NEW JERSEY FORECLOSURE ACTIVITY DOWN 13 PERCENT IN NOVEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Foreclosure Activity Down 13 Percent From a Year Ago

 

IRVINE, Calif. – Dec. 19, 2007 – New Jersey reported 4,232 foreclosure filings in November, a 13 percent decrease from the previous month, and a 17 percent decrease from November 2006, 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.

 

“Though New Jersey has been reporting a slow but steady decline in employment, foreclosure activity within the state appears to be improving somewhat,” said James J. Saccacio, chief executive officer of RealtyTrac. “Moreover, personal bankruptcies are expected to continue plaguing the state as unemployment grows.”

 

New Jersey ranked 13th in the country in total foreclosures reported for November. The state’s foreclosure rate of one foreclosure filing for every 814 households ranked it 16th among the 50 states.

 

Essex County leads state in foreclosure activity

Essex County reported the highest foreclosure total in New Jersey for November, with 842 foreclosure filings for the month. Union County reported the second highest state total, with 507 foreclosure filings. Camden County posted the third highest foreclosure total, with 451 foreclosure filings. Ocean County had the fourth highest state total, with 386 filings entering some part of the foreclosure pipeline.

 

Essex County posts highest foreclosure rate for November

Essex County tallied the highest foreclosure rate in New Jersey for November, one foreclosure filing for every 364 households — 2.2 times the state average and 1.7 times the national average. Union County registered the second highest foreclosure rate, one foreclosure filing for every 385 households — 2.1 times the state average and 1.6 times the national average. Camden County registered the third highest foreclosure rate, one foreclosure filing for every 452 households — 1.8 times the state average and 1.4 times the national average.

 

State makes a contribution to national total

Total foreclosure filings in New Jersey accounted for 2 percent of the 201,950 foreclosure filings reported nationwide in November. The national total represents a 10 percent decrease from the previous month, but is still 68 percent above the total reported for November 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 617 U.S. households for 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: 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 – November 2007

 

County

NOD

NTS

NFS

LIS

REO

Total Filings

Households per Filing

/National Average

/State Average

 

 

 

United States

35,096

51,696

20,269

48,451

46,438

201,950

617

n/a

n/a

New Jersey

0

4

490

3,324

414

4,232

814

0.75

n/a

 

 

 

 

 

 

 

 

 

Atlantic

0

0

6

124

12

142

866

0.71

0.94

Bergen

0

2

13

108

25

148

2,338

0.26

0.35

Burlington

0

0

22

231

21

274

625

0.99

1.30

Camden

0

0

11

397

43

451

452

1.36

1.80

Cape May

0

0

9

36

9

54

1,821

0.34

0.45

Cumberland

0

0

11

53

9

73

742

0.83

1.10

Essex

0

0

38

689

115

842

364

1.69

2.24

Gloucester

0

0

17

97

9

123

839

0.74

0.97

Hudson

0

0

25

26

18

69

3,586

0.17

0.23

Hunterdon

0

0

0

39

7

46

1,045

0.59

0.78

Mercer

0

0

8

124

0

132

1,052

0.59

0.77

Middlesex

0

0

30

82

7

119

2,377

0.26

0.34

Monmouth

0

0

31

208

3

242

1,044

0.59

0.78

Morris

0

1

13

60

6

80

2,279

0.27

0.36

Ocean

0

0

101

253

32

386

696

0.89

1.17

Passaic

0

0

75

205

18

298

575

1.07

1.42

Salem

0

0

3

0

1

4

6,766

0.09

0.12

Somerset

0

0

12

135

3

150

795

0.78

1.02

Sussex

0

0

13

1

16

30

1,985

0.31

0.41

Union

0

1

41

410

55

507

385

1.60

2.11

Warren

0

0

11

46

5

62

720

0.86

1.13

 

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 construction properties, 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

 

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