NEW JERSEY FORECLOSURE ACTIVITY UP 101 PERCENT IN 2008

More than 62,000 Properties Receive Foreclosure Filings in 2008

 

IRVINE, Calif. – Jan. 28, 2009 – Foreclosure filings were reported on 62,514 New Jersey properties in 2008, an increase of 101 percent from 2007 and an increase of 187 percent from 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The report also shows that 1.80 percent of all New Jersey housing units received at least one foreclosure filing during the year, up from 0.90 percent in 2007.

 

New Jersey reported 3,865 properties with foreclosure filings in December, a 31 percent decrease from the previous month, but still a 19 percent increase over December 2007.

 

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 doubled in 2008, putting the Garden State among the nation’s top 10 states most affected by foreclosure problems,” said James J. Saccacio, chief executive officer of RealtyTrac. “New Jersey’s unemployment rate climbed to 7.1 percent in December, the highest in 15 years, and the state is bracing for more job reductions in professional and business services, construction and manufacturing and in retail. It remains to be seen if New Jersey’s statewide foreclosure mediation program will stall foreclosure activity in 2009.”

 

Essex County reports highest total of foreclosure filings

Essex County led the state reporting 8,542 properties with foreclosure filings for the year. Union County came in second, reporting 6,391 properties with foreclosure filings. Passaic County registered the third highest foreclosure total, reporting 5,044 properties with foreclosure filings. Ocean County posted the fourth highest foreclosure total, reporting 4,312 properties with foreclosure filings. Camden County came in fifth, documenting 4,172 properties with foreclosure filings.

 

Union County posts top foreclosure rate

Union County topped the list, with 3.26 percent of its housing units receiving at least one foreclosure filing during the year. Passaic County came in second, with 2.94 percent of its housing units receiving at least one foreclosure filing. Essex County posted the third highest foreclosure rate, where 2.77 percent of the housing stock received at least one foreclosure filing in 2008. Rounding out the state’s top five were Sussex County (2.25 percent) and Cumberland County (2.05 percent).

 

State the tenth largest contributor to nation’s foreclosure total for 2008

New Jersey accounted for 3 percent of the 2,330,483 properties with foreclosure filings reported nationwide in 2008. The national total represented an increase of more than 81 percent from the total reported for 2007. For the year 1.84 percent of all U.S. housing units received at least one foreclosure filing, up from 1.03 percent in 2007.

 

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 – Yearend 2008

 

Rate Rank

County

Total Properties With Foreclosure Filings

% Housing Units

(Foreclosure Rate)

% Change From 2007

 

 

 

 

 

n/a

United States

2,330,483

1.84

81.24

n/a

New Jersey

62514

1.80

101.20

 

 

 

 

 

8

Atlantic

2,285

1.83

76.72

18

Bergen

3,912

1.12

177.25

9

Burlington

3,012

1.75

47.07

6

Camden

4,172

2.04

32.66

17

Cape May

1,341

1.33

151.12

5

Cumberland

1,119

2.05

77.62

3

Essex

8,542

2.77

118.86

10

Gloucester

1,842

1.75

38.81

13

Hudson

3,950

1.57

346.83

21

Hunterdon

478

0.99

218.67

11

Mercer

2,426

1.73

73.29

16

Middlesex

4,101

1.44

179.17

15

Monmouth

3,714

1.47

57.04

19

Morris

2,011

1.10

139.98

12

Ocean

4,312

1.59

42.12

2

Passaic

5,044

2.94

181.79

14

Salem

405

1.48

209.16

20

Somerset

1,272

1.06

55.50

4

Sussex

1,352

2.25

116.67

1

Union

6,391

3.26

129.89

7

Warren

833

1.85

67.61

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest growing private companies, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value.

 

Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new homes, with more than 1.3 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit (www.realtytrac.com).

 

###

 

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