NEW JERSEY FORECLOSURE ACTIVITY UP 10 PERCENT IN APRIL

Foreclosure Activity Down 4 Percent From April 2008

 

IRVINE, Calif. – May 29, 2009 – Foreclosure filings were reported on 5,034 New Jersey properties in April, a 10 percent increase from the previous month, but still 4 percent below the level reported for April 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1.5 million properties from over 2,200 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Foreclosure activity in New Jersey rose in April, but was still slightly lower than one year ago,” said James J. Saccacio, chief executive officer of RealtyTrac. “Contributing to the state’s rise in foreclosures is its growing unemployment rate, which in April was at 8.4 percent, along with the rise in mortgage payments among homeowners who bought more expensive homes than they could afford during the housing boom.”

 

New Jersey ranked 15th in the country in total properties with foreclosure filings for April. One in every 695 New Jersey housing units received a foreclosure filing during the month, the 22nd highest state foreclosure rate in the nation.

 

Essex County leads state in foreclosure activity in April

Essex County led the state, reporting 611 properties with foreclosure filings for the month. Ocean County reported 423 properties with foreclosure filings, the state’s second highest county total. Union County came in third highest, reporting 403 properties with foreclosure filings. Bergen County came in fourth, documenting 392 properties with foreclosure filings, while the fifth highest total was in Passaic County, where 373 properties with foreclosure filings were reported for the month.

 

Passaic County post state’s top foreclosure rate in April

Passaic County topped the list, with one in every 461 housing units receiving a foreclosure filing — 1.5 times the state average. Union County had the second highest foreclosure rate, with one in every 489 housing units receiving a foreclosure filing — 1.4 times the state average. Essex County documented the third highest foreclosure rate, where one in every 509 housing units received a foreclosure filing during the month — 1.4 times the state average.

 

State a moderate contributor to nation’s foreclosure total in April

New Jersey accounted for 1 percent of the 342,038 properties with foreclosure filings reported nationwide in April. The national total represented a negligible increase in activity from the previous month but was still 32 percent ahead of the total reported for April 2008. One in every 374 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 – April 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Mar 09

% Chg Apr 08

 

 

 

 

 

 

 

 

 

 

United States

65,456

76,608

100,559

35,512

63,903

342,038

374

0.25

32.25

New Jersey

0

3,349

0

1,041

644

5,034

695

10.15

-3.51

 

 

 

 

 

 

 

 

 

 

Atlantic

0

190

0

24

28

242

522

28.04

89.06

Bergen

0

238

0

138

16

392

892

26.86

38.03

Burlington

0

188

0

47

48

283

617

8.43

-35.68

Camden

0

209

0

22

35

266

772

-6.67

-8.59

Cape May

0

73

0

28

13

114

894

15.15

-22.45

Cumberland

0

56

0

18

16

90

614

12.50

-14.29

Essex

0

310

0

198

103

611

509

17.50

148.37

Gloucester

0

138

0

28

9

175

610

24.11

-46.65

Hudson

0

180

0

43

26

249

1,023

4.18

-70.60

Hunterdon

0

26

0

6

4

36

1,355

-5.26

-38.98

Mercer

0

159

0

39

26

224

627

10.89

135.79

Middlesex

0

256

0

66

40

362

794

19.47

722.73

Monmouth

0

230

0

56

16

302

845

-2.58

9.03

Morris

0

99

0

35

18

152

1,215

3.40

-43.28

Ocean

0

271

0

73

79

423

646

18.16

39.14

Passaic

0

241

0

65

67

373

461

15.84

-27.29

Salem

0

22

0

8

0

30

918

3.45

400.00

Somerset

0

81

0

28

6

115

1,056

19.79

-7.26

Sussex

0

73

0

20

13

106

571

-10.92

-20.90

Union

0

252

0

82

69

403

489

-10.24

-19.08

Warren

0

57

0

17

12

86

529

16.22

8.86

 

About RealtyTrac Inc.

RealtyTrac (www.realtytrac.com) is the leading online marketplace of foreclosure properties, with more than 1.5 million default, auction and bank-owned listings from over 2,200 U.S. counties, along with detailed property, loan and home sales data. Hosting more than 3 million unique monthly visitors, RealtyTrac provides innovative technology solutions and practical education resources to facilitate buying, selling and investing in real estate.

Cited by thousands of media outlets each quarter — including all the major news networks, leading publications such as The Wall Street Journal, The New York Times, and USA TODAY, RealtyTrac’s foreclosure data also has been used by the Federal Reserve, FBI, U.S. Senate Joint Economic Committee and Banking Committee, U.S. Treasury Department, and numerous state housing and banking departments to help evaluate foreclosure trends and address policy issues related to foreclosures.

###

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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