NEW JERSEY FORECLOSURE ACTIVITY DOWN 6 PERCENT IN OCTOBER

Foreclosure Activity Down 1Percent From October 2006

 

IRVINE, Calif. – Nov. 26, 2007 – New Jersey reported 4,844 foreclosure filings in October, a 6 percent decrease from the previous month, and a 1 percent decrease from October 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 October. The state’s foreclosure rate of one foreclosure filing for every 711 households ranked it 13th among the 50 states.

 

Essex County leads state in foreclosure activity

Essex County led the state in foreclosure activity for October, with 791 foreclosure filings for the month. Union County reported the second highest foreclosure total, with 553 foreclosure filings. Ocean County posted the third highest foreclosure total, with 452 foreclosure filings. Burlington County registered the fourth highest foreclosure total, with 407 foreclosure filings entering some part of the foreclosure pipeline.

 

Sussex County posts highest foreclosure rate

Sussex County tallied the highest foreclosure rate in New Jersey for October, with one foreclosure filing for every 262 households — 2.7 times the state average and twice the national average. Union County registered the second highest foreclosure rate, with one foreclosure filing for every 353 households — twice the state average. Essex County posted the third highest foreclosure rate, with one foreclosure filing for every 387 households.

 

State makes contribution to national total

Total foreclosure filings in New Jersey accounted for 2 percent of the 224,451 foreclosure filings reported nationwide in October. The national total represents a 2 percent increase from the previous month, and is 94 percent above the total reported for October 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 555 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. 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 – October 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

41,404

58,597

22,485

48,356

53,609

224,451

555

n/a

n/a

New Jersey

0

6

750

3,711

377

4,844

711

0.78

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

0

0

4

189

19

212

580

0.96

1.23

Bergen

0

0

44

12

20

76

4,553

0.12

0.16

Burlington

0

1

29

349

28

407

420

1.32

1.69

Camden

0

0

17

257

32

306

666

0.83

1.07

Cape May

0

0

16

49

3

68

1,446

0.38

0.49

Cumberland

0

0

26

51

10

87

623

0.89

1.14

Essex

0

1

86

636

68

791

387

1.43

1.84

Gloucester

0

0

27

169

12

208

496

1.12

1.43

Hudson

0

0

76

11

21

108

2,291

0.24

0.31

Hunterdon

0

0

3

18

0

21

2,290

0.24

0.31

Mercer

0

0

24

318

7

349

398

1.39

1.79

Middlesex

0

1

52

42

18

113

2,503

0.22

0.28

Monmouth

0

0

72

185

1

258

979

0.57

0.73

Morris

0

0

17

171

13

201

907

0.61

0.78

Ocean

0

0

55

357

40

452

595

0.93

1.20

Passaic

0

0

61

156

13

230

745

0.74

0.95

Salem

0

0

4

3

0

7

3,866

0.14

0.18

Somerset

0

0

20

104

8

132

903

0.61

0.79

Sussex

0

0

8

204

15

227

262

2.11

2.71

Union

0

2

104

400

47

553

353

1.57

2.02

Warren

0

1

5

30

2

38

1,174

0.47

0.61

 

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

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved