New Jersey Foreclosure Activity Down in 2011

Filings down 73 percent from 2010 and 72 percent from 2009

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 17,461 New Jersey properties in 2011, down 73 percent from a year ago and 72 percent below the level reported in 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

The state posted the 40th highest foreclosure rate in the nation, with one in every 202 New Jersey housing units receiving a foreclosure filing in 2011.

Foreclosure filings were reported on 1,065 New Jersey properties in December, a 7 percent decrease from November and down 78 percent from December 2010. One in every 3,311 New Jersey housing units received a foreclosure filing in December, the 42nd highest state foreclosure rate in the nation.

Sussex County has top foreclosure rate honors in 2011
 One in every 136 housing units in Sussex County received a foreclosure filing during 2011 — 1.5 times the state average. Atlantic County had the second highest rate with one in every 154 housing units reporting a foreclosure filing — 1.3 times the state average. Essex County had the third highest rate, reporting one in every 157 housing units with a foreclosure filing — 1.3 times the state average.

Essex County leads the state in foreclosure activity for 2011
 Essex County led the way, reporting 1,996 properties with foreclosure filings during 2011. Ocean County was second highest in the state, reporting 1,457 properties with foreclosure filings. Third highest total was tallied in Middlesex County, where 1,320 properties with foreclosure filings were reported. Reporting 1,219 properties with foreclosure filings for the year, Camden County registered the fourth highest total in the state. Fifth highest was Bergen County, where 1,204 properties with foreclosure filings were reported for 2011.

State a minor contributor to nation’s foreclosure total in 2011
 New Jersey accounted for 1 percent of the 1,887,777 properties with foreclosure filings reported nationwide for 2011. Total U.S. activity was down 34 percent from 2010 and was down 33 percent from the level reported for 2009. One in every 69 U.S. housing units received a foreclosure filing during the year.

“Foreclosures were in full delay mode in 2011, resulting in a dramatic drop in foreclosure activity for the year,” said Brandon Moore, chief executive officer of RealtyTrac. “The lack of clarity regarding many of the documentation and legal issues plaguing the foreclosure industry means that we are continuing to see a highly dysfunctional foreclosure process that is inefficiently dealing with delinquent mortgages — particularly in states with a judicial foreclosure process.

“There were strong signs in the second half of 2011 that lenders are finally beginning to push through some of the delayed foreclosures in select local markets. We expect that trend to continue this year, boosting foreclosure activity for 2012 higher than it was in 2011, though still below the peak of 2010.”

 

New Jersey Top Foreclosure Rates By County –2011

County

Total

% Housing Units

1/every X HU (rate)

/National Avg.

/State Avg.

 

 

 

 

 

 

United States

1,887,777

1.45

69

n/a

n/a

New Jersey

17,461

0.50

202

0.34

n/a

 

 

 

 

 

 

Sussex

446

0.73

136

0.51

1.48

Atlantic

827

0.65

154

0.45

1.31

Essex

1,996

0.64

157

0.44

1.29

Salem

174

0.63

160

0.43

1.27

Warren

279

0.61

164

0.42

1.23

 New Jersey Top Foreclosure Totals By County –2011

County

Total

% Housing Units

1/every X HU (rate)

% Chg 2010

% Chg 2009

 

 

 

 

 

 

United States

1,887,777

1.45

69

-34.27

-33.17

New Jersey

17,461

0.50

202

-73.06

-72.38

 

 

 

 

 

 

Essex

1,996

0.64

157

-73.73

-74.53

Ocean

1,457

0.53

189

-70.92

-68.92

Middlesex

1,320

0.46

219

-70.95

-71.18

Camden

1,219

0.59

170

-72.90

-67.90

Bergen

1,204

0.34

292

-73.58

-75.88

 

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