NEW JERSEY FORECLOSURES DECREASE 17 PERCENT IN FEBRUARY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 36 Percent From a Year Ago

 

IRVINE, Calif. – March 26, 2007 – New Jersey documented 4,448 foreclosure filings in February, a 17 percent decrease from the previous month, but still a 36 percent increase from the same month last year, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 850,000 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.

 

“Foreclosure activity in New Jersey continues to rise at a steady pace partly due to many homeowners spending more than half of their income on housing, one of the highest percentages in the region and in the country,” said James J. Saccacio, chief executive officer of RealtyTrac. “Rising mortgage debt has led thousands of New Jersey homeowners — many of them first time home buyers — into financial ruin and inevitably into losing their homes to foreclosure.”

 

New Jersey ranked 10th in the country in total foreclosures reported for February. The state’s foreclosure rate of one foreclosure filing for every 744 households ranked 12th among the 50 states.

 

Bulk of state total found in five counties

The combined foreclosure filings in five counties accounted for 59 percent of all New Jersey foreclosure activity in February. Monmouth County documented the highest total, with 886 foreclosure filings for the month. Ocean County had the second highest total, with 521 foreclosure filings. The state’s third highest total was posted in Passaic County, with 446 foreclosure filings. Essex County reported the fourth highest total, with 409 foreclosure filings. Camden County rounded out the state’s top five, reporting 377 filings in the foreclosure pipeline during the month.

 

Monmouth County leads state in foreclosure rate

Monmouth County tallied the highest foreclosure rate in New Jersey for February, with one foreclosure filing for every 272 households — 2.7 times the state average and 3.3 times the national average. Passaic County posted the second highest rate, with one foreclosure filing for every 381 households — twice the state average and 2.3 times the national average. Gloucester County came in third, with one foreclosure filing for every 408 households — 1.8 times the state average and 2.2 times the national average. Ocean County posted the state’s fourth highest foreclosure rate, reporting one foreclosure filing for every 477 households — 1.6 times the state average and 1.9 times the national average.

 

State makes minor contribution to national total

Total foreclosure filings in New Jersey accounted for more than 3 percent of the 130,786 filings nationwide in February. The national total was down 4 percent from the previous month, but still up 12 percent from February 2006. The nation’s foreclosure rate increased slightly to one foreclosure filing for every 884 households during the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. 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 – February 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

29,662

47,127

9,404

22,479

22,114

130,786

884

n/a

n/a

New Jersey

3,696

614

0

8

130

4,448

744

1.19

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

166

7

0

6

5

184

620

1.43

1.20

Bergen

5

18

0

0

10

33

10,298

0.09

0.07

Burlington

162

35

0

0

0

197

819

1.08

0.91

Camden

304

52

0

0

21

377

530

1.67

1.41

Cape May

60

8

0

0

3

71

1,282

0.69

0.58

Cumberland

57

11

0

0

17

85

622

1.42

1.20

Essex

271

138

0

0

0

409

736

1.20

1.01

Gloucester

202

23

0

0

8

233

408

2.17

1.82

Hudson

6

20

0

0

0

26

9,255

0.10

0.08

Hunterdon

2

2

0

0

1

5

9,006

0.10

0.08

Mercer

184

42

0

0

12

238

560

1.58

1.33

Middlesex

187

27

0

0

10

224

1,222

0.72

0.61

Monmouth

843

41

0

1

1

886

272

3.25

2.74

Morris

3

14

0

0

0

17

10,258

0.09

0.07

Ocean

442

65

0

0

14

521

477

1.85

1.56

Passaic

406

33

0

1

6

446

381

2.32

1.95

Salem

1

21

0

0

4

26

1,006

0.88

0.74

Somerset

65

8

0

0

3

76

1,474

0.60

0.50

Sussex

2

20

0

0

0

22

2,569

0.34

0.29

Union

275

24

0

0

12

311

620

1.43

1.20

Warren

53

5

0

0

3

61

675

1.31

1.10

 

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 construction properties, 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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