New Jersey Foreclosure Activity Falls in First Quarter

Statewide foreclosure filings up from last year

March numbers up from a month earlier; up from a year ago

 

Foreclosure activity in New Jersey fell 35 percent during the first quarter of 2010, but was up 33 percent from the same period last year. In all, the state reported 15,593 properties with foreclosure filings during the quarter.

 

In March the state reported 5,998 properties with foreclosure filings, a 60 percent increase from the previous month and 31 percent above the level reported in March 2009. One in every 586 New Jersey housing units received a foreclosure filing during the month, the 22nd highest state foreclosure rate.

 

“Though the number of New Jersey foreclosure filings remained well above what was reported for last month, for March 2009 and for the first quarter of last year, the state actually saw a decline in activity between the fourth quarter of 2009 and the first quarter of 2010,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state remains above the national average and economic recovery isn’t expected anytime soon, due to a combination of instability in the Garden State’s job market, slow population growth and a high cost of living compared to other parts of the nation.”

 

One in every 226 New Jersey housing units received a foreclosure filing during the quarter — the 21st highest state foreclosure rate in the nation.

 

Union County tops in foreclosure rate for the first quarter

Union County had the highest county foreclosure rate in New Jersey during the first quarter, with one in every 154 housing units receiving a foreclosure filing. Atlantic County had the second highest foreclosure rate, with one in every 158 housing units receiving a foreclosure filing. Passaic County came in third, with one in every 161 housing units receiving a foreclosure filing. Sussex County had the fourth highest foreclosure rate, with one in every 164 housing units receiving a foreclosure filing.

 

Essex County led the state in total foreclosures for the first quarter

Essex County led New Jersey, totaling 1,623 properties with foreclosure filings for the quarter. Union County was second, reporting 1,286 properties with foreclosure filings. Reporting 1,270 properties with foreclosure filings for the quarter, Ocean County came in third. Bergen County was fourth, reporting 1,155 properties with foreclosure filings. Fifth highest total was Middlesex County, where 1,140 properties with foreclosure filings were reported for the quarter.

 

State a moderate contributor to quarterly foreclosure total

New Jersey represented 2 percent of the 932,234 properties with foreclosure filings reported nationwide for the first quarter of 2010. Total U.S. activity grew by more than 7 percent from the previous quarter and was 16 percent ahead of the first quarter 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

n/a

n/a

New Jersey

0

9,477

0

3,711

2,405

15,593

226

0.61

n/a

 

 

 

 

 

 

 

 

 

 

Union

0

706

0

291

289

1,286

154

0.90

1.47

Atlantic

0

475

0

212

120

807

158

0.88

1.43

Passaic

0

589

0

263

221

1,073

161

0.86

1.40

Sussex

0

250

0

63

57

370

164

0.84

1.37

Camden

0

686

0

241

168

1,095

189

0.73

1.20

 

 

New Jersey Top Foreclosure Totals by County – Q1 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q4 2009

% Chg Q1 2009

 

 

 

 

 

 

 

 

 

 

United States

121,367

183,432

267,159

102,332

257,944

932,234

138

7.23

16.02

New Jersey

0

9,477

0

3,711

2,405

15,593

226

-35.07

33.17

 

 

 

 

 

 

 

 

 

 

Essex

0

905

0

442

276

1,623

192

-44.93

9.00

Union

0

706

0

291

289

1,286

154

-37.93

24.13

Ocean

0

775

0

272

223

1,270

216

-28.00

45.31

Bergen

0

737

0

279

139

1,155

304

-44.39

42.07

Middlesex

0

711

0

260

169

1,140

253

-36.77

48.83

 

 

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