NEW JERSEY FORECLOSURES DOWN 35 PERCENT IN APRIL

Activity Up 61 Percent From a Year Earlier

 

IRVINE, Calif. – May 18, 2007 – New Jersey reported 3,122 foreclosure filings in April, a 35 percent decrease in activity from the previous month, but still 61 percent above the level reported for 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.

 

“Even with a slightly declining employment rate, New Jersey is seeing a significant decrease in foreclosure activity compared to last month,” said James J. Saccacio, chief executive officer of RealtyTrac. “Still, the state’s rate of foreclosures will need to drop much lower to bring it in line with last year’s activity.”

 

New Jersey ranked 15th in the country in total foreclosures reported for March. The state posted the 16th highest foreclosure rate in the country for the month — one foreclosure filing for every 1,060 households — well below the national average.

 

Five counties account for majority of state foreclosure activity

Five counties were responsible for 61 percent of foreclosure filings in New Jersey for April. Camden County led the state, reporting 529 foreclosure filings for the month. Ocean County came in second, reporting 370 foreclosure filings. Third highest total was reported by Union County with 339 filings, followed by Monmouth County with 331 filings and Essex County with 329 filings in the foreclosure pipeline.

 

Camden County leads state in foreclosure rate for the month

Camden County posted the highest foreclosure rate in the state for April — one foreclosure filing for every 377 households — 2.8 times the state average and 2.1 times the national average. Union County tallied the state’s second highest rate — one foreclosure filing for every 569 households — 1.9 times the state average and 1.4 times the national average. Third highest was Cumberland County with one foreclosure filing for every 608 households — 1.8 times the state average and 1.3 times the national average.

 

State makes contribution to national total

Total foreclosure filings in New Jersey accounted for 2 percent of the 147,708 filings nationwide in April. The national total was down less than 1 percent from the previous month, but still up 62 percent from April 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 783 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 – April 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

47,171

49,794

7,388

21,085

22,270

147,708

783

n/a

n/a

New Jersey

2,560

396

0

4

162

3,122

1,060

0.74

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

106

3

0

0

6

115

992

0.79

1.07

Bergen

3

9

0

0

12

24

14,159

0.06

0.07

Burlington

100

22

0

0

19

141

1,144

0.68

0.93

Camden

451

44

0

0

34

529

377

2.07

2.81

Cape May

36

4

0

0

4

44

2,069

0.38

0.51

Cumberland

60

19

0

0

8

87

608

1.29

1.75

Essex

300

29

0

0

0

329

915

0.86

1.16

Gloucester

101

23

0

0

5

129

737

1.06

1.44

Hudson

6

36

0

0

3

45

5,347

0.15

0.20

Hunterdon

5

4

0

0

2

11

4,094

0.19

0.26

Mercer

3

22

0

0

0

25

5,331

0.15

0.20

Middlesex

140

32

0

0

11

183

1,495

0.52

0.71

Monmouth

300

31

0

0

0

331

728

1.08

1.46

Morris

191

14

0

0

2

207

842

0.93

1.26

Ocean

315

31

0

4

20

370

672

1.16

1.58

Passaic

52

30

0

0

0

82

2,074

0.38

0.51

Salem

1

9

0

0

0

10

2,616

0.30

0.41

Somerset

40

12

0

0

8

60

1,867

0.42

0.57

Sussex

0

3

0

0

5

8

7,066

0.11

0.15

Union

303

16

0

0

20

339

569

1.38

1.86

Warren

47

3

0

0

3

53

777

1.01

1.37

 

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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