NEW JERSEY FORECLOSURES DROP 5 PERCENT IN JULY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State’s Activity Up 37 Percent From a Year Ago

 

IRVINE, Calif. – July 31, 2006 – New Jersey reported 2,725 properties entering some stage of the foreclosure process in July, a 5 percent decrease in activity from the 2,865 properties reported in June, but a 37 percent increase from the 1,992 properties reported for the same month last year, according to the RealtyTrac™ July 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

“Although New Jersey foreclosures decreased slightly in July, the state’s activity is still higher than it was this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac.  “At the beginning of the second quarter, the state’s inventory of unsold homes was 70 percent higher than it was the previous year, suggesting that the housing market is decelerating quickly.  This is likely contributing to the higher foreclosure rates.”

 

New Jersey ranked 12th in the nation for total foreclosures in July. The state’s foreclosure rate of one new foreclosure filing for every 1,215 households — 2.5 percent above the national average — ranks it 14th among the 50 states.

 

Essex County Accounted for Largest Share of State Total

Leading the state in foreclosures for the month was Essex County, reporting 367 properties entering some stage of the foreclosure process.  Camden County came in second reporting 315 properties, followed by Union County, reporting 253 properties entering some stage of the foreclosure process.  Completing the top five were Ocean County reporting 218 properties and Burlington County where 208 properties entered some stage of the foreclosure process during the month.

 

Highest Foreclosure Rate Posted in Camden County

Camden County posted the state’s highest foreclosure rate in July, reporting one new foreclosure filing for every 634 households — 1.9 times the state average and two times the national average.  Reporting one new foreclosure filing for every 637 households – 1.9 times the state average and two times the national average – Cumberland County had the second highest foreclosure rate, followed by Union County with one new foreclosure filing for every 763 households – 1.6 times the state average and 1.6 times the national average.  Rounding out the top five were Burlington County with one new foreclosure filing for every 776 households — 1.6 times the state average and 1.6 times the national average and Essex County with one new foreclosure filing for every 820 households — 1.5 times the state average and 1.5 times the national average.

 

State Accounts for 2.9 Percent of National Total

New Jersey‘s foreclosure activity accounted for 2.9 percent of the 92,845 properties entering some stage of the foreclosure process nationwide in July. The national total represents a 5 percent increase from the 88,194 foreclosures reported in June. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,245 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

 

                        New Jersey Foreclosure Market by County – July 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,202

38,173

4,795

13,295

16,380

92,845

1,245

New Jersey

2,136

459

0

0

130

2,725

1,765

3.2

 

 

 

 

 

 

 

 

 

 

Atlantic

110

6

0

0

4

120

951

1.31

1.28

Bergen

98

14

0

0

8

120

2,832

0.44

0.43

Burlington

145

52

0

0

11

208

776

1.61

1.57

Camden

220

69

0

0

26

315

634

1.96

1.92

Cape May

42

0

0

0

0

42

2,168

0.57

0.56

Cumberland

56

18

0

0

9

83

637

1.96

1.91

Essex

283

68

0

0

16

367

820

1.52

1.48

Gloucester

57

21

0

0

11

89

1,068

1.17

1.14

Hudson

52

13

0

0

0

65

3,702

0.34

0.33

Hunterdon

27

7

0

0

2

36

1,251

1.00

0.97

Mercer

82

20

0

0

6

108

1,234

1.01

0.98

Middlesex

105

22

0

0

3

130

2,105

0.59

0.58

Monmouth

166

35

0

0

0

201

1,198

1.04

1.01

Morris

43

11

0

0

6

60

2,906

0.43

0.42

Ocean

180

33

0

0

5

218

1,141

1.09

1.06

Passaic

89

22

0

0

2

113

1,505

0.83

0.81

Salem

15

4

0

0

3

22

1,189

1.05

1.02

Somerset

51

12

0

0

6

69

1,624

0.77

0.75

Sussex

53

8

0

0

3

64

883

1.41

1.38

Union

226

19

0

0

8

253

763

1.63

1.59

Warren

36

5

0

0

1

42

980

1.27

1.24

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, 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 construction properties, with more than 1 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 AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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