New Jersey Foreclosure Activity Falls in July

Statewide foreclosure filings down 22 percent from June

 

Foreclosure activity in New Jersey decreased 22 percent in July to 6,029 properties with foreclosure filings, 7 percent below the level reported in July 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“New Jersey welcomed a decline in foreclosure filings in July, with activity significantly below the previous month and even well below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Meanwhile, the Garden State experienced its first hike in unemployment this year to 9.7 percent, which could lead to additional foreclosure woes should this trend continue into the coming months.”

 

The state reported the 18th highest state foreclosure rate, as one in every 583 New Jersey housing units received a foreclosure filing during the month.

 

Union County posts top county foreclosure rate in July

Union County posted the top foreclosure rate in New Jersey for the month, with one in every 317 housing units receiving a foreclosure filing in July. Sussex County posted the second highest foreclosure rate, with one in every 345 housing units receiving a foreclosure filing during the month. Coming in third was Passaic County, where one in every 409 housing units received a foreclosure filing in July.

 

Essex County had top foreclosure total for July

Essex County led the state in total foreclosure activity, reporting 689 properties with foreclosure filings in July. Second highest foreclosure total was in Union County, reporting 624 properties with foreclosure filings. Ocean County came in third highest, tallying 497 properties with foreclosure filings. Fourth highest was Passaic County, where 421 properties with foreclosure filings were reported. Camden County was fifth, reporting 410 properties with foreclosure filings for the month.

 

State a moderate contributor to nation’s monthly foreclosure total

New Jersey accounted for 2 percent of the 325,229 properties with foreclosure filings reported nationwide in July. Total U.S. activity increased by more than 3 percent from the previous month but was down almost 10 percent from the level reported in July 2009. One in every 397 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 – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

n/a

n/a

New Jersey

0

3,424

0

1,641

964

6,029

583

0.68

n/a

 

 

 

 

 

 

 

 

 

 

Union

0

245

0

264

115

624

317

1.25

1.84

Sussex

0

102

0

51

23

176

345

1.15

1.69

Passaic

0

202

0

154

65

421

409

0.97

1.43

Atlantic

0

172

0

66

56

294

433

0.92

1.35

Essex

0

331

0

209

149

689

453

0.88

1.29

 

 

New Jersey Top Foreclosure Totals by County – July 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

42,651

54,472

87,310

47,938

92,858

325,229

397

3.63

-9.70

New Jersey

0

3,424

0

1,641

964

6,029

583

-22.49

-6.77

 

 

 

 

 

 

 

 

 

 

Essex

0

331

0

209

149

689

453

-7.39

-16.89

Union

0

245

0

264

115

624

317

23.32

3.31

Ocean

0

311

0

125

61

497

553

-26.26

-5.33

Passaic

0

202

0

154

65

421

409

-9.66

-6.03

Camden

0

265

0

81

64

410

504

-30.03

4.06

 

 

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