NEW JERSEY FORECLOSURES INCREASE 21 PERCENT IN JUNE

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

State Activity Level Up 66 Percent From June 2006

 

IRVINE, Calif. – July 31, 2007 – New Jersey reported 4,768 foreclosure filings in June, a 21 percent increase from the previous month, and 66 percent above the number reported for June 2006, according to the latest RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of foreclosure and bank-owned properties, with over 1 million 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.

 

New Jersey foreclosures are up both in June and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “A number of factors are contributing to the overall rise in foreclosures such as the state’s home price appreciation rate which is currently below the national average.”

 

New Jersey ranked 10th in the country in total foreclosures reported for June. The state’s foreclosure rate of one foreclosure filing for every 694 households is on par with the national average and ranked 11th among the 50 states.

 

Essex County accounts for largest share of state total

Essex County reported the highest foreclosure total for in June, reporting 1,522 foreclosure filings. Camden County posted the second highest foreclosure total with 650 foreclosure filings, followed by Union County with 382 foreclosure filings. Ocean County reported the fourth highest foreclosure total with 350 foreclosure filings, followed by Burlington County with 342 foreclosure filings.

 

Highest foreclosure rate posted in Essex County

Essex County posted the highest foreclosure rate in New Jersey for June, one foreclosure filing for every 198 households — 3.5 times the state average and 3.6 times the national average. Camden County reported the second highest rate, one foreclosure filing for every 307 households — 2.3 times the state average and 2.3 times the national average. Gloucester County posted the third highest foreclosure rate, one foreclosure filing for every 413 households — 1.7 times the state average and 1.7 times the national average.

 

State makes significant contribution to national total

Total foreclosure filings in New Jersey accounted for 3 percent of the 164,644 foreclosure filings nationwide in June. The national total was down 7 percent from the previous month but still up 87 percent from June 2006. The nation’s foreclosure rate decreased to one foreclosure filing for every 704 U.S. households for the month.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of foreclosure filings — both nationwide and by state — over the preceding month. 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 – June 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

36,048

51,492

12,488

38,247

26,369

164,644

704

n/a

n/a

New Jersey

0

589

132

3,875

172

4,768

694

1.01

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

0

2

6

159

13

180

634

1.11

1.10

Bergen

0

47

11

4

8

70

4,855

0.15

0.14

Burlington

0

48

4

289

1

342

472

1.49

1.47

Camden

0

46

9

572

23

650

307

2.29

2.26

Cape May

0

6

1

36

1

44

2,069

0.34

0.34

Cumberland

0

19

4

3

5

31

1,705

0.41

0.41

Essex

0

116

20

1,345

41

1,522

198

3.56

3.51

Gloucester

0

19

3

201

7

230

413

1.70

1.68

Hudson

0

14

9

12

2

37

6,503

0.11

0.11

Hunterdon

0

6

0

2

0

8

5,629

0.13

0.12

Mercer

0

24

5

7

4

40

3,332

0.21

0.21

Middlesex

0

16

8

92

14

130

2,105

0.33

0.33

Monmouth

0

42

11

216

1

270

892

0.79

0.78

Morris

0

17

4

2

2

25

6,975

0.10

0.10

Ocean

0

66

10

264

10

350

711

0.99

0.98

Passaic

0

46

9

239

18

312

545

1.29

1.27

Salem

0

0

1

4

0

5

5,232

0.13

0.13

Somerset

0

19

3

46

5

73

1,535

0.46

0.45

Sussex

0

13

2

1

4

20

2,826

0.25

0.25

Union

0

16

8

349

9

382

505

1.39

1.37

Warren

0

7

4

32

4

47

876

0.80

0.79

 

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 homes, 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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