NEW JERSEY FORECLOSURES DECREASE 5 PERCENT IN MARCH

State’s Activity Up 29 Percent From a Year Ago

 

IRVINE, Calif. – April 23, 2007 – New Jersey documented 4,780 foreclosure filings in March, a 5 percent decline from a revised February total, but still a 29 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 900,000 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.

 

“Home foreclosure filings in New Jersey dropped in March for the second straight month,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, we could see an increase in foreclosure in New Jersey as families, who financed their home purchases with subprime mortgages in the last few years, start falling behind on their monthly payments as interest rates are reset to higher levels.”

 

The Garden State ranked 9th in the country in total foreclosures reported for March. The state’s foreclosure rate of one foreclosure filing for every 693 households — 1.1 times the national average — ranked 12th among the 50 states.

 

Bulk of state total found in five counties

The combined foreclosure filings in five counties accounted for 64 percent of all New Jersey foreclosure activity in March. Monmouth County documented the highest total, with 847 foreclosure filings for the month. Ocean County had the second highest total, reporting 734 foreclosure filings. Camden County documented the state’s third highest total with 632 foreclosure filings. Union County came in fourth,  reporting 481 foreclosure filings. Essex County rounded out the state’s top five, reporting 359 filings in the foreclosure pipeline during the month.

 

Monmouth County leads state in foreclosure rate

Monmouth County tallied the highest foreclosure rate in the state for March, with one foreclosure filing for every 284 households — 2.4 times the state average and 2.7 times the national average. Camden County posted the second highest rate, with one foreclosure filing for every 316 households — 2.2 times the state average and 2.5 times the national average. Ocean County came in third, with one foreclosure filing for every 339 households — twice the state average and 2.3 times the national average. Gloucester County posted the state’s fourth highest foreclosure rate, reporting one foreclosure filing for every 382 households — 1.8 times the state average and twice the national average.

 

State makes minor contribution to national total

Total foreclosure filings in New Jersey accounted for 3 percent of the 149,150 foreclosure filings nationwide in March. The national total was up almost 7 percent from the previous month, and surged 47 percent from March 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 775 U.S. 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 – March 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,134

51,203

8,906

19,416

22,491

149,150

775

n/a

n/a

New Jersey

3,784

725

0

1

270

4,780

693

1.12

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

168

13

0

0

5

186

613

1.26

1.13

Bergen

7

5

0

0

8

20

16,991

0.05

0.04

Burlington

232

73

0

0

25

330

489

1.59

1.42

Camden

467

81

0

0

84

632

316

2.45

2.19

Cape May

38

4

0

0

2

44

2,069

0.37

0.33

Cumberland

20

9

0

0

9

38

1,391

0.56

0.50

Essex

225

134

0

0

0

359

838

0.92

0.83

Gloucester

204

24

0

0

21

249

382

2.03

1.81

Hudson

3

37

0

0

0

40

6,015

0.13

0.12

Hunterdon

0

3

0

0

0

3

15,011

0.05

0.05

Mercer

14

49

0

0

0

63

2,116

0.37

0.33

Middlesex

241

44

0

0

11

296

924

0.84

0.75

Monmouth

783

59

0

1

4

847

284

2.73

2.44

Morris

1

16

0

0

20

37

4,713

0.16

0.15

Ocean

636

55

0

0

43

734

339

2.29

2.04

Passaic

167

42

0

0

5

214

795

0.98

0.87

Salem

1

6

0

0

1

8

3,270

0.24

0.21

Somerset

87

17

0

0

3

107

1,047

0.74

0.66

Sussex

1

31

0

0

8

40

1,413

0.55

0.49

Union

446

19

0

0

16

481

401

1.93

1.73

Warren

43

4

0

0

5

52

791

0.98

0.87

 

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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