneys general and five of the nation’s largest lenders,” Moore continued. “The settlement sets forth clear guidelines for lenders and servicers to follow when foreclosing, which should allow them to push through some of the delayed foreclosures from last year. Other roadblocks to foreclosure are still in place at the state level, however, including legislation altering the foreclosure process and lawsuits against lenders. We expect to see somewhat uneven trends in local and regional foreclosure numbers going forward as lenders work through these additional legislative and legal roadblocks.”

 

New Jersey Top Foreclosure Rates By County – January 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

24,531

33,831

62,260

23,777

66,542

210,941

624

n/a

n/a

New Jersey

0

944

0

489

301

1,734

2,049

0.30

n/a

 

 

 

 

 

 

 

 

 

 

Sussex

0

26

0

23

9

58

1070

0.58

1.92

Passaic

0

94

0

32

21

147

1197

0.52

1.71

Salem

0

18

0

0

2

20

1371

0.46

1.49

Camden

0

74

0

36

23

133

1541

0.41

1.33

Warren

0

14

0

7

8

29

1549

0.40

1.32


New Jersey Top Foreclosure Totals by County – January 2012

County

NOD

LIS

NTS

NFS

REO

Total

1/every X     HU (rate)

% Chg     Dec 11

% Chg     Jan 11

 

 

 

 

 

 

 

 

 

 

United States

24,531

33,831

62,260

23,777

66,542

210,941

624

2.89

-19.28

New Jersey

0

944

0

489

301

1,734

2,049

62.82

-68.62

 

 

 

 

 

 

 

 

 

 

Essex

0

103

0

53

30

186

1683

132.50

-71.07

Ocean

0

101

0

53

15

169

1645

38.52

-58.78

Hudson

0

44

0

95

17

156

1733

160.00

-55.93

Passaic

0

94

0

32

21

147

1197

119.40

-48.96

Camden

0

74

0

36

23

133

1541

56.47

-69.35

 


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