New Jersey Foreclosure Activity Decreased in Third Quarter

Total foreclosure filings decline 25 percent statewide from the second quarter

Auction notices up, defaults and REOs down for the quarter

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 16,465 New Jersey properties during the third quarter, a 25 percent decrease from the previous quarter and down 9 percent from the third quarter of 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

 

For September, New Jersey reported 6,100 properties with foreclosure filings, a 28 percent increase from the previous month and 14 percent above the level reported for the same month last year. It ranked 10th in the nation in total foreclosures reported for the month. One in every 577 New Jersey housing units received a foreclosure filing in September, ranking the 19th highest foreclosure rate among the 50 states.

 

New Jersey foreclosures were down significantly during the third quarter,” said James J. Saccacio, chief executive officer of RealtyTrac. “The largest decline was in default notices, which were down 38 percent for the quarter. The state’s unemployment rate decreased during all three months and is now below the national average. Home sales were also much higher here than most states earlier this year. These factors are definitely driving the decline.”

 

New Jersey ranked 12th in the nation in total foreclosures reported for the third quarter. One in every 214 New Jersey housing units received a foreclosure filing during the quarter, giving the state the 19th highest foreclosure rate in the nation.

 

Union County led state with top foreclosure rate in third quarter

Newton County posted the highest foreclosure rate in the state during the third quarter of 2010, where one in every 130 housing units received a foreclosure filing. Sussex County posted the second highest foreclosure rate, where one in every 142 housing units received a foreclosure filing during the period. Passaic County documented the third highest foreclosure rate, where one in every 156 housing units received a foreclosure filing.

 

Essex County posts state’s top foreclosure total for third quarter

Essex County dominated, reporting 1,984 properties with foreclosure filings for the quarter. Union County was second, reporting 1,523 properties with foreclosure filings. Ocean County was third, tallying 1,271 properties with foreclosure filings. Middlesex County was fourth highest, reporting 1,118 properties with foreclosure filings. Passaic County came in last for the state’s top five, reporting 1,105 properties with foreclosure filings for the quarter.

 

State contributes less than 1 percent to nation’s foreclosure total for the quarter

Less than 1 percent of 930,437 properties with foreclosure filings reported nationwide during the third quarter were located in New Jersey. Total U.S. activity increased nearly 4 percent from the second quarter, but was down fractionally from the level reported for the third quarter 2009. One in every 139 U.S. housing units received a foreclosure filing during the quarter.

 

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 – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

n/a

n/a

New Jersey

0

9,670

0

4,129

2,666

16,465

214

n/a

n/a

 

 

 

 

 

 

 

 

 

 

Union

0

675

0

555

293

1,523

130

1.07

1.65

Sussex

0

264

0

113

52

429

142

0.98

1.51

Passaic

0

564

0

372

169

1,105

156

0.89

1.37

Atlantic

0

495

0

167

149

811

157

0.88

1.36

Essex

0

947

0

651

386

1,984

157

0.88

1.36

 

 

New Jersey Top Foreclosure Totals by County – Third Quarter 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Q2 10

% Chg Q3 09

 

 

 

 

 

 

 

 

 

 

United States

116,349

153,298

243,869

128,576

288,345

930,437

139

3.90

-0.79

New Jersey

0

9,670

0

4,129

2,666

16,465

214

-25.08

-9.07

 

 

 

 

 

 

 

 

 

 

Essex

0

947

0

651

386

1,984

157

-20.23

-9.49

Union

0

675

0

555

293

1,523

130

-1.30

-11.14

Ocean

0

773

0

303

195

1,271

216

-25.28

-4.08

Middlesex

0

713

0

203

202

1,118

258

-29.46

-18.99

Passaic

0

564

0

372

169

1,105

156

-25.69

-15.13

 

 

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