NEW JERSEY FORECLOSURE ACTIVITY DOWN 34 PERCENT IN FEBRUARY

 

Foreclosure Activity Decreases 41 Percent From February 2008

 

IRVINE, Calif. – March 27, 2009 – New Jersey reported 3,279 properties with foreclosure filings in February, a 34 percent decrease from the previous month, and 41 percent below the level reported for February 2008, 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 1.5 million properties from over 2,200 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 saw a welcome relief from foreclosure activity in February, reporting a decrease in activity from one month earlier and from a year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “New Jersey’s unemployment rate jumped to 8.2 percent in February, more than at any time since the state began keeping records in 1976. This is not good news for homeowners who recently lost their jobs.”

 

New Jersey ranked 17th in the country in total properties with foreclosure filings for February. One in every 1,067 New Jersey housing units received a foreclosure filing during the month, the 29th highest state foreclosure rate in the nation.

 

Essex County leads state in foreclosure activity

Essex County led the state, reporting 459 properties with foreclosure filings for the month. Union County was second highest, reporting 278 properties with foreclosure filings. Third highest was Passaic County, reporting 272 properties with foreclosure filings. Ocean County was in fourth place, documenting 266 properties with foreclosure filings. Fifth highest total was tallied in Bergen County, where 216 properties with foreclosure filings were reported.

 

Passaic County posts top foreclosure rate

Passaic County reported the highest county foreclosure rate in the state for February, with one in every 632 housing units receiving a foreclosure filing — 1.7 times the state average. Essex County came in second, with one in every 678 housing units receiving a foreclosure filing — 1.6 times the state average. Union County posted the third highest foreclosure rate, where one in every 708 housing units received a foreclosure filing during the month — 1.5 times the state average.

 

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

New Jersey accounted for 1 percent of the 290,631 properties with foreclosure filings reported nationwide in February. The national total represented a 6 percent increase in activity from the previous month and was 30 percent ahead of the total reported for February 2008. One in every 440 U.S. housing units 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 Data by County – February 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

54,064

55,509

78,234

28,729

74,095

290,631

440

n/a

n/a

New Jersey

0

1,783

2

840

654

3,279

1,067

0.41

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

0

91

0

34

30

155

815

0.54

1.31

Bergen

0

117

0

58

44

219

1,596

0.28

0.67

Burlington

0

74

0

43

36

153

1,142

0.39

0.93

Camden

0

114

1

43

58

216

951

0.46

1.12

Cape May

0

28

0

20

18

66

1,544

0.28

0.69

Cumberland

0

31

0

15

9

55

1,005

0.44

1.06

Essex

0

228

1

146

84

459

678

0.65

1.57

Gloucester

0

70

0

20

13

103

1,036

0.42

1.03

Hudson

0

70

0

66

29

165

1,544

0.29

0.69

Hunterdon

0

19

0

6

12

37

1,318

0.33

0.81

Mercer

0

67

0

28

13

108

1,300

0.34

0.82

Middlesex

0

137

0

49

27

213

1,350

0.33

0.79

Monmouth

0

121

0

58

9

188

1,358

0.32

0.79

Morris

0

57

0

29

12

98

1,884

0.23

0.57

Ocean

0

160

0

53

53

266

1,027

0.43

1.04

Passaic

0

130

0

46

96

272

632

0.70

1.69

Salem

0

13

0

12

4

29

949

0.46

1.12

Somerset

0

38

0

14

8

60

2,023

0.22

0.53

Sussex

0

39

0

22

24

85

713

0.62

1.50

Union

0

150

0

68

60

278

708

0.62

1.51

Warren

0

29

0

10

15

54

842

0.52

1.27

 

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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