New Jersey Foreclosure Activity Higher in Second Quarter

 

Activity level rises 41 percent from Q1; rate 14th highest in nation

Foreclosure filings increase 53 percent mid-year; down 3 percent in June

 

New Jersey reported 21,977 properties with foreclosure filings for the second quarter of 2010, the 10th highest activity level in the nation. This latest total represents a 41 percent increase from the first quarter of the year and is nearly 76 percent above the level reported for the second quarter of 2009. One in every 160 New Jersey housing units received a foreclosure filing during the quarter, giving the state the 14th highest foreclosure rate in the nation.

 

Activity level in the Garden State rose during the first half of 2010, and rose in June. For the first six months of the year, New Jersey reported 36,542 properties with foreclosure filings, a 17 percent drop in activity from the second half of 2009, and 53 percent above the level reported mid-year 2009. In June the state tallied 7,778 properties with foreclosure filings, a decrease of 3 percent from the previous month but up 80 percent from June 2009.

 

New Jersey foreclosures were up during the second quarter and for the first half of the year,” said James J. Saccacio, chief executive officer of RealtyTrac. “However, the numbers did fall during the month of June. While the state’s unemployment rate is still above the national average, it has been steadily declining over the past few months. This has likely driven the recent fall.”

 

California led the nation in total foreclosure activity with 192,422 properties with foreclosure filings during the second quarter, followed by Florida, reporting 139,693 properties with foreclosure filings. Once again Arizona came in third highest, documenting 45,613 properties with foreclosure filings. Illinois narrowly stayed in fourth place, reporting 45,567 properties with foreclosure filings for the quarter. Michigan was fifth once again, reporting 45,451 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity for the second quarter were Nevada (38,077), Georgia (38,072), Texas (32,800), Ohio (30,644), and New Jersey (21,977). The nation’s top five accounted for 52 percent of all foreclosure filings in the nation for the quarter.

 

Sussex County posts state’s top foreclosure rate for the quarter

Sussex County posted the highest county foreclosure rate in New Jersey during the second quarter, with one in every 113 housing units receiving a foreclosure filing in the county. Passaic County posted the second highest foreclosure rate, with one in every 116 housing units receiving a foreclosure filing. Atlantic County reported the third highest foreclosure rate, with one in every 122 housing units receiving a foreclosure filing during the second quarter.

 

Essex County leads state in total foreclosures for the second quarter

Essex County led New Jersey in foreclosure activity, reporting 2,487 properties with foreclosure filings for the quarter, while Ocean County documented the second highest foreclosure total, reporting 1,701 properties with foreclosure filings. Reporting 1,625 properties with foreclosure filings for the quarter, Bergen County came in third. Camden County was fourth, reporting 1,598 properties with foreclosure filings. Fifth highest total was Middlesex County, where 1,585 properties with foreclosure filings were reported for the quarter.

 

State contributes 2 percent to nation’s quarterly total

Foreclosure activity in New Jersey represented 2 percent of the 895,521 properties with foreclosure filings reported nationwide for the second quarter of 2010. Total U.S. activity fell by almost 4 percent from the previous quarter and was virtually unchanged from the second quarter 2009. One in every 144 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 – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

n/a

n/a

New Jersey

0

15,648

0

3,483

2,846

21,977

160

0.90

n/a

 

 

 

 

 

 

 

 

 

 

Sussex

0

417

0

56

66

539

113

1.28

1.42

Passaic

0

923

0

314

250

1,487

116

1.24

1.38

Atlantic

0

754

0

138

151

1,043

122

1.18

1.31

Essex

0

1,526

0

492

469

2,487

126

1.15

1.27

Union

0

1,104

0

203

236

1,543

128

1.13

1.25

 

 

New Jersey Top Foreclosure Totals by County – Q2 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q1 2010

% Chg Q2 2009

 

 

 

 

 

 

 

 

 

 

United States

102,797

169,209

251,435

102,118

269,962

895,521

144

-3.94

0.64

New Jersey

0

15,648

0

3,483

2,846

21,977

160

40.94

75.48

 

 

 

 

 

 

 

 

 

 

Essex

0

1,526

0

492

469

2,487

126

53.23

52.39

Ocean

0

1,300

0

245

156

1,701

162

33.94

77.00

Bergen

0

1,201

0

265

159

1,625

216

40.69

81.16

Camden

0

1,215

0

203

180

1,598

129

45.94

133.63

Middlesex

0

1,115

0

267

203

1,585

182

39.04

79.30

 

 

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