New Jersey Foreclosure Activity Up in Third Quarter

Total foreclosure filings up 45 percent from Q2, Up 1 percent from Q3 2008.

 

New Jersey reported 18,108 properties with foreclosure filings in the third quarter of 2009, an increase of 45 percent from the previous quarter and 1 percent above the level reported in the third quarter of 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

New Jersey foreclosures were up during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which climbed 54 percent for the quarter. New Jersey’s unemployment rate matched the national average of 9.8 percent in September, and home sales have begun to pick up this year. The increase we are seeing at this point is the result of the overall recession.”

 

New Jersey ranked 10th in the country in total foreclosures reported for the third quarter. With one in every 193 housing units receiving a foreclosure filing, its foreclosure rate ranked 15th among the 50 states.

 

Foreclosure activity in the Garden State was down 35 percent in September from the previous month to 5,367 properties with foreclosure filings, and declined on a yearly basis, down 30 percent from September 2008. The state’s foreclosure rate was 22nd highest in the nation for the month — with one in every 652 housing units receiving a foreclosure filing.

 

Union City posts state’s top foreclosure rate in the third quarter

Union County posted the highest county foreclosure rate in the state for the third quarter, with one in every 115 housing units receiving a foreclosure filing — 1.7 times the state average. Passaic County was second, with one in every 132 housing units receiving a foreclosure filing during the quarter — 1.5 times the state average. Essex County posted the third highest foreclosure rate, where one in every 142 housing units received a foreclosure filing — 1.4 times the state average.

 

Five counties accounted for 44 percent of foreclosure activity in the third quarter

Essex County led the way, tallying 2,192 properties with foreclosure filings for the quarter. Union County came in second highest, reporting 1,714 properties with foreclosure filings. Bergen County came in third, tallying 1,401 properties with foreclosure filings. Middlesex County posted the fourth highest foreclosure total for the quarter, reporting 1,380 properties with foreclosure filings. Ocean County posted New Jersey’s fifth highest foreclosure total in the quarter, documenting 1,325 properties with foreclosure filings.

 

State contributes 2 percent to nation’s foreclosure activity for quarter and month

New Jersey accounted for 2 percent of the 937,840 properties with foreclosure filings reported nationwide for the third quarter and 2 percent of the 343,638 properties with foreclosure filings reported for September. Total U.S. activity declined 5.4 percent between the second and third quarter of the year, but was up 23 percent from the third quarter of 2008. One in every 136 U.S. housing units received a foreclosure filing during the quarter, the highest quarterly foreclosure rate since RealtyTrac began issuing its report in 2005.

 

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 Top Foreclosure Rates by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

n/a

n/a

New Jersey

0

11,816

0

3,878

2,414

18,108

193.25

0.71

n/a

 

 

 

 

 

 

 

 

 

 

Union

0

1,065

0

420

229

1,714

115

1.19

1.68

Passaic

0

790

0

275

237

1,302

132

1.03

1.46

Essex

0

1,290

0

571

331

2,192

142

0.96

1.36

Atlantic

0

630

0

144

111

885

143

0.95

1.35

Sussex

0

239

0

69

58

366

165

0.82

1.17

 

 

New Jersey Top Foreclosure Totals by County – Q3 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 09

% Chg Q3 08

 

 

 

 

 

 

 

 

 

 

United States

153,255

188,986

263,957

94,590

237,052

937,840

136

5.40

22.50

New Jersey

0

11,816

0

3,878

2,414

18,108

193.25

44.59

1.20

 

 

 

 

 

 

 

 

 

 

Essex

0

1,290

0

571

331

2,192

142

34.31

21.91

Union

0

1,065

0

420

229

1,714

115

62.16

-6.34

Bergen

0

1,019

0

311

71

1,401

249

56.19

62.15

Middlesex

0

931

0

283

166

1,380

208

56.11

-15.61

Ocean

0

853

0

287

185

1,325

206

37.88

-1.63

 

 

New Jersey Top Foreclosure Rates by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

n/a

n/a

New Jersey

0

3,048

0

1,353

966

5,367

652

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Union

0

244

0

177

92

513

384

0.97

1.70

Passaic

0

220

0

104

71

395

435

0.85

1.50

Warren

0

54

0

20

26

100

455

0.82

1.43

Gloucester

0

85

0

58

59

202

528

0.70

1.23

Camden

0

213

0

100

72

385

533

0.70

1.22

 

 

New Jersey Top Foreclosure Totals by County – Sept 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Aug 09

% Chg Sept 08

 

 

 

 

 

 

 

 

 

 

United States

56,979

65,186

97,925

35,727

87,821

343,638

372

-4.14

29.20

New Jersey

0

3,048

0

1,353

966

5,367

652

-35.46

-29.92

 

 

 

 

 

 

 

 

 

 

Essex

0

323

0

93

153

569

547

-45.24

-13.26

Union

0

244

0

177

92

513

384

-31.60

-30.86

Middlesex

0

237

0

112

59

408

705

-35.55

-37.13

Passaic

0

220

0

104

71

395

435

-31.30

6.76

Ocean

0

215

0

106

69

390

700

-35.22

-28.57

 

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