NEW JERSEY FORECLOSURE ACTIVITY UP 19 PERCENT IN SEPTEMBER

Activity Increases 60 Percent From A Year Ago

 

IRVINE, Calif. – Oct. 26, 2007 – New Jersey reported 5,162 foreclosure filings in September, a 19 percent increase from the previous month, and 60 percent above the number reported in September 2006, 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 million properties from nearly 2,500 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.

 

“The number of foreclosures in New Jersey has risen as homeowners with adjustable rate mortgages struggle to deal with higher interest rates on risky loans,” said James J. Saccacio, chief executive officer of RealtyTrac. “Even though unemployment remains below the national average in New Jersey, borrowers with weak credit histories are having difficulty refinancing out of those bad loans.”

 

New Jersey ranked 11th in the country in total foreclosures reported for September. The state’s foreclosure rate of one foreclosure filing for every 667 households ranked it 13th among the 50 states.

 

Ocean County leads the state in foreclosure total

Ocean County led the state in foreclosure activity with 612 foreclosure filings in September.

Essex County reported the second highest foreclosure total with 606 foreclosure filings. Monmouth County came in third highest with 478 foreclosure filings. Union County had the fourth highest foreclosure total with 462 filings, followed by fifth place Passaic County reporting 454 filings and Mercer County not far behind reporting 452 filings entering some stage of the foreclosure pipeline.

 

Mercer County posts highest foreclosure rate in the state

Mercer County posted the highest foreclosure rate in New Jersey for September, one foreclosure filing for every 307 households — 2.2 times the state average and 1.8 times the national average. Passaic County tallied the second highest foreclosure rate, one foreclosure filing for every 377 households — 1.8 times the state average and 1.5 times the national average. Union County came in third with a rate of one foreclosure filing for every 422 households — 1.6 times the state average and 1.3 times the national average. Ocean County had the fourth highest rate, one foreclosure filing for every 439 households — 1.5 times the state average and 1.3 times the national average.

 

State makes a contribution to national total for the month

Total foreclosure filings in New Jersey accounted for 2 percent of the 223,538 foreclosure filings reported nationwide in September. The national total represents an 8 percent decrease from the previous month, but is still 99 percent above the total reported for September 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 557 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. RealtyTrac’s report includes properties in all three phases of foreclosure: Defaults — Notice of Default (NOD) and Lis Pendens (LIS); Auctions — 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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

                    New Jersey Foreclosure Market by County – September 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,234

63,405

21,925

51,172

39,802

223,538

557

n/a

n/a

New Jersey

0

3

876

3,976

307

5,162

667

0.83

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

0

0

12

101

8

121

1,017

0.55

0.66

Bergen

0

0

63

241

24

328

1,055

0.53

0.63

Burlington

0

0

36

210

49

295

580

0.96

1.15

Camden

0

0

23

300

26

349

584

0.95

1.14

Cape May

0

0

9

42

6

57

1,726

0.32

0.39

Cumberland

0

0

14

20

9

43

1,260

0.44

0.53

Essex

0

2

138

421

45

606

506

1.10

1.32

Gloucester

0

0

29

172

9

210

491

1.13

1.36

Hudson

0

0

45

5

8

58

4,266

0.13

0.16

Hunterdon

0

0

2

32

1

35

1,374

0.41

0.49

Mercer

0

0

37

415

0

452

307

1.81

2.17

Middlesex

0

0

74

155

15

244

1,159

0.48

0.58

Monmouth

0

0

70

407

1

478

528

1.05

1.26

Morris

0

0

30

102

11

143

1,275

0.44

0.52

Ocean

0

0

87

497

28

612

439

1.27

1.52

Passaic

0

0

64

369

21

454

377

1.48

1.77

Salem

0

1

11

0

0

12

2,255

0.25

0.30

Somerset

0

0

29

104

10

143

834

0.67

0.80

Sussex

0

0

1

2

9

12

4,962

0.11

0.13

Union

0

0

89

349

24

462

422

1.32

1.58

Warren

0

0

13

32

3

48

929

0.60

0.72

 

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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