NEW JERSEY FORECLOSURE ACTIVITY DOWN 8 PERCENT IN JULY

Foreclosure Activity Up 11 Percent From July 2007

 

IRVINE, Calif. – Aug. 29, 2008 – New Jersey reported 4,622 properties with foreclosure filings in July, an 8 percent decrease from the previous month, but still an 11 percent increase from July 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 foreclosures declined in July, the numbers are still up from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home price appreciation rate fell further than the national average during the past year. This, in addition to the overall decline in the housing market, is likely keeping foreclosures here higher than most states.”

 

New Jersey ranked 14th in the country in total foreclosures reported for July. With one in every 751 households receiving a foreclosure filing, New Jerseys foreclosure rate ranked 19th 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 July. Union County reported the highest foreclosure total, reporting 708 properties with foreclosure filings. Essex County documented the second highest foreclosure total, reporting 555 properties with foreclosure filings. Middlesex County reported the third highest foreclosure total, reporting 465 properties with foreclosure filings. Ocean County came in fourth with 456 properties with foreclosure filings. Passaic County came in fifth with 349 properties with foreclosure filings.

 

Union County posts top foreclosure rate for July

Union County tallied the highest county foreclosure rate in New Jersey for July, with one in every 277 households receiving a foreclosure filing for the month — 2.7 times the state average. Passaic County posted the state’s second highest foreclosure rate, with one in every 492 households receiving a foreclosure filing during the month. Gloucester County posted the third highest foreclosure rate, with one in every 547 households receiving a foreclosure filing in July.

 

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

New Jersey accounted for 2 percent of the 272,171 properties with foreclosure filings reported nationwide in July. The national total represents an increase of almost 8 percent from the previous month and is 55 percent ahead of the total reported for July 2007. One in every 464 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 Data by County – July 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X  HH (rate)

/National Average

/State Average

 

 

 

United States

55,601

55,042

57,145

27,088

77,295

272,171

464

n/a

n/a

New Jersey

0

2,200

18

1,473

931

4,622

751

0.62

n/a

 

 

 

 

 

 

 

 

 

Atlantic

0

97

0

26

34

157

795

0.58

0.95

Bergen

0

1

0

48

18

67

5,197

0.09

0.14

Burlington

0

20

0

95

37

152

1,134

0.41

0.66

Camden

0

131

0

104

66

301

680

0.68

1.11

Cape May

0

70

0

21

23

114

882

0.53

0.85

Cumberland

0

44

0

22

12

78

701

0.66

1.07

Essex

0

3

4

321

227

555

556

0.83

1.35

Gloucester

0

128

0

39

26

193

547

0.85

1.37

Hudson

0

1

2

70

46

119

2,111

0.22

0.36

Hunterdon

0

2

0

10

2

14

3,465

0.13

0.22

Mercer

0

6

3

64

29

102

1,371

0.34

0.55

Middlesex

0

291

3

67

104

465

614

0.76

1.22

Monmouth

0

201

0

97

14

312

812

0.57

0.93

Morris

0

148

1

24

26

199

922

0.50

0.81

Ocean

0

324

1

81

50

456

595

0.78

1.26

Passaic

0

154

2

148

45

349

492

0.94

1.53

Salem

0

8

0

13

0

21

1,300

0.36

0.58

Somerset

0

68

0

22

16

106

1,132

0.41

0.66

Sussex

0

32

1

42

22

97

620

0.75

1.21

Union

0

441

1

146

120

708

277

1.68

2.72

Warren

0

30

0

13

14

57

791

0.59

0.95

 

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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