New Jersey Foreclosure Activity Rose in May

Statewide foreclosure filings up 20 percent from April

 

Foreclosure activity in New Jersey rose 20 percent in May to 7,993 properties with foreclosure filings. This latest state total also represents an 81 percent increase from the level reported in May 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

New Jersey’s foreclosure filings continued to mount up in May, bringing activity to nearly double the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state remains above 9 percent 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.”

 

California maintained the nation’s top foreclosure total with 72,030 properties with foreclosure filings. Florida remained secure in second place, reporting 50,685 properties with foreclosure filings, followed by third place Michigan, documenting 20,322 properties with foreclosure filings for the month. Arizona moved up to fourth highest, reporting 16,097 properties with foreclosure filings. Illinois dropped one spot to fifth highest state total, tallying 15,061 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure activity in May were Nevada (14,346), Georgia (13,778), Texas (11,137) and Ohio (10,379). In all, the top 10 accounted for 72 percent of all foreclosure filings in the nation for May.

 

The state’s foreclosure rate ranked eleventh in the nation, as one in every 440 New Jersey housing units received a foreclosure filing during the month.

 

Essex County led the state in foreclosure rate for May

Essex County posted the highest foreclosure rate in New Jersey for May, with one in every 297 housing units receiving a foreclosure. Passaic County had the second highest foreclosure rate, with one in every 304 housing units receiving a foreclosure filing age. Atlantic County had the third highest foreclosure rate, with one in every 332 housing units receiving a foreclosure filing. Salem County posted the fourth highest foreclosure rate for the month, with one in every 333 housing units receiving a foreclosure.

 

Essex County also tops in foreclosure total for May

Essex County also led the state in activity, reporting 1,051 properties with foreclosure filings for the month. Camden County had the second highest foreclosure total, documenting 590 properties with foreclosure filings. Reporting 587 properties with foreclosure filings for the month, Bergen County held the third highest total. Ocean County was fourth highest, reporting 581 properties with foreclosure filings.

 

State the tenth largest contributor to nation’s monthly foreclosure total in May

New Jersey accounted for 2 percent of the 322,920 properties with foreclosure filings reported nationwide in May. Total U.S. activity declined by more than 3 percent from the previous month but was on par with the level reported in May 2009. One in every 400 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 – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

n/a

n/a

New Jersey

0

5,655

0

1,171

1,167

7,993

440

0.91

n/a

 

 

 

 

 

 

 

 

 

 

Essex

0

577

0

130

344

1,051

297

1.35

1.48

Passaic

0

335

0

123

109

567

304

1.32

1.45

Atlantic

0

280

0

59

44

383

332

1.20

1.32

Salem

0

42

0

13

28

83

333

1.20

1.32

Gloucester

0

227

0

41

46

314

342

1.17

1.29

 

 

New Jersey Top Foreclosure Totals by County – May 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 10

% Chg May 09

 

 

 

 

 

 

 

 

 

 

United States

38,389

58,073

94,155

38,526

93,777

322,920

400

-3.27

0.45

New Jersey

0

5,655

0

1,171

1,167

7,993

440

19.87

81.33

 

 

 

 

 

 

 

 

 

 

Essex

0

577

0

130

344

1,051

297

46.38

73.43

Camden

0

427

0

86

77

590

350

27.16

187.80

Bergen

0

453

0

88

46

587

599

17.17

108.16

Ocean

0

441

0

93

47

581

473

20.54

69.39

Middlesex

0

428

0

84

66

578

499

15.83

85.85

 

 

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