NEW JERSEY FORECLOSURE ACTIVITY DOWN 20 PERCENT IN MARCH

Statewide Foreclosure Filings Down 6 Percent From March 2007

 

IRVINE, Calif. – April 30, 2008 – New Jersey reported 4,482 properties with foreclosure filings in March, a 20 percent decrease from the previous month, and a 6 percent decrease from March 2007, 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.

 

New Jersey foreclosures are down both in March and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home sales have decreased at a slower rate than most other states. This is likely contributing to the overall decline.”

 

New Jersey ranked 15th in the country in total foreclosures reported for the month. With one in every 775 households receiving a foreclosure filing, New Jersey’s foreclosure rate ranked 18th among the 50 states.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five New Jersey counties accounted for 55 percent of all foreclosure activity in the state for March. Essex County reported the highest foreclosure total, reporting 820 properties with foreclosure filings. Camden County came in second, documenting 520 properties with foreclosure filings. Ocean County reported the third highest foreclosure total, reporting 474 properties with foreclosure filings. Fourth highest total was reported in Union County, where 359 properties with foreclosure filings were reported. Monmouth County came in fifth, reporting 313 properties with foreclosure filings.

 

Essex County posts top foreclosure rate for March

Essex County tallied the highest county foreclosure rate in the state in March, with one in every 376 households receiving a foreclosure filing for the month — 2.1 times the state average. Camden County posted the state’s second highest foreclosure rate, with one in every 393 households receiving a foreclosure filing during the month — nearly twice the state average. The third highest foreclosure rate in the state was reported in Cumberland County, where one in every 476 households received a foreclosure filing in March — 1.6 times the state average.

 

State accounts for 2 percent of nation’s total in March

Total foreclosure filings in New Jersey accounted for 2 percent of the 234,685 properties with foreclosure filings reported nationwide in March. The national total represents a 5 percent increase from the previous month and is 57 percent ahead of the total reported for March 2007. One in every 538 U.S. households received a foreclosure filing during the month.

 

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 month — 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 month — which is extremely rare — 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 Foreclosure Market by County – March 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,493

47,677

55,398

23,724

51,393

234,685

538

n/a

n/a

New Jersey

0

2,793

0

1,341

348

4,482

775

0.69

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

0

159

0

8

19

186

671

0.80

1.16

Bergen

0

236

0

61

8

305

1,142

0.47

0.68

Burlington

0

104

0

64

16

184

937

0.57

0.83

Camden

0

353

0

148

19

520

393

1.37

1.97

Cape May

0

68

0

25

7

100

1,006

0.54

0.77

Cumberland

0

76

0

29

10

115

476

1.13

1.63

Essex

0

475

0

258

87

820

376

1.43

2.06

Gloucester

0

2

0

33

4

39

2,705

0.20

0.29

Hudson

0

55

0

78

27

160

1,570

0.34

0.49

Hunterdon

0

15

0

0

0

15

3,234

0.17

0.24

Mercer

0

113

0

40

17

170

823

0.65

0.94

Middlesex

0

51

0

55

2

108

2,644

0.20

0.29

Monmouth

0

231

0

80

2

313

809

0.67

0.96

Morris

0

52

0

22

8

82

2,238

0.24

0.35

Ocean

0

332

0

103

39

474

573

0.94

1.35

Passaic

0

102

0

95

38

235

730

0.74

1.06

Salem

0

8

0

11

0

19

1,437

0.37

0.54

Somerset

0

49

0

22

5

76

1,579

0.34

0.49

Sussex

0

80

0

33

9

122

493

1.09

1.57

Union

0

192

0

145

22

359

546

0.99

1.42

Warren

0

40

0

31

9

80

563

0.96

1.38

 

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 homes, 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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