NEW JERSEY FORECLOSURE ACTIVITY UP 10 PERCENT IN FEBRUARY

Foreclosure Activity Up 12 Percent From January 2007

 

IRVINE, Calif. – March 26, 2008 – New Jersey reported 5,598 properties with foreclosure filings for February 2008, a 10 percent increase from the previous month, and up 12 percent from February 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity in the Garden State has been trending upward for the past year,” said James J. Saccacio, chief executive officer of RealtyTrac. “More foreclosed properties have been going back to the lenders as REOs. In today’s market, many of these properties are then, generally speaking, being sold at prices below market value, thereby having a negative impact on the value of homes in their surrounding neighborhoods.”

 

Essex County leads state in foreclosure activity and rate for February

Essex County led the state in both foreclosure activity and rate in February. The county reported 1,172 properties with foreclosure filings for the month, for a rate of one in every 261 households receiving a foreclosure filing for the month — 2.4 times the state average and 2.1 times the national average.

 

Union County documented the second highest foreclosure total and rate for the month, reporting 605 properties with foreclosure filings for a rate of one in every 322 households receiving a foreclosure filing — 1.9 times the state average and 1.7 times the national average.

 

Hudson County reported 547 properties with foreclosure filings, the third highest total for the month.  Passaic County had the state’s fourth highest activity level, reporting 496 properties with foreclosure filings, followed by Ocean County reporting 402 properties with foreclosure filings in February.

 

Third highest foreclosure rate in the state was reported in Sussex County where one in every 327 households received a foreclosure filing — 1.9 times the state average and 1.7 times the national average. Fourth highest rate was reported in Passaic County where one in every 345 households received a foreclosure filing — 1.8 times the state average and 1.6 times the national average.

 

State a minor contributor to nation’s total in February

Total foreclosure filings in New Jersey accounted for 3 percent of the 223,651 properties with foreclosure filings reported nationwide in February. The national total represents a 4 percent decrease from the previous month, but is still 60 percent ahead of the total reported for February 2007. One in every 557 U.S. households received a foreclosure filing during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — Notice of Trustee Sale and Notice of Foreclosure Sale (NTS and NFS); and Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

             New Jersey Foreclosure Market by County – February 2008

 

County

NOD

NTS

NFS

LIS

REO

Total

Households per filing

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

50,813

53,319

20,132

52,879

46,508

223,651

557

n/a

n/a

New Jersey

0

1

1,121

3,990

486

5,598

615

0.91

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

0

0

8

101

9

118

1,043

0.53

0.59

Bergen

0

0

72

199

18

289

1,197

0.47

0.51

Burlington

0

0

44

162

37

243

704

0.79

0.87

Camden

0

0

15

147

28

190

1,072

0.52

0.57

Cape May

0

0

25

53

17

95

1,035

0.54

0.59

Cumberland

0

0

21

61

7

89

609

0.91

1.01

Essex

0

0

181

874

117

1,172

261

2.13

2.35

Gloucester

0

0

28

78

12

118

874

0.64

0.70

Hudson

0

0

58

458

31

547

452

1.23

1.36

Hunterdon

0

0

8

50

4

62

776

0.72

0.79

Mercer

0

1

38

168

9

216

643

0.87

0.96

Middlesex

0

0

109

77

2

188

1,505

0.37

0.41

Monmouth

0

0

66

114

3

183

1,380

0.40

0.45

Morris

0

0

38

110

14

162

1,125

0.49

0.55

Ocean

0

0

89

280

33

402

669

0.83

0.92

Passaic

0

0

98

337

61

496

345

1.61

1.78

Salem

0

0

10

12

0

22

1,230

0.45

0.50

Somerset

0

0

31

110

13

154

774

0.72

0.79

Sussex

0

0

35

135

12

182

327

1.70

1.88

Union

0

0

125

426

54

605

322

1.73

1.91

Warren

0

0

22

38

5

65

686

0.81

0.90

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved