New Jersey Foreclosure Activity Up 24 Percent in November

Statewide filings up 65 percent from November 2008; rate ranks #10 nationally

 

New Jersey foreclosure activity rose for the month of November to 9,227 properties with foreclosure filings, up 24 percent from the previous month, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The monthly total is 65 percent ahead of the level reported in November 2008. With one in every 379 New Jersey housing units receiving a foreclosure filing in November, the state reported the tenth highest foreclosure rate in the nation.

 

“New Jersey foreclosure filings jumped up in November, even as some states experienced a lull in activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment also rose within the state, topping the national average at 11.5 percent.”

 

California held on to its substantial lead in total foreclosure activity, reporting 73,995 properties with foreclosure filings. Florida came in second once again, reporting 52,935 properties with foreclosure filings in November. Illinois maintained its third place ranking, reporting 16,442 properties with foreclosure filings for the month. Michigan had the fourth highest total, documenting 15,988 properties with foreclosure filings. Arizona took over fifth place, reporting 14,349 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in November were Texas (12,098), Ohio (10,587), Georgia (9,664) and Nevada (9,295). Activity in the top five states accounted for 57 percent of all foreclosure filings in the nation for November.

 

Union County posts state’s highest foreclosure rate in November

Union County posted the highest county foreclosure rate in the state for November, with one in every 238 housing units receiving a foreclosure filing — 1.8 times the national average. Sussex County had the second highest foreclosure rate, with one in every 274 housing units receiving a foreclosure filing — 1.5 times the national average. Atlantic County came in third highest, with one in every 274 housing units receiving a foreclosure filing — 1.5 times the national average.

 

Essex County led the state in foreclosure filings for November

Essex County led all counties, totaling 1,020 properties with foreclosure filings for the month. Union County was second highest, documenting 829 properties with foreclosure filings. Reporting 768 properties with foreclosure filings for the month, Bergen County had the third highest total in the state, while Ocean County was fourth highest, reporting 697 properties with foreclosure filings for the month.

 

State the tenth largest contributor to nation’s foreclosure total in November

New Jersey accounted for 3 percent of the 306,627 properties with foreclosure filings reported nationwide in November. Total U.S. activity declined nearly 8 percent from the previous month but was still 18 percent ahead of November 2008. One in every 417 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 Top Foreclosure Rates By County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

n/a

n/a

New Jersey

0

7,499

0

1,028

700

9,227

379

1.10

n/a

 

 

 

 

 

 

 

 

 

 

Union

0

636

0

122

71

829

238

1.76

1.60

Sussex

0

176

0

21

24

221

274

1.52

1.38

Atlantic

0

378

0

45

23

446

283

1.47

1.34

Passaic

0

458

0

91

45

594

289

1.44

1.31

Essex

0

759

0

138

123

1,020

305

1.37

1.24

 

 

New Jersey Top Foreclosure Totals by County – November 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 09

% Chg Nov 08

 

 

 

 

 

 

 

 

 

 

United States

44,757

69,413

81,843

33,913

76,701

306,627

417

-7.72

18.35

New Jersey

0

7,499

0

1,028

700

9,227

379

24.10

65.30

 

 

 

 

 

 

 

 

 

 

Essex

0

759

0

138

123

1,020

305

-0.68

-15.28

Union

0

636

0

122

71

829

238

32.85

56.42

Bergen

0

592

0

125

51

768

455

14.46

138.51

Ocean

0

574

0

71

52

697

392

24.46

99.14

Middlesex

0

569

0

58

38

665

432

12.71

87.85

 

 

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