New Jersey Foreclosure Activity Among Nation’s Highest in 2009

Statewide filings up one percent from 2008; Monthly activity up 10 percent from November

 

New Jersey tallied 63,208 properties with foreclosure filings in 2009, the 10th highest state total in the nation, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The yearly total represents a one percent increase from the total reported for 2008, and is 103 percent higher than the level reported for all of 2007. With one in every 55 housing units receiving a foreclosure filing, New Jersey’s foreclosure rate ranked 14th highest in the nation for the year.

 

New Jersey was 10th highest in foreclosure activity in December, reporting 10,127 properties with foreclosure filings, a 10 percent increase over the previous month, and a 162 percent increase from December 2008. The state’s foreclosure rate — one in every 346 housing units received a foreclosure filing — ranked 12th in the nation for the month.

 

“Although New Jersey’s foreclosures only increased slightly in 2009, it still held one of the highest numbers for the year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Home prices throughout the state declined further than the national average and unemployment grew more than 3 percent. However home sales increased significantly during toward the end of the year. If this trend continues, we many see foreclosures decline here in 2010.”

 

California came in first for the year, reporting 632,573 properties with foreclosure filings in 2009. Second-place Florida reported 516,711 properties with foreclosure filings, and Arizona came in a distant third, reporting 163,210 properties with foreclosure filings. Illinois took fourth place, documenting 131,132 properties with foreclosure filings. Fifth place went to Michigan, which reported 118,302 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings for 2009 were Nevada (112,097), Georgia (106,110), Ohio (101,614), Texas (100,045) and New Jersey (63,208). Activity in the top five states accounted for 55 percent of all foreclosure filings in the nation for 2009.

 

Union County posts state’s highest foreclosure rate for 2009

Union County posted the highest county foreclosure rate in New Jersey for the year, with one in every 35 housing units receiving a foreclosure filing in 2009. Passaic County had the second highest foreclosure rate, with one in every 38 housing units receiving a foreclosure filing. Essex County came in third, with one in every 40 housing units receiving a foreclosure filing. Atlantic County was fourth highest with one in every 41 housing units receiving a foreclosure filing, followed by Sussex County with one in every 42 housing units receiving a foreclosure filing.

 

Essex County posts state’s highest total foreclosure filings in 2009

Essex County led the state in total foreclosures in 2009, reporting a total of 7,838 properties with foreclosure filings for the year. Union County came in second, documenting 5,612 properties with foreclosure filings. Bergen County had the third highest foreclosure total in New Jersey, reporting 4,991 properties with foreclosure filings for the year. Ocean County was fourth highest, reporting 4,688 properties with foreclosure filings, followed by Middlesex County in fifth place, tallying 4,580 properties with foreclosure filings for all of 2009.

 

State contributes 2 percent to nation’s foreclosure total in 2009

New Jersey accounted for 2 percent of the 2,824,674 properties with foreclosure filings reported nationwide in 2009. Total U.S. activity increased more than 21 percent over the level reported for all of 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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). If more than one foreclosure document is received for a property during the month, only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

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

 

 

New Jersey Top Foreclosure Rates by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

%Chg

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

New Jersey

63,208

1.81

55

1.11

103.43

 

 

 

 

 

 

Union

5,612

2.85

35

-12.19

101.87

Passaic

4,524

2.63

38

-10.31

152.74

Essex

7,838

2.52

40

-8.24

100.82

Atlantic

3,063

2.42

41

34.05

136.89

Sussex

1,430

2.36

42

5.77

129.17

 

 

New Jersey Top Foreclosure Totals by County: Year-End 2009

 

County

Total Properties with Filings

% Housing Units

1/Every X HU

% Chg  

from 2008

% Chg

from 2007

 

 

 

 

 

 

United States

2,824,674

2.21

45

21.21

119.67

New Jersey

63,208

1.81

55

1.11

103.43

 

 

 

 

 

 

Essex

7,838

2.52

40

-8.24

100.82

Union

5,612

2.85

35

-12.19

101.87

Bergen

4,991

1.43

70

27.58

253.72

Ocean

4,688

1.72

58

8.72

54.52

Middlesex

4,580

1.59

63

11.68

211.78

 

 

New Jersey Top Foreclosure Rates by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

n/a

n/a

New Jersey

0

8,011

0

1,083

1,033

10,127

346

1.06

n/a

 

 

 

 

 

 

 

 

 

 

Union

0

661

0

54

120

835

236

1.55

1.46

Sussex

0

201

0

19

19

239

253

1.44

1.36

Atlantic

0

389

0

47

59

495

255

1.43

1.35

Essex

0

833

0

181

183

1,197

260

1.40

1.32

Passaic

0

517

0

78

62

657

262

1.39

1.32

 

 

New Jersey Top Foreclosure Totals by County – December 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 09

% Chg Dec 08

 

 

 

 

 

 

 

 

 

 

United States

45,074

71,911

105,527

37,825

92,182

349,519

366

13.99

15.20

New Jersey

0

8,011

0

1,083

1,033

10,127

346

9.75

162

 

 

 

 

 

 

 

 

 

 

Essex

0

833

0

181

183

1,197

260

17.35

76.81

Bergen

0

605

0

119

124

848

412

10.42

223.66

Union

0

661

0

54

120

835

236

0.72

126.29

Ocean

0

638

0

66

51

755

362

8.32

173.55

Middlesex

0

554

0

119

77

750

383

12.78

150.84

 

 

 

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