New Jersey Foreclosure Activity Down in February

Statewide filings decrease 39 percent from January

 

Foreclosure activity in New Jersey decreased in February to 3,750 properties with foreclosure filings, down 39 percent from the previous month, but still 14 percent ahead of the level reported in February 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity dropped substantially in New Jersey in February, though it remained elevated compared to this time last year as unemployment within the state loomed above the national average,” said James J. Saccacio, chief executive officer of RealtyTrac. “New Jersey’s economy continues to struggle as job losses plague the private sector in particular.”

 

One in every 938 New Jersey housing units received a foreclosure filing in February, the 31st highest rate in the nation.

 

Passaic County posts top foreclosure rate in the state for February

Passaic County posted the state’s highest county foreclosure rate in February, with one in every 602 housing units receiving a foreclosure filing — 1.6 times the state average. Union County was second, with one in every 667 housing units receiving a foreclosure filing — 1.4 times the state average. Atlantic County came in third highest, with one in every 688 housing units receiving a foreclosure filing — 1.4 times the state average.

 

Essex County led the state in total foreclosures in February

Essex County led the way, totaling 437 properties with foreclosure filings for the month. Ocean County was second, documenting 310 properties with foreclosure filings. Union County ranked third highest, reporting 296 properties with foreclosure filings for the month. Passaic County came in fourth place, reporting 286 properties with foreclosure filings, while the fifth highest total was in Middlesex County, where 281 properties with foreclosure filings were reported for the month.

 

State a moderate contributor to nation’s month foreclosure total

New Jersey accounted for 1 percent of the 308,524 properties with foreclosure filings reported nationwide in February. Total U.S. activity declined more than 2 percent from the previous month but was still 6 percent ahead of February 2009. One in every 418 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 Top Foreclosure Rates By County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

n/a

n/a

New Jersey

0

1,726

0

1,325

699

3,750

938

0.45

n/a

 

 

 

 

 

 

 

 

 

 

Passaic

0

100

0

101

85

286

602

0.69

1.56

Union

0

125

0

94

77

296

667

0.63

1.41

Atlantic

0

79

0

71

35

185

688

0.61

1.36

Essex

0

161

0

165

111

437

714

0.59

1.31

Sussex

0

41

0

21

19

81

750

0.56

1.25

 

 

New Jersey Top Foreclosure Totals by County – February 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

46,207

60,001

84,641

38,992

78,683

308,524

418

-2.28

6.22

New Jersey

0

1,726

0

1,325

699

3,750

938

-38.98

14.36

 

 

 

 

 

 

 

 

 

 

Essex

0

161

0

165

111

437

714

-38.88

-4.79

Ocean

0

142

0

106

62

310

886

-35.82

16.54

Union

0

125

0

94

77

296

667

-39.47

6.47

Passaic

0

100

0

101

85

286

602

-19.89

5.15

Middlesex

0

142

0

82

57

281

1,027

-32.29

31.92

 

 

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