NEW JERSEY FORECLOSURE ACTIVITY DOWN 34 PERCENT IN NOVEMBER

Foreclosure Activity Increases 32 Percent From November 2007

 

IRVINE, Calif. – Dec. 29, 2008 – New Jersey reported 5,582 properties with foreclosure filings in November, a 34 percent decrease from the previous month but still 32 percent ahead of the level reported for November 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 1.5 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.

 

“Although New Jersey foreclosure activity was down in November, the state still holds one of the top 12 highest foreclosure activity totals nationwide,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that even though home prices have dropped significantly throughout the state, home sales are still declining. This is likely contributing to the overall rise.”

 

New Jersey ranked 11th in the country in total foreclosures for the month. With one in every 622 housing units receiving a foreclosure filing, its foreclosure rate ranked 15th highest among the 50 states but was still below the national average.

 

Five counties dominate state’s foreclosure activity for November

Five New Jersey counties accounted for 51 percent of all foreclosure activity in the state for November. Essex County reported 1,204 properties with foreclosure filings for the month. Union County documented the state’s second highest total, reporting 530 properties with foreclosure filings. Third highest was Passaic County, reporting 391 properties with foreclosure filings. Camden County came in fourth place, documenting 371 properties with foreclosure filings, followed by Middlesex County with 354 properties with foreclosure filings.

 

Essex County posts top foreclosure rate for November

Essex County tallied the highest county foreclosure rate in the state in November, with one in every 256 housing units receiving a foreclosure filing for the month – 2.4 times the state average and 1.9 times the national average. Union County posted the state’s second highest rate, with one in every 370 housing units receiving a foreclosure filing during the month – 1.7 times the state average and 1.3 times the national average. The third highest rate in the state was reported in Salem County, where one in every 401 housing units received a foreclosure filing in November – 1.6 times the state average and 1.2 times the national average.

 

State contributes 2 percent to nation’s foreclosure total in November

New Jersey accounted for 2 percent of the 259,085 properties with foreclosure filings reported nationwide in November. The national total represented a decrease of more than 7 percent from the previous month but was still 28 percent ahead of the total reported for November 2007. One in every 488 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 – November 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/National Average

/State Average

 

 

 

United States

39,416

53,827

64,136

23,527

78,179

259,085

488

n/a

n/a

New Jersey

0

3,914

0

836

832

5,582

622

0.78

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

0

150

0

32

27

209

597

0.82

1.04

Bergen

0

252

0

33

37

322

1,081

0.45

0.58

Burlington

0

174

0

37

12

223

773

0.63

0.81

Camden

0

198

0

119

54

371

551

0.88

1.13

Cape May

0

73

0

12

3

88

1,143

0.43

0.54

Cumberland

0

83

0

28

25

136

402

1.21

1.55

Essex

0

853

0

101

250

1,204

256

1.90

2.43

Gloucester

0

92

0

27

21

140

753

0.65

0.83

Hudson

0

191

0

26

38

255

985

0.49

0.63

Hunterdon

0

20

0

7

3

30

1,617

0.30

0.38

Mercer

0

145

0

26

23

194

721

0.68

0.86

Middlesex

0

242

0

47

65

354

807

0.60

0.77

Monmouth

0

224

0

58

7

289

877

0.56

0.71

Morris

0

104

0

23

25

152

1,207

0.40

0.52

Ocean

0

215

0

86

49

350

776

0.63

0.80

Passaic

0

270

0

69

52

391

439

1.11

1.42

Salem

0

38

0

7

23

68

401

1.21

1.55

Somerset

0

83

0

8

7

98

1,225

0.40

0.51

Sussex

0

84

0

17

21

122

493

0.99

1.26

Union

0

383

0

63

84

530

370

1.32

1.68

Warren

0

40

0

10

6

56

805

0.61

0.77

 

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).

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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