NEW JERSEY FORECLOSURES INCREASE 26 PERCENT IN MAY

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 102 Percent From a Year Ago

 

IRVINE, Calif. – June 15, 2007 – New Jersey reported 3,928 foreclosure filings in May, a 26 percent increase from the previous month, and a 102 percent increase from May 2006, 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.

 

New Jersey foreclosures are up both in May and from this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statistics show that the state’s home price appreciation rate is below the national average. This is likely contributing to the overall rise in foreclosure filings.”

 

New Jersey ranked 14th in the country in total foreclosures reported for May. The state’s foreclosure rate of one foreclosure filing for every 843 households ranked it 15th among the 50 states.

 

Ocean County accounts for largest share of state total

Ocean County reported the highest foreclosure total for the month, reporting 811 foreclosure filings. Passaic County came in second with 676 foreclosure filings, followed by Monmouth County with 475 foreclosure filings. Union County held the fourth highest total with 411 filings, followed by Essex County with 277 foreclosure filings.

 

Passaic County posts highest foreclosure rate

Passaic County posted the highest foreclosure rate in New Jersey for May, reporting one foreclosure filing for every 252 households — 3.4 times the state average and 2.6 times the national average. Ocean County reported the second highest foreclosure rate, with one foreclosure filing for every 307 households — 2.7 times the state average and 2.1 times the national average. Union County posted the third highest foreclosure rate, with one filing for every 469 households — 1.8 times the state average and 1.4 times the national average. Monmouth County reported the fourth highest foreclosure rate, with one foreclosure for every 507 households — 1.7 times the state average and 1.3 times the national average. Atlantic County reported the fifth highest foreclosure rate, with one foreclosure filing for every 659 households — 1.3 times the state average.

 

State contributes 2 percent to national total

Total foreclosure filings in New Jersey accounted for 2 percent of the 176,137 foreclosure filings nationwide in May. The national total was up 19 percent from the previous month and up 90 percent from May 2006. The nation’s foreclosure rate increased to one foreclosure filing for every 657 U.S. households during 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 – May 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

55,615

56,481

9,760

25,733

28,548

176,137

656

n/a

n/a

New Jersey

2,890

891

0

0

147

3,928

843

0.78

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

159

11

0

0

3

173

659

1.00

1.28

Bergen

7

87

0

0

12

106

3,206

0.20

0.26

Burlington

3

92

0

0

0

95

1,698

0.39

0.50

Camden

50

69

0

0

5

124

1,610

0.41

0.52

Cape May

26

27

0

0

2

55

1,655

0.40

0.51

Cumberland

46

14

0

0

9

69

766

0.86

1.10

Essex

141

136

0

0

0

277

1,087

0.60

0.78

Gloucester

70

57

0

0

12

139

684

0.96

1.23

Hudson

3

37

0

0

4

44

5,469

0.12

0.15

Hunterdon

1

3

0

0

0

4

11,258

0.06

0.08

Mercer

4

45

0

0

1

50

2,666

0.25

0.32

Middlesex

121

72

0

0

14

207

1,322

0.50

0.64

Monmouth

416

55

0

0

4

475

507

1.29

1.66

Morris

36

6

0

0

0

42

4,152

0.16

0.20

Ocean

756

47

0

0

8

811

307

2.14

2.75

Passaic

603

37

0

0

36

676

252

2.61

3.36

Salem

3

18

0

0

0

21

1,246

0.53

0.68

Somerset

42

18

0

0

3

63

1,778

0.37

0.48

Sussex

2

22

0

0

12

36

1,570

0.42

0.54

Union

371

24

0

0

16

411

469

1.40

1.80

Warren

30

14

0

0

6

50

823

0.80

1.02

 

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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