New Jersey Foreclosure Activity Declines in January

Statewide filings down 39 percent from December

 

Foreclosure activity in New Jersey decreased in January to 6,146 properties with foreclosure filings, a 39 percent decline from December 2009, but still up 23 percent from January 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 572 New Jersey housing units received a foreclosure filing in January, the 16th highest foreclosure rate in the nation.

 

New Jersey welcomed a decline in foreclosure filings in January, though the level of activity remained well above what was reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “With New Jersey’s unemployment hovering at 9.8 percent, the state’s struggling homeowners aren’t likely to feel any real sense of relief for some time to come.”

 

California continues to lead the nation with 71,817 properties with foreclosure filings for the month. Florida also continued as the state with the second highest activity level in the country well behind the Golden State, documenting 47,069 properties with foreclosure filings in January. Arizona came in third highest, reporting 21,048 properties with foreclosure filings for the month. Illinois ranked fourth highest at 18,120 properties with foreclosure filings. Reporting 17,574 properties with foreclosure filings, Michigan had the fifth highest level of foreclosure activity during the month.

 

The rest of the nation’s top 10 states for total foreclosure activity in January were Texas (12,225), Nevada (11,854), Georgia (11,274) and Ohio (11,105). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for January.

 

Sussex County posts top foreclosure rate in the state for January

Sussex County posted the state’s highest county foreclosure rate in January, with one in every 364 housing units receiving a foreclosure filing. Union County had the second highest rate, with one in every 404 housing units receiving a foreclosure filing. Atlantic County was third, with one in every 429 housing units receiving a foreclosure filing. Essex County came in fourth highest, with one in every 437 housing units receiving a foreclosure filing. Salem County posted the fifth highest foreclosure rate, where one in every 452 housing units received a foreclosure filing during the month.

 

Essex County led the state in total foreclosure filings for January

Essex County led all counties, totaling 715 properties with foreclosure filings for the month. Bergen County was second highest, documenting 550 properties with foreclosure filings. Reporting 489 properties with foreclosure filings for the month, Union County had the third highest total. Ocean County came in fourth highest, reporting 483 properties with foreclosure filings, followed by Camden County where 432 properties with foreclosure filings were reported.

 

State a minor contributor to nation’s foreclosure total in January

New Jersey accounted for 2 percent of the 315,716 properties with foreclosure filings reported nationwide in January. Total U.S. activity declined nearly 10 percent from the previous month but was still 15 percent ahead of January 2009. One in every 409 U.S. housing units received a foreclosure filing during the month.

 

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 – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

n/a

n/a

New Jersey

0

4,208

0

1,002

936

6,146

572

0.71

n/a

 

 

 

 

 

 

 

 

 

 

Sussex

0

123

0

20

24

167

364

1.11

1.57

Union

0

293

0

86

110

489

404

1.00

1.42

Atlantic

0

223

0

41

33

297

429

0.95

1.34

Essex

0

418

0

145

152

715

437

0.93

1.31

Salem

0

32

0

23

6

61

452

0.90

1.26

 

 

New Jersey Top Foreclosure Totals by County – January 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Dec 09

% Chg Jan 09

 

 

 

 

 

 

 

 

 

 

United States

40,456

62,850

90,451

34,311

87,648

315,716

409

-9.67

15.06

New Jersey

0

4,208

0

1,002

936

6,146

572

-39.31

22.80

 

 

 

 

 

 

 

 

 

 

Essex

0

418

0

145

152

715

437

-40.27

6.08

Bergen

0

332

0

136

82

550

639

-35.14

60.35

Union

0

293

0

86

110

489

404

-41.44

22.86

Ocean

0

339

0

71

73

483

569

-36.03

38.79

Camden

0

309

0

57

66

432

478

-36.75

25.58

 

 

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