NEW JERSEY FORECLOSURE ACTIVITY DECREASES 30 PERCENT IN FIRST QUARTER

State Foreclosure Activity Down 11 Percent From Q1 2008

Monthly Activity Up 39 percent in March, Up 2 Percent From Year Ago

 

IRVINE, Calif. – April 27, 2009 – Foreclosure filings were reported on 11,709 New Jersey properties in the first quarter of 2009, a 30 percent decrease from the previous quarter, and 11 percent behind the level reported for Q1 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

The Garden State reported 4,570 properties with foreclosure filings in March, a 40 percent increase from the previous month and 2 percent above its March 2008 total.

 

“Although New Jersey foreclosures are  down in the first quarter, they have spiked in the month of March,” said James J. Saccacio, chief executive officer of RealtyTrac. “We saw foreclosures drop dramatically in January across the nation as banks waited for details on the mortgage modification plan. Now, they are moving forward again — especially in New Jersey. Statistics show that the state lost more than 17,000 jobs during the month of March, and its home prices and sales have fallen below the national average during the past year. These factors are definitely contributing to the foreclosure increase.”

 

New Jersey documented the 14th highest raw number of properties receiving foreclosure filings in the first quarter, its foreclosure rate — one in every 299 housing units received a foreclosure filing during the quarter — came in 24th among the 50 states.

 

Five counties largest contributors to state total for the quarter

Five New Jersey counties accounted for 44 percent of the state’s overall foreclosure activity during the first quarter. Essex County came in first place, reporting 1,489 properties with foreclosure filings. Union County was second, reporting 1,036 properties with foreclosure filings for the quarter. Passaic County was close behind in third, reporting 932 properties with foreclosure filings. Ocean County registered the fourth highest total, documenting 874 properties with foreclosure filings. Middlesex County registered the fifth highest total, where 766 properties with foreclosure filings were reported.

 

Passaic County scores highest rates in the state for first quarter

Passaic County led the state, with one in every 185 housing units receiving a foreclosure filing — 1.6 times the state average. Union County came in second, with one in every 190 housing units receiving a foreclosure filing –1.6 times the state average. Essex County posted the third highest foreclosure rate, where one in every 209 housing units received a foreclosure filing during the month — 1.4 times the state average.

 

State the contributes 1 percent to nation’s foreclosure total for Q1 2009

New Jersey accounted for 1 percent of the 803,489 properties with foreclosure filings reported nationwide for the first quarter of 2009. The national total represented a 9 percent increase in activity from the previous quarter and was almost 24 percent ahead of the total reported for Q1 2008. One in every 159 U.S. housing units received a foreclosure filing during the quarter.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the quarter — broken out by type of filing at the county, state and national level. 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 filed against a property during the quarter — which is extremely rare — only the most recent filing is counted in the report.

 

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

 

                        New Jersey Foreclosure Market Data by County – Q1 2009

Properties with Foreclosure Filings

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

%Change from Q4 08

%Change from Q1 08

 

 

 

 

 

 

 

 

 

 

United States

156,933

149,852

225,752

80,409

190,543

803,489

159

9.16%

23.63%

New Jersey

0

7,254

16

2,771

1,668

11,709

299

-29.17%

-10.65%

 

 

 

 

 

 

 

 

 

 

Atlantic

0

340

0

102

58

500

253

-26.79%

7.53%

Bergen

0

590

0

119

104

813

430

-43.46%

-1.45%

Burlington

0

349

0

145

109

603

290

-10.40%

-27.00%

Camden

0

457

3

146

117

723

284

-21.84%

-22.59%

Cape May

0

136

0

66

41

243

419

-28.53%

-5.45%

Cumberland

0

155

0

42

24

221

250

-35.00%

-9.80%

Essex

0

816

3

441

229

1,489

209

-48.24%

-34.35%

Gloucester

0

224

0

75

33

332

321

-24.03%

9.21%

Hudson

0

466

1

156

68

691

369

-23.05%

65.31%

Hunterdon

0

61

0

20

12

93

524

-16.22%

-4.12%

Mercer

0

302

2

118

61

483

291

-17.01%

-10.06%

Middlesex

0

506

0

188

72

766

375

-21.68%

122.03%

Monmouth

0

517

1

174

66

758

337

-6.42%

-6.19%

Morris

0

229

0

92

48

369

500

-17.45%

-6.11%

Ocean

0

574

0

201

99

874

312

-9.15%

-27.35%

Passaic

0

509

1

216

206

932

185

-31.77%

-24.23%

Salem

0

66

1

30

1

98

281

-37.18%

88.46%

Somerset

0

130

0

61

29

220

552

-36.78%

-33.73%

Sussex

0

154

1

57

74

286

212

-21.43%

5.15%

Union

0

569

2

271

194

1,036

190

-35.37%

-8.80%

Warren

0

104

1

51

23

179

254

-7.73%

14.01%

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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