New Jersey Foreclosures Continue Upward Trend in August

New Jersey foreclosure activity rose in August, up to 8,316 properties with foreclosure filings for the month, a 29 percent increase from the previous month and 28 percent above the level reported in August 2008, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

New Jersey foreclosures have nearly doubled since June,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest gain was in default notices, which topped more than 6,000 for the month of August. Although on par with the national average, the state’s unemployment rate has jumped 4 percent during the past year. This is definitely contributing to the overall rise in foreclosure activity.”

 

Outdistanced by California (92,326), Florida (62,401), Michigan (19,359), Nevada (17,902), Arizona (17,807), Illinois (13,078), Georgia (11,947), Ohio (11,368), and Texas (11,261), New Jersey reported the tenth highest total with 8,316 properties with foreclosure filings. Activity in the top five states accounted for 58 percent of all foreclosure filings in the nation for August.

 

Union County posts state’s top foreclosure rate in August

Union County posted the highest county foreclosure rate in New Jersey for August, with one in every 263 housing units receiving a foreclosure. Passaic County had the second highest rate, with one in every 299 housing units receiving a foreclosure filing during the month. Essex County posted the third highest foreclosure rate, where one in every 299 housing units received a foreclosure filing.

 

Five counties accounted for 43 percent of state’s foreclosure activity for August

Essex County led the way, tallying 1,039 properties with foreclosure filings for the month. Bergen County reported the second highest foreclosure total, documenting 705 properties with foreclosure filings. Reporting 633 properties with foreclosure filings for the month, Middlesex County posted the third highest total in the state. Ocean County was fourth highest, reporting 602 properties with foreclosure filings, while the fifth highest total was in Passaic County, where 575 properties with foreclosure filings were reported for the month.

 

State responsible for 2 percent of nation’s foreclosure activity in August

New Jersey accounted for 2 percent of the 358,471 properties with foreclosure filings reported nationwide in August. Total U.S. activity declined fractionally from the previous month but was still 18 percent ahead of August 2008. One in every 357 U.S. housing units received 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 Top Foreclosure Rates By County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

n/a

n/a

New Jersey

0

6,043

0

1,396

877

8,316

421

0.85

n/a

 

 

 

 

 

 

 

 

 

 

Union

0

549

0

131

70

750

263

1.36

1.60

Passaic

0

384

0

91

100

575

299

1.19

1.41

Essex

0

681

0

255

103

1,039

299

1.19

1.41

Atlantic

0

303

0

59

48

410

308

1.16

1.37

Sussex

0

130

0

23

19

172

352

1.01

1.20

 

 

New Jersey Top Foreclosure Totals by County – August 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg July 09

% Chg Aug 08

 

 

 

 

 

 

 

 

 

 

United States

62,070

76,154

105,850

38,263

76,134

358,471

357

6.74

32.32

New Jersey

0

6,043

0

1,396

877

8,316

421

28.59

28.43

 

 

 

 

 

 

 

 

 

 

Essex

0

681

0

255

103

1,039

299

25.33

56.95

Bergen

0

512

0

134

59

705

496

62.44

48.42

Middlesex

0

470

0

96

67

633

454

31.33

9.71

Ocean

0

446

0

98

58

602

454

14.67

64.48

Passaic

0

384

0

91

100

575

299

28.35

29.50

 

 

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