NEW JERSEY FORECLOSURE ACTIVITY UP 40 PERCENT IN AUGUST

Statewide Filings Up 49 Percent From August 2007

 

IRVINE, Calif. – Sept. 26, 2008 – New Jersey reported 6,475 properties with foreclosure filings in August, a 40 percent increase from the previous month, and 49 percent above the level reported for August 2007, according to the latest RealtyTrac® U.S. Foreclosure Market Report. The state foreclosure total ranks 10th highest 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.

 

“This is only the second time this year that New Jersey has ranked in the nation’s top 10 for foreclosure activity,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still activity is way up compared to this time a year ago. The state‘s unemployment rate spiked to a five-year high of 5.9 percent in August. Plus, home prices are still on the decline. These two factors taken together mean we could continue to see a growing number of foreclosure filings in the months ahead.

 

With one in every 536 households receiving a foreclosure filing in August, New Jerseys foreclosure rate ranked 11th among the 50 states.

 

Top five counties responsible for large portion of state’s foreclosure activity

Five New Jersey counties accounted for 43 percent of all foreclosure activity in the state for August. Essex County reported the highest foreclosure total, reporting 662 properties with foreclosure filings. Middlesex County documented the second highest foreclosure total, reporting 577 properties with foreclosure filings. Mercer County reported the third highest total, reporting 566 properties with foreclosure filings. Union County came in fourth, documenting 535 properties with foreclosure filings. Bergen County reported 475 properties with foreclosure filings, the state’s fifth highest total.

 

Mercer County posts top foreclosure rate for August

One in every 247 households in Mercer County received a foreclosure filing during August — 2.2 times the state average and 1.7 times the national average. Sussex County posted the state’s second highest rate, with one in every 343 households receiving a foreclosure filing during the month — 1.6 times the state average and 1.2 times the national average. The third highest rate in the state was tallied in Union County, where one in every 366 households received a foreclosure filing in August.

 

State a minor contributor to nation’s foreclosure total in August

New Jersey accounted for 2 percent of the 303,879 properties with foreclosure filings reported nationwide in August. The national total represents an increase of 12 percent from the previous month and is 27 percent ahead of the total reported for August 2007. The nation’s foreclosure rate increased to one in every 416 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 – August 2008

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X  HH (rate)

/National Average

/State Average

 

 

 

United States

61,903

57,156

69,693

24,234

90,893

303,879

416

n/a

n/a

New Jersey

0

4,509

11

1,207

748

6,475

536

0.78

n/a

 

 

 

 

 

 

 

 

 

Atlantic

0

205

0

12

42

259

482

0.86

1.11

Bergen

0

353

0

101

21

475

733

0.57

0.73

Burlington

0

221

0

54

59

334

516

0.81

1.04

Camden

0

281

0

98

72

451

454

0.92

1.18

Cape May

0

118

0

13

15

146

689

0.60

0.78

Cumberland

0

62

0

27

10

99

553

0.75

0.97

Essex

0

436

3

175

48

662

466

0.89

1.15

Gloucester

0

139

1

39

24

203

520

0.80

1.03

Hudson

0

337

1

81

17

436

576

0.72

0.93

Hunterdon

0

32

0

7

4

43

1,128

0.37

0.48

Mercer

0

487

0

43

36

566

247

1.68

2.17

Middlesex

0

374

1

59

143

577

495

0.84

1.08

Monmouth

0

213

1

82

14

310

817

0.51

0.66

Morris

0

152

0

36

19

207

886

0.47

0.61

Ocean

0

257

0

70

39

366

742

0.56

0.72

Passaic

0

281

1

104

58

444

386

1.08

1.39

Salem

0

4

0

5

2

11

2,482

0.17

0.22

Somerset

0

85

0

20

7

112

1,072

0.39

0.50

Sussex

0

132

0

35

8

175

343

1.21

1.56

Union

0

295

3

139

98

535

366

1.14

1.46

Warren

0

45

0

7

12

64

704

0.59

0.76

 

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