New Jersey Foreclosure Activity Trends Downward in May

Total foreclosure filings statewide down 12 percent from April

 

New Jersey foreclosure activity fell in May to 4,408 properties with foreclosure filings, a 12 percent decrease from the previous month, and 41 percent below the level reported in May 2008, according to RealtyTrac’s® latest U.S. Foreclosure Market Report.  

 

New Jersey foreclosures headed downward both in May and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that while the state’s unemployment rate has risen significantly during the past year, it is still below the national average. This is likely helping to drive foreclosures down here.”

 

New Jersey ranked 14th in the country in total foreclosures reported for the month. With one in every 794 housing units receiving a foreclosure filing, its foreclosure rate ranked 24th among the 50 states.

 

Five counties accounted for 45 percent of state’s foreclosure activity for May

Essex County led all counties, reporting 606 properties with foreclosure filings for the month. Union County posted the second highest total, where 421 properties with foreclosure filings were reported. Ocean County had the third highest total, reporting 343 properties with foreclosure filings, followed by Middlesex County, where 311 properties with foreclosure filings were tallied. Passaic County held the fifth highest total, where 292 properties with foreclosure filings were reported for the month.

 

Union County posts state’s highest foreclosure rate for May

Union County posted the highest county foreclosure rate in the state, with one in every 468 housing units receiving a foreclosure filing during the month. Sussex County had the second highest rate, with one in every 509 housing units receiving a foreclosure filing. Essex County posted the third highest rate, where one in every 513 housing units received a foreclosure filing during the month.

 

State contributes 1 percent to nation’s foreclosure activity for May

Foreclosure activity in New Jersey represented 1 percent of the 321,480 properties with foreclosure filings reported nationwide in May. Total U.S. activity fell 6 percent from the previous month but was still nearly 18 percent ahead of May 2008. One in every 398 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. 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 filed against a property during the month — which is extremely rare — 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 Foreclosure Market Data by County – May 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 09

% Chg May 08

 

 

 

 

 

 

 

 

 

 

United States

55,442

67,687

100,578

32,756

65,017

321,480

398

– 6.01

17.76

New Jersey

0

2,793

0

1,095

520

4,408

794

-12.44

-41.44

 

 

 

 

 

 

 

 

 

 

Atlantic

0

154

0

52

27

233

542

-3.72

22.63

Bergen

0

222

0

35

25

282

1,239

-28.06

-44.71

Burlington

0

140

0

59

39

238

734

-15.90

-24.44

Camden

0

161

0

19

25

205

1,002

-22.93

-61.75

Cape May

0

58

0

30

9

97

1,051

-14.91

-55.30

Cumberland

0

38

0

24

7

69

801

-23.33

-44.35

Essex

0

311

0

235

60

606

513

-0.82

-55.28

Gloucester

0

91

0

43

3

137

779

-21.71

-31.50

Hudson

0

166

0

45

31

242

1,053

-2.81

-49.16

Hunterdon

0

20

0

5

3

28

1,742

-22.22

0.00

Mercer

0

112

0

45

28

185

759

-17.41

-28.57

Middlesex

0

193

0

72

46

311

925

-14.09

152.85

Monmouth

0

181

0

70

27

278

918

-7.95

-35.94

Morris

0

97

0

52

4

153

1,207

0.66

-33.48

Ocean

0

226

0

75

42

343

796

-18.91

-34.54

Passaic

0

176

0

62

54

292

589

-21.72

-56.22

Salem

0

19

0

8

0

27

1,019

-10.00

-67.07

Somerset

0

56

0

21

9

86

1,412

-25.22

-60.73

Sussex

0

68

0

31

20

119

509

12.26

-15.60

Union

0

266

0

104

51

421

468

4.47

-48.60

Warren

0

38

0

8

10

56

812

-34.88

-28.21

 

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