New Jersey Foreclosure Activity Falls in August

Filings decrease 21 percent from July

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 4,777 New Jersey properties in August, a 21 percent decrease from the previous month and a 43 percent decrease from August 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

“New Jersey foreclosure activity dropped substantially in August to well below both the previous month and the same time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment within the state was even with the national average at 9.6 percent as New Jersey added new jobs amid hopes of a faster economic comeback.”

 

The state reported the 29th highest state foreclosure rate, as one in every 736 New Jersey housing units received a foreclosure filing during the month.

 

Union County leads the state in foreclosure rate for August

Union County, where one in every 423 housing units received a foreclosure filing during the month, posted the top foreclosure rate in the state. One in every 471 housing units received a foreclosure filing in Sussex County, for the second highest rate in the state. Coming in third was Passaic County, where one in every 508 housing units received a foreclosure filing in August. Fourth highest was Warren County, where one in every 518 housing units received a foreclosure filing. Essex County came in fifth, with one in every 525 housing units receiving a foreclosure filing during the month.

 

State’s top foreclosure total for August posted in Essex County

Essex County led the state in total foreclosure activity for August, reporting 595 properties with foreclosure filings. Second highest was Union County, where 467 properties with foreclosure filings were reported. Ocean County came in third, tallying 384 properties with foreclosure filings. Fourth highest was Passaic County, where 339 properties with foreclosure filings were reported. Camden County came in fifth, reporting 321 properties with foreclosure filings for the month.

 

State a minor contributor to nation’s monthly foreclosure total

New Jersey accounted for 1 percent of the 338,836 properties with foreclosure filings reported nationwide in August. Total U.S. activity increased by more than 4 percent from the previous month, but was down more than 5 percent from the level reported in August 2009. One in every 381 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 – August  2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

n/a

n/a

New Jersey

0

2,364

0

1,404

1,009

4,777

736

0.52

n/a

 

 

 

 

 

 

 

 

 

 

Union

0

152

0

184

131

467

423

0.90

1.74

Sussex

0

70

0

42

17

129

471

0.81

1.56

Passaic

0

129

0

157

53

339

508

0.75

1.45

Warren

0

44

0

23

21

88

518

0.73

1.42

Essex

0

219

0

228

148

595

525

0.73

1.40

 

 

New Jersey Top Foreclosure Totals by County – August 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg June 10

% Chg July 09

 

 

 

 

 

 

 

 

 

 

United States

44,887

51,582

95,887

51,116

95,364

338,836

381

4.18

-5.48

New Jersey

0

2,364

0

1,404

1,009

4,777

736

-20.77

-42.56

 

 

 

 

 

 

 

 

 

 

Essex

0

219

0

228

148

595

525

-13.64

-42.73

Union

0

152

0

184

131

467

423

-25.16

-37.73

Ocean

0

178

0

122

84

384

716

-22.74

-36.21

Passaic

0

129

0

157

53

339

508

-19.48

-41.04

Camden

0

181

0

71

69

321

643

-21.71

-32.14

 

 

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