New Jersey Foreclosure Activity Declines in October

Foreclosure filings down 15 percent from September

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 5,198 New Jersey properties in October, a 15 percent decrease from the previous month and down 30 percent from the level reported in October 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

“Foreclosure activity continued to fall in New Jersey in October, dropping to well below what was reported for the previous month and for October 2009,” said James J. Saccacio, chief executive officer of RealtyTrac. “The recent ‘robo-signing’ controversy has led to many lenders having to halt foreclosure proceedings until their processes could be reviewed. Considering the fall-out caused by that, New Jersey and many other states will likely see additional months of declining foreclosure activity.”

 

One in every 677 New Jersey housing units received a foreclosure filing in October, the 24th highest foreclosure rate in the nation.

 

Cumberland County posts state’s top foreclosure rate for October

Cumberland County posted the highest county foreclosure rate in New Jersey for the month, with one in every 345 housing units receiving a foreclosure filing during October — twice the state average. Union County registered the second highest foreclosure rate, with one in every 419 housing units receiving a foreclosure filing during the month — 1.6 times the state average. Essex County was third highest, with one in every 465 housing units receiving a foreclosure filing — 1.5 times the state average.

 

Essex County led the state in foreclosure activity in October

Essex County had the top foreclosure total, reporting 671 properties with foreclosure filings for the month. Union County tallied the second highest foreclosure level, reporting 471 properties with foreclosure filings. Third highest total was in Bergen County, where 365 properties with foreclosure filings were reported. Fourth highest was Ocean County, where 354 properties with foreclosure filings were reported. Camden County was in fifth, tallying 345 properties with foreclosure filings. 

 

State a minor contributor to nation’s monthly foreclosure total

New Jersey accounted for 2 percent of the 332,172 properties with foreclosure filings reported nationwide in October. Total U.S. activity decreased by more than 4 percent from the previous month, and was down fractionally from the level reported in October 2009. One in every 389 U.S. housing units received a foreclosure filing during the month.

 

Report methodology

The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the month — broken out by type of filing by state, county and metropolitan statistical area. Some foreclosure filings entered into the database during the month may have been recorded in previous months. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population. 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 received for a property during the month, 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 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

n/a

n/a

New Jersey

0

3,204

0

694

1,300

5,198

677

0.57

n/a

 

 

 

 

 

 

 

 

 

 

Cumberland

0

59

0

28

75

162

345

1.13

1.96

Union

0

219

0

128

124

471

419

0.93

1.61

Essex

0

315

0

111

245

671

465

0.84

1.45

Atlantic

0

180

0

15

56

251

507

0.77

1.33

Sussex

0

81

0

17

18

116

524

0.74

1.29

 

 

New Jersey Top Foreclosure Totals by County – October 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Sept 10

% Chg Oct 09

 

 

 

 

 

 

 

 

 

 

United States

43,271

57,304

92,989

45,372

93,236

332,172

389

-4.39

-0.04

New Jersey

0

3,204

0

694

1,300

5,198

677

-14.79

-30.09

 

 

 

 

 

 

 

 

 

 

Essex

0

315

0

111

245

671

465

-8.08

-34.66

Union

0

219

0

128

124

471

419

-0.84

-24.52

Bergen

0

243

0

64

58

365

963

-13.71

-45.60

Ocean

0

218

0

29

107

354

776

-17.48

-36.79

Camden

0

233

0

36

76

345

598

-6.50

-18.25

 

 

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