NEW JERSEY FORECLOSURES INCREASE 52 PERCENT IN OCTOBER

Activity Down 37 Percent From a Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Nov. 10, 2006 – New Jersey reported 4,904 properties entering some stage of the foreclosure process in October, a 52 percent gain from the 3,221 properties reported in September, but a 37 percent decrease from the 7,835 properties reported for the same month last year, according to the RealtyTrac™ October 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with over 700,000 properties from more than 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.

 

“Economic expansion in New Jersey is slowing and home appreciation is declining,” said James J. Saccacio, chief executive officer of RealtyTrac. “Moreover, sub-prime borrowers with adjustable-rate mortgages seem to be facing increasing financial pressure and foreclosure activity has increased within this loan category in New Jersey.”

 

New Jersey ranked ninth in the country in total foreclosures reported for October. The state’s foreclosure rate of one new foreclosure filing for every 675 households ranked it ninth among the 50 states.

 

Camden County tops in foreclosure activity

Camden County posted the most total foreclosures of any New Jersey county, reporting 756 properties entering some stage of the foreclosure process during the month. Burlington County had the second highest total, reporting 668 properties entering some stage of foreclosure. Third highest was Ocean County, reporting 601 properties in foreclosure, followed by Essex County, which reported 463 properties in the foreclosure pipeline.

 

Highest foreclosure rate reported in Burlington County

Burlington County posted the state’s highest foreclosure rate in October, with one new foreclosure filing for every 241 households — 2.8 times the state average and 4.1 times the national average. Reporting one new foreclosure filing for every 245 households — 2.8 times the state average and 4.1 times the national average — Cumberland County had the second highest foreclosure rate in the state.

 

New Jersey makes contribution to national total

New Jersey’s foreclosure activity accounted for more than 4 percent of the 115,568 properties entering some stage of foreclosure nationwide in October. The national total represents a 3 percent increase in activity from the 112,210 foreclosures reported in September. The national foreclosure rate increased to one new foreclosure filing for every 1,001 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: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

   

                  New Jersey Foreclosure Market by County – October 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

27,731

42,375

5,799

18,895

20,768

115,568

1,001

New Jersey

4,038

719

0

0

147

4,904

 

675

1.48

 

 

 

 

 

 

 

 

 

 

Atlantic

139

14

0

0

6

159

718

1.39

0.94

Bergen

111

11

0

0

4

126

2,697

0.37

0.25

Burlington

593

69

0

0

6

668

241

4.14

2.80

Camden

648

84

0

0

24

756

264

3.79

2.56

Cape May

29

16

0

0

3

48

1,897

0.53

0.36

Cumberland

158

51

0

0

7

216

245

4.09

2.76

Essex

330

120

0

0

13

463

650

1.54

1.04

Gloucester

171

38

0

0

6

215

442

2.26

1.53

Hudson

63

20

0

0

0

83

2,899

0.34

0.23

Hunterdon

16

6

0

0

0

22

2,047

0.49

0.33

Mercer

87

39

0

0

16

142

939

1.07

0.72

Middlesex

133

33

0

0

8

174

1,573

0.64

0.43

Monmouth

166

37

0

0

0

203

1,187

0.84

0.57

Morris

57

13

0

0

5

75

2,325

0.43

0.29

Ocean

523

61

0

0

17

601

414

2.42

1.63

Passaic

122

42

0

0

0

164

1,037

0.96

0.65

Salem

34

8

0

0

6

48

545

1.84

1.24

Somerset

215

15

0

0

2

232

483

2.07

1.40

Sussex

126

18

0

0

9

153

369

2.71

1.83

Union

278

14

0

0

11

303

637

1.57

1.06

Warren

39

10

0

0

4

53

777

1.28

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 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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