NEW JERSEY FORECLOSURE ACTIVITY UP 18 PERCENT IN SEPTEMBER

Statewide Filings Up 48 Percent From September 2007; Foreclosure Rate In Top 10

 

IRVINE, Calif. – Oct. 27, 2008 – New Jersey reported 7,658 properties with foreclosure filings in September, the 10th highest foreclosure total in the nation. The total represents an 18 percent increase from the previous month, and is 48 percent above the total reported for September 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 453 New Jersey households 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.

 

“Foreclosure activity in New Jersey hit a monthly high for the year so far in September, and is substantially higher than this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “The state’s economy is slowing, with an unemployment rate that hit 5.8 percent in September, down slightly from the month before, but up almost one-and-a-half percent from the beginning of the year. Tens of thousands of residents depend on Wall Street and the financial services sector for their jobs. If unemployment continues to rise there, we could see a growing number of foreclosure filings in the months ahead.

 

Foreclosure activity in the Garden State fell well short of national leader California which reported 69,548 properties with foreclosure filings in September. The second highest total was in Florida, which reported 47,956 properties with foreclosure filings for the month. Nevada moved up to third highest, reporting 13,022 properties with foreclosure filings. Arizona dropped down one notch to fourth place, documenting 12,982 properties with foreclosure filings. Ohio ranked fifth, reporting 11,470 properties with foreclosure filings. The remaining states in the nation’s top 10 for total properties with foreclosure filings in September were Michigan, Illinois, Georgia and Texas.

 

Top five counties responsible for bulk of state’s foreclosure activity

Five New Jersey counties accounted for 45 percent of all foreclosure activity in the state for September. Camden County led the way, reporting 758 properties with foreclosure filings. Union County documented the second highest foreclosure total, reporting 742 properties with foreclosure filings. Essex County was third highest, reporting 656 properties with foreclosure filings. Middlesex County came in fourth, documenting 649 properties with foreclosure filings. Monmouth County came in fifth, reporting 607 properties with foreclosure filings.

 

Union County posts top foreclosure rate for September

With one in every 264 households receiving a foreclosure filing in September — 1.7 times the state average and 1.8 times the national average — Union County tallied the highest county foreclosure rate in the state for the month. Camden County posted the state’s second highest foreclosure rate, with one in every 270 households receiving a foreclosure filing during the month — 1.7 times the state average and 1.8 times the national average. Third highest total was reported in Atlantic County, where one in every 298 households received a foreclosure filing in during the month — 1.5 times the state average and 1.6 times the national average.

 

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

New Jersey accounted for 3 percent of the 265,968 properties with foreclosure filings reported nationwide in September. The national total represents a decrease of more than 12 percent from the previous month but is still 21 percent ahead of the total reported for September 2007. The nation’s foreclosure rate decreased to one in every 475 U.S. households 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 – September 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X  HH (rate)

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

39,828

58,606

61,442

24,780

81,312

265,968

475

n/a

n/a

New Jersey

0

5,751

13

1,127

767

7,658

453

1.05

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

0

249

0

129

41

419

298

1.59

1.52

Bergen

0

263

2

61

25

351

992

0.48

0.46

Burlington

0

288

0

56

58

402

429

1.11

1.06

Camden

0

620

1

91

46

758

270

1.76

1.68

Cape May

0

92

0

16

18

126

798

0.60

0.57

Cumberland

0

111

0

16

14

141

388

1.22

1.17

Essex

0

503

4

94

55

656

471

1.01

0.96

Gloucester

0

147

0

39

18

204

517

0.92

0.88

Hudson

0

365

1

62

57

485

518

0.92

0.88

Hunterdon

0

70

0

13

6

89

545

0.87

0.83

Mercer

0

290

0

60

37

387

361

1.31

1.25

Middlesex

0

524

0

79

46

649

440

1.08

1.03

Monmouth

0

483

1

80

43

607

417

1.14

1.09

Morris

0

194

0

43

17

254

722

0.66

0.63

Ocean

0

396

2

81

67

546

497

0.96

0.91

Passaic

0

259

0

60

51

370

464

1.02

0.98

Salem

0

67

0

7

0

74

369

1.29

1.23

Somerset

0

86

0

34

6

126

953

0.50

0.48

Sussex

0

77

1

26

48

152

395

1.20

1.15

Union

0

570

1

69

102

742

264

1.80

1.72

Warren

0

97

0

11

12

120

376

1.26

1.21

 

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