NEW JERSEY FORECLOSURE ACTIVITY UP 11 PERCENT IN OCTOBER

Filings Statewide Increase 75 Percent From October 2007; Rate Ranks No. 8

 

IRVINE, Calif. – Nov. 26, 2008 – For the third consecutive month New Jersey continued to hold the tenth highest foreclosure level in the nation reporting 8,473 properties with foreclosure filings in October, an 11 percent increase from the previous month and 75 percent ahead of the level reported in October 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 410 New Jersey housing units received a foreclosure filing during the month, the eighth highest state foreclosure rate in the nation.

 

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.

 

“New Jersey crept back into the nation’s top 10 in August and has remained there ever since, posting another monthly gain in foreclosure activity during October, and still far above the level from the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “While the state Senate budget committee recently approved a bill providing $40 million in assistance to residents facing foreclosure, this program could take several months to impact homeowners currently in peril. Meanwhile, lenders have begun to work with homeowners to renegotiate mortgage terms, keeping many properties off the auction block for now.”

 

Foreclosure activity in the Garden State was far below national leader California which reported 56,9545 properties with foreclosure filings in October, and way behind second place Florida, which reported 54,324 properties with foreclosure filings for the month. Arizona took over third place once again, reporting 17,507 properties with foreclosure filings. Nevada dropped down to fourth highest, documenting 14,483 properties with foreclosure filings. Illinois moved up from seventh to fifth highest, reporting 12,681 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in October were Ohio, Michigan, Georgia and Texas.

 

Essex County tops in foreclosure activity for October

Essex County reported 1,297 properties with foreclosure filings in October, the highest county foreclosure total in the state for the month. Bergen County came in second highest, reporting 947 properties with foreclosure filings. Passaic County ranked third, reporting 829 properties with foreclosure filings. Union County came in fourth place, documenting 809 properties with foreclosure filings. Hudson County rounded out the state’s top five, reporting 485 properties with foreclosure filings for the month.

 

Passaic County post state’s top rate for October

With one in every 207 housing units receiving a foreclosure filing — twice the state average and 2.2 times the national average — Passaic County posted the highest foreclosure rate in the state for October. Second highest rate was reported in Essex County, where one in every 238 housing units received a foreclosure filing — 1.7 times the state average and 1.9 times the national average. Third highest rate was documented in Union County, where one in every 242 housing units received a foreclosure filing during the month — 1.7 times the state average and 1.9 times the national average.

 

State a major contributor to nation’s foreclosure total in October

New Jersey accounted for 3 percent of the 279,561 properties with foreclosure filings reported nationwide in October. The national total represented an increase of more than 5 percent from the previous month and was almost 25 percent ahead of the total reported for October 2007. The nation’s foreclosure rate rose to one in every 452 U.S. housing units receiving 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 – October 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,036

66,033

66,319

26,305

84,868

279,561

452

n/a

n/a

New Jersey

0

6,681

0

982

810

8,473

410

1.10

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

0

276

0

15

26

317

394

1.15

1.04

Bergen

0

829

0

84

34

947

368

1.23

1.11

Burlington

0

234

0

62

52

348

495

0.91

0.83

Camden

0

339

0

73

46

458

447

1.01

0.92

Cape May

0

123

0

43

12

178

565

0.80

0.73

Cumberland

0

160

0

9

12

181

302

1.50

1.36

Essex

0

1,011

0

62

224

1,297

238

1.90

1.72

Gloucester

0

176

0

28

25

229

461

0.98

0.89

Hudson

0

384

0

69

32

485

518

0.87

0.79

Hunterdon

0

42

0

6

0

48

1,011

0.45

0.41

Mercer

0

195

0

43

43

281

498

0.91

0.82

Middlesex

0

337

0

40

26

403

708

0.64

0.58

Monmouth

0

377

0

78

10

465

545

0.83

0.75

Morris

0

155

0

58

15

228

805

0.56

0.51

Ocean

0

348

0

41

56

445

610

0.74

0.67

Passaic

0

705

0

53

71

829

207

2.18

1.98

Salem

0

69

0

7

0

76

359

1.26

1.14

Somerset

0

161

0

19

11

191

628

0.72

0.65

Sussex

0

117

0

33

20

170

353

1.28

1.16

Union

0

583

0

136

90

809

242

1.87

1.69

Warren

0

60

0

23

5

88

512

0.88

0.80

 

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

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