New Jersey Foreclosures Increase in October

Statewide filings up 39 percent from September; rate ranks #13 nationally

 

New Jersey reported 7,435 properties with foreclosure filings in October, up 39 percent from the previous month and 12 percent below the level reported in October 2008gs, according to the latest RealtyTrac® U.S. Foreclosure Market Report. One in every 471 New Jersey housing units received a foreclosure filing in October, the 13th highest state foreclosure rate in the nation.

 

New Jersey foreclosures were up in October,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest increase was in default notices, which were up 62 percent for the month. However, the numbers are down from this time last year. If unemployment ceases to increase and home sales continue to rise, we may see foreclosures continue their overall decline in the near future.”

 

California continues to lead the nation in foreclosure activity by a wide margin, reporting 85,420 properties with foreclosure filings. Florida was a distant second, reporting 51,911 properties with foreclosure filings in October. Illinois came in number three, reporting 19,946 properties with foreclosure filings for the month. Michigan took the number four slot, documenting 16,468 properties with foreclosure filings. Nevada came in fifth, reporting 13,842 properties with foreclosure filings.

 

The remaining states in the nation’s top 10 for total foreclosure filings in October were Arizona (13,345), Georgia (12,468), Texas (11,798), Ohio (11,646) and New Jersey (7,435). Activity in the top five states accounted for 56 percent of all foreclosure filings in the nation for October.

 

Essex County posts state’s top foreclosure rate in October

Essex County posted the highest county foreclosure rate in the state for October, with one in every 303 housing units receiving a foreclosure filing — 1.6 times the state average. Union County documented the second highest foreclosure rate, reporting one in every 316 housing units receiving a foreclosure filing — 1.5 times state average. Passaic County had the third highest rate, with one in every 345 housing units receiving a foreclosure filing — 1.4 times the state average. Atlantic County posted the fourth highest foreclosure rate, where one in every 368 housing units received a foreclosure filing during the month — 1.3 times the state average.

 

Five counties dominates state in foreclosure totals during October

Essex County led all counties, totaling 1,027 properties with foreclosure filings for the month. Bergen County was second highest, documenting 671 properties with foreclosure filings. Union County was third highest total in New Jersey, reporting 624 properties with foreclosure filings for the month. Middlesex County came in fourth, reporting 590 properties with foreclosure filings, while the fifth highest total was in Ocean County, where 560 properties with foreclosure filings were reported for the month.

 

State responsible for 2 percent of nation’s foreclosure activity in October

New Jersey accounted for 2 percent of the 332,292 properties with foreclosure filings reported nationwide in October. Total U.S. activity declined 3 percent from the previous month but was still 19 percent ahead of October 2008. One in every 385 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac Monthly U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing reported during the month — broken out by type of filing at the county, state and national level. RealtyTrac’s report incorporates documents filed in all three phases of foreclosure: Default Notice of Default (NOD) and Lis Pendens (LIS); Auction 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). If more than one foreclosure document is filed against a property during the month — which is extremely rare — only the most recent filing is counted in the report. The report also checks if the same type of document was filed against a property in a previous month. If so, and if that previous filing occurred within the estimated foreclosure timeframe for the state the property is in, the report does not count the property in the current month.

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

 

 

New Jersey Top Foreclosure Rates By County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

n/a

n/a

New Jersey

0

4,948

0

1,413

1,074

7,435

471

0.82

n/a

 

 

 

 

 

 

 

 

 

 

Essex

0

553

0

193

281

1,027

303

1.27

1.55

Union

0

413

0

106

105

624

316

1.22

1.49

Passaic

0

320

0

81

97

498

345

1.11

1.36

Atlantic

0

241

0

37

65

343

368

1.04

1.28

Sussex

0

104

0

21

30

155

391

0.99

1.20

 

 

New Jersey Top Foreclosure Totals by County – October 2009

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 09

% Chg Oct 08

 

 

 

 

 

 

 

 

 

 

United States

51,373

72,916

94,850

36,076

77,077

332,292

385

-3.30

18.86

New Jersey

0

4,948

0

1,413

1,074

7,435

471

38.53

-12.25

 

 

 

 

 

 

 

 

 

 

Essex

0

553

0

193

281

1,027

303

80.49

-20.82

Bergen

0

450

0

160

61

671

521

79.89

-29.14

Union

0

413

0

106

105

624

316

21.64

-22.87

Middlesex

0

355

0

162

73

590

487

44.61

46.40

Ocean

0

409

0

97

54

560

488

43.59

25.84

 

 

To search and research real estate data for more than 130 million properties nationwide, sign up for a FREE trial to RealtyTrac.

For the latest real estate news and trends get a FREE issue of our award-winning real estate newsletter, the Housing News Report.

Related Posts

Leave a Reply

Copyright © 2016 Renwood RealtyTrac LLC - All rights reserved