NEW JERSEY FORECLOSURES INCREASE 28 PERCENT IN JANUARY

State’s Activity Up 43 Percent From a Year Ago

 

IRVINE, Calif. – Feb. 25, 2007 – New Jersey documented 4,953 new foreclosure filings in January, a 28 percent increase from the previous month and a 43 percent increase from January 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 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, keeping its foreclosure rate among the nation’s 10 highest,” said James J. Saccacio, chief executive officer of RealtyTrac. “Statewide, sales of existing homes and new housing starts were down and inventories of unsold homes still remain high. These factors will continue to push foreclosures higher and indicate that New Jersey is in the midst of a housing slump.”

 

New Jersey ranked 10th in the country in total foreclosures reported for January. The state’s foreclosure rate of one new foreclosure filing for every 668 households ranked 10th among the 50 states and was 1.3 times the national average.

 

Bulk of state total found in five counties

The combined foreclosure filings in five counties accounted for 53 percent of all New Jersey foreclosure activity in January. Camden County documented the highest total, 759 foreclosure filings for the month. Monmouth County documented the second highest total with 611 new filings. Ocean County documented the state’s third highest total, 446 new foreclosure filings. Union County documented the fourth highest total, 425 new foreclosure filings. Middlesex County rounded out the state’s top five, reporting 380 new filings in the foreclosure pipeline during the month.

 

Camden County leads state in foreclosure rate

Camden County tallied the highest foreclosure rate in New Jersey for January, one new foreclosure filing for every 263 households — 2.5 times the state average and 3.4 times the national average. Gloucester County registered the second highest rate, with one new foreclosure filing for every 327 households — more than twice the state average and 2.7 times the national average. Monmouth County came in third with a foreclosure rate of one new foreclosure filing for every 394 households — 1.7 times the state average and 2.3 times the national average. Union County posted the state’s fourth highest foreclosure rate, reporting one new foreclosure filing for every 454 households— 1.5 times the state average and twice the national average.

 

State accounts for 4 percent of national total

New Jersey accounted for 4 percent of the 130,511 foreclosure filings nationwide in January.  The national total was up 19 percent from the previous month and up 25 percent from January 2006. The nation’s foreclosure rate increased to one new foreclosure filing for every 886 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 – January 2007

 

County

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,317

52,326

6,983

19,980

23,905

130,511

886

n/a

n/a

New Jersey

3,679

1,106

0

0

168

4,953

668

1.33

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

205

10

0

0

8

223

512

1.73

1.31

Bergen

64

68

0

0

6

138

2,462

0.36

0.27

Burlington

180

86

0

0

0

266

606

1.46

1.10

Camden

605

123

0

0

31

759

263

3.37

2.54

Cape May

76

13

0

0

7

96

948

0.93

0.70

Cumberland

50

35

0

0

15

100

529

1.68

1.26

Essex

123

256

0

0

0

379

794

1.12

0.84

Gloucester

233

44

0

0

14

291

327

2.71

2.05

Hudson

58

35

0

0

4

97

2,481

0.36

0.27

Hunterdon

10

5

0

0

1

16

2,815

0.31

0.24

Mercer

51

59

0

0

18

128

1,041

0.85

0.64

Middlesex

308

63

0

0

9

380

720

1.23

0.93

Monmouth

545

63

0

0

3

611

394

2.25

1.70

Morris

23

26

0

0

0

49

3,559

0.25

0.19

Ocean

365

71

0

0

10

446

558

1.59

1.20

Passaic

177

49

0

0

1

227

749

1.18

0.89

Salem

12

10

0

0

7

29

902

0.98

0.74

Somerset

145

29

0

0

3

177

633

1.40

1.06

Sussex

22

16

0

0

7

45

1,256

0.71

0.53

Union

371

37

0

0

17

425

454

1.95

1.47

Warren

56

8

0

0

7

71

580

1.53

1.15

 

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

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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