NEW JERSEY FORECLOSURE ACTIVITY UP 4 PERCENT IN AUGUST

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Increases 45 Percent From August 2006

 

IRVINE, Calif. – Sept. 21, 2007 – New Jersey reported 4,336 foreclosure filings in August, a 4 percent increase from the previous month, and 45 percent above the number reported in August 2006, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state’s foreclosure rate — one foreclosure filing for every 794 households — was the 15th highest in the nation.

 

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 effects of New Jersey’s slow but steady decline in employment are evident in the state’s mounting foreclosures,” said James J. Saccacio, chief executive officer of RealtyTrac. “Personal bankruptcies continue to plague the state as unemployment grows.”

 

New Jersey ranked 15th in the country in total foreclosures reported for August.

 

Essex County leads the state in foreclosure total

Essex County led the state in foreclosure activity, with 714 foreclosure filings for the month. Camden County reported the second highest foreclosure total, with 509 foreclosure filings. Monmouth County came in third highest, with 455 foreclosure filings. Ocean County had the fourth highest foreclosure total, with 419 filings entering some part of the foreclosure pipeline.

 

Camden County posts highest foreclosure rate

Camden County posted the highest foreclosure rate in the state for August, with one foreclosure filing for every 400 households — twice the state average. Essex County posted the second highest foreclosure rate, with one foreclosure filing for every 429 households — 1.9 times the state average. Gloucester County posted the third highest foreclosure rate in the state, with one foreclosure filing for every 437 households — 1.8 times the state average. Union County had the fourth highest foreclosure rate, with one foreclosure filing for every 500 households — 1.6 times the state average.

 

State a contributor to national total

New Jersey accounted for 2 percent of the 243,947 foreclosure filings nationwide in August. The national total represents a 36 percent increase from the previous month and is up 115 percent from August 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 510 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 – August 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

56,388

67,632

24,810

52,328

42,789

243,947

510

n/a

n/a

New Jersey

0

49

956

3,058

273

4,336

794

0.64

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

0

0

10

142

19

171

719

0.71

1.10

Bergen

0

0

65

11

31

107

3,234

0.16

0.25

Burlington

0

10

60

107

0

177

967

0.53

0.82

Camden

0

4

37

438

30

509

400

1.28

1.98

Cape May

0

7

20

30

4

61

1,612

0.32

0.49

Cumberland

0

12

2

11

2

27

2,007

0.25

0.40

Essex

0

13

215

441

45

714

429

1.19

1.85

Gloucester

0

0

27

188

21

236

437

1.17

1.82

Hudson

0

0

48

16

10

74

3,344

0.15

0.24

Hunterdon

0

2

3

6

2

13

3,699

0.14

0.21

Mercer

0

0

28

13

1

42

3,307

0.15

0.24

Middlesex

0

0

81

52

20

153

1,849

0.28

0.43

Monmouth

0

0

65

385

5

455

555

0.92

1.43

Morris

0

0

23

253

8

284

642

0.80

1.24

Ocean

0

1

95

303

20

419

642

0.80

1.24

Passaic

0

0

79

165

18

262

654

0.78

1.21

Salem

0

0

14

0

1

15

1,804

0.28

0.44

Somerset

0

0

24

128

3

155

769

0.66

1.03

Sussex

0

0

16

2

8

26

2,290

0.22

0.35

Union

0

0

30

336

24

390

500

1.02

1.59

Warren

0

0

14

31

1

46

970

0.53

0.82

 

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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