New Jersey Foreclosure Activity Slows in May

 

Foreclosure filings down 15 percent from April; down 87 percent from May 2010

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 1,005 New Jersey properties in May, down 15 percent from April and 87 percent below the level reported for May 2010, according to the latest RealtyTrac® U.S. Foreclosure Market Report. As unemployment rose to 9.4 percent in The Garden State, one in every 3,509 New Jersey housing units received a foreclosure filing, the nation’s 45th highest foreclosure rate in May.

 

Salem County posts top foreclosure rate for May

Salem County posted the highest foreclosure rate of all New Jersey counties in May, with one in every 2,524 housing units receiving a foreclosure filing. Gloucester County reported the state’s second highest foreclosure rate, where one in every 2,569 housing units received a foreclosure filing during the month. Union County came in third, with one in every 2,673 housing units receiving a foreclosure filing during the month.

 

Essex County posts highest total for May

Essex County led the state in terms of volume, reporting 109 properties with foreclosure filings for the month. Ocean County had the second highest total, reporting 100 properties with foreclosure filings. Third highest in the state was Hudson County, where 82 properties with foreclosure filings were reported. Middlesex County was fourth highest, tallying 80 properties with foreclosure filings. Fifth highest was Monmouth County, where 78 properties with foreclosure filings were reported for the month.

 

State a minor contributor to nation’s foreclosure crisis in May

New Jersey accounted for less than 1 percent of the 214,927 properties with foreclosure filings reported nationwide in May. Total U.S. activity decreased by nearly 2 percent from April, and was down 33 percent from the level reported in May 2010. One in every 605 U.S. housing units received a foreclosure filing during the month.

 

“Foreclosure processing delays continue to mask the true face of the foreclosure situation, although there were some clues in the May numbers of what lies behind that mask,” said James J. Saccacio, chief executive officer of RealtyTrac. “First, activity spiked in May for various stages of the foreclosure process in some states, a pattern that has occurred in several states over the past few months. This pattern provides evidence that lenders are somewhat unevenly pushing batches of bad loans through foreclosure as they overhaul their paperwork and documentation procedures and as they determine that some local markets are able to absorb more foreclosure inventory.

 

“Second, while the inventory of properties in the foreclosure process has declined steadily over the past six months — thanks in large part to 16 consecutive months of year-over-year declines in new default notices — the inventory of unsold bank-owned REOs increased in April and May even as new REO activity slowed in both of those months,” Saccacio continued. “That points to continued weak demand from buyers, making it tough for lenders to unload their REO inventory. Even at a significantly lower level than a year ago, the new supply of REOs exceeds the amount being sold each 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 – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

n/a

n/a

New Jersey

0

521

0

226

258

1,005

3,509

0.17

n/a

 

 

 

 

 

 

 

 

 

 

Salem

0

5

0

0

6

11

2,524

0.24

1.39

Gloucester

0

22

0

7

13

42

2,569

0.24

1.37

Union

0

38

0

13

23

74

2,673

0.23

1.31

Ocean

0

43

0

28

29

100

2,758

0.22

1.27

Camden

0

47

0

11

17

75

2,760

0.22

1.27

 

 

New Jersey Top Foreclosure Totals by County – May 2011

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Apr 11

% Chg May 10

 

 

 

 

 

 

 

 

 

 

United States

28,468

30,329

67,313

21,938

66,879

214,927

605

-8.56

-34.32

New Jersey

0

521

0

226

258

1,005

3,509

-15.19

-87.43

 

 

 

 

 

 

 

 

 

 

Essex

0

53

0

21

35

109

2,870

11.22

-89.63

Ocean

0

43

0

28

29

100

2,758

12.36

-82.79

Hudson

0

34

0

30

18

82

3,167

0.00

-80.80

Middlesex

0

37

0

30

13

80

3,612

-66.24

-86.16

Monmouth

0

35

0

21

22

78

3,304

5.41

-83.75

 

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