New Jersey Foreclosure Activity Rises in April

Statewide foreclosure filings up 11 percent from March; rate #20 nationally

 

Monthly foreclosure activity in New Jersey rose in April, up 11 percent from the previous month to 6,668 properties with foreclosure filings. This latest state total also represents a 32 percent year-over-year increase in foreclosure filings from April 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  The state ranked as the 20th highest state foreclosure rate in the nation with one in every 527 New Jersey housing units receiving a foreclosure filing during the month.

 

“New Jersey foreclosures were up in April,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest rise was in default notices, which climbed 17 percent for the month. While the state’s unemployment rate is on par with the national average, home prices here declined further than most states during the fourth quarter of last year. This is likely contributing to the recent rise.”

 

California continued to lead the nation in highest level of foreclosure activity in April with 69,727 properties with foreclosure filings. Florida followed, reporting 48,385 properties with foreclosure filings for the month. Michigan rose to third highest, documenting 19,173 properties with foreclosure filings. Illinois came in at fourth highest, reporting 18,870 properties with foreclosure filings. Nevada rose two spots to fifth, tallying 16,217 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in April were Arizona (16,088), Georgia (13,963), Texas (13,133), New Jersey (11,936) and New Jersey (7,065). In all, the top 10 accounted for 70 percent of all foreclosure filings in the nation for April.

 

Passaic County posts top foreclosure rate for April

Passaic County posted the highest county foreclosure rate in New Jersey for April, with one in every 342 housing units receiving a foreclosure filing. Sussex County came in second, with one in every 366 housing units receiving a foreclosure filing. Atlantic County was third, with one in every 390 housing units receiving a foreclosure filing.

 

Essex County led the state in total foreclosures for April

Essex County continued to lead the way, reporting 718 properties with foreclosure filings for the month. Passaic County remained second highest, documenting 504 properties with foreclosure filings. Reporting 501 properties with foreclosure filings for the month, Bergen County ranked third highest. Union County was fourth, reporting 500 properties with foreclosure filings. A total 499 properties with foreclosure filings were reported in Middlesex County, the fifth highest county total in April.

 

State contributes 2 percent to nation’s month foreclosure total

New Jersey accounted for 2 percent of the 333,837 properties with foreclosure filings reported nationwide in April. Total U.S. activity declined more than 9 percent from the previous month and was 2 percent below the level reported in April 2009. One in every 387 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: DefaultNotice 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 – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

n/a

n/a

New Jersey

0

4,288

0

1,573

807

6,668

527

0.73

n/a

 

 

 

 

 

 

 

 

 

 

Passaic

0

278

0

158

68

504

342

1.13

1.54

Sussex

0

104

0

34

28

166

366

1.06

1.44

Atlantic

0

219

0

64

43

326

390

0.99

1.35

Union

0

319

0

87

94

500

395

0.98

1.34

Essex

0

437

0

244

37

718

435

0.89

1.21

 

 

 

New Jersey Top Foreclosure Totals by County – April 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Jan 10

% Chg Feb 09

 

 

 

 

 

 

 

 

 

 

United States

42,889

60,873

96,770

40,873

92,432

333,837

387

-9.05

-2.40

New Jersey

0

4,288

0

1,573

807

6,668

527

11.17

32.46

 

 

 

 

 

 

 

 

 

 

Essex

0

437

0

244

37

718

435

0.89

1.21

Passaic

0

278

0

158

68

504

342

1.13

1.54

Bergen

0

327

0

121

53

501

702

0.55

0.75

Union

0

319

0

87

94

500

395

0.98

1.34

Middlesex

0

300

0

131

68

499

578

0.67

0.91

 

 

 

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