NEW JERSEY FORECLOSURES DECREASE 48 PERCENT IN APRIL

Market Activity Down By A Third From a Year Ago

Camden County Posts State’s Highest Foreclosure Rate

 

IRVINE, Calif. – May 31, 2006 – New Jersey reported 1,935 properties entering some stage of foreclosure in April, a 48 percent decline from the previous month and a 33 percent drop from the 2,902 foreclosures reported in April 2005, according to RealtyTrac’s April 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with more than 600,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, AOL Real Estate and Knight Ridder Online.

 

“Though New Jersey still trails behind the nation in employment growth, the gap between the two seems to be narrowing,” said James J. Saccacio, chief executive officer of RealtyTrac. “The lower rate of foreclosures reported within the state seems to be a positive indicator that New Jersey‘s economy is growing.”

 

With one foreclosure filing for every 1,711 households (74 percent of the national average), New Jersey‘s foreclosure rate ranked 20th among the 50 states. Overall, the state total accounted for just over two percent of the nation’s foreclosures, with 12 states reporting more filings for the month.

 

Camden County with its 289 properties and Essex County with its 269 properties entering some stage of foreclosure, accounted for the largest share of the state’s foreclosure filings in April. Camden County’s foreclosure rate of one foreclosure filing for every 691 households was the highest in the state and 2.5 times the state average.

 

Nationwide a total of 91,168 properties entered some stage of foreclosure in April, a 10 percent decrease from the previous month but a 33 percent year-over-year increase from April 2005. This marked the second straight month of decreasing U.S. foreclosure activity. At one foreclosure filing for every 1,268 households, the national foreclosure rate for April was higher than for any month in 2005.

 

The RealtyTrac Monthly U.S. Foreclosure Market Report provides the total number of homes in some stage of foreclosure nationwide, by state and by county. RealtyTrac’s report includes properties in all three phases of foreclosure: Pre-foreclosures — Notice of Default (NOD) and Lis Pendens (LIS); Foreclosures — 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).

 

                        New Jersey Foreclosure Market By County — April 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every #households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

U.S.

21,244

38,238

2,833

9,071

19,782

91,168

1,268

New Jersey

1,218

551

0

0

166

1,935

1,711

0.74

 

 

 

 

 

 

 

 

 

 

Atlantic

72

6

0

0

5

83

1,375

0.92

1.24

Bergen

34

7

0

0

4

45

7,552

0.17

0.23

Burlington

50

37

0

0

15

102

1,581

0.80

1.08

Camden

177

75

0

0

37

289

691

1.84

2.48

Cape May

32

10

0

0

3

45

2,023

0.63

0.85

Cumberland

10

22

0

0

4

36

1,468

0.86

1.17

Essex

154

85

0

0

30

269

1,119

1.13

1.53

Gloucester

26

32

0

0

13

71

1,339

0.95

1.28

Hudson

20

14

0

0

1

35

6,875

0.18

0.25

Hunterdon

19

5

0

0

2

26

1,732

0.73

0.99

Mercer

27

33

0

0

11

71

1,877

0.68

0.91

Middlesex

37

32

0

0

1

70

3,909

0.32

0.44

Monmouth

99

34

0

0

1

134

1,798

0.71

0.95

Morris

20

4

0

0

0

24

7,266

0.17

0.24

Ocean

151

34

0

0

8

193

1,289

0.98

1.33

Passaic

36

35

0

0

1

72

2,362

0.54

0.72

Salem

5

13

0

0

1

19

1,377

0.92

1.24

Somerset

55

8

0

0

5

68

1,647

0.77

1.04

Sussex

16

10

0

0

2

28

2,019

0.63

0.85

Union

157

48

0

0

19

224

861

1.47

1.99

Warren

21

7

0

0

3

31

1,328

0.96

1.29

 

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, RealtyTrac Inc. (www.realtytrac.com), is the leading online marketplace for foreclosure properties, providing all the resources that home seekers, investors and real estate agents need to locate, evaluate and buy properties below market value. Founded in 1996, RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure, foreclosure, For Sale By Owner, resale and new construction properties, with more than 1 million properties across the country, property reports, productivity tools and extensive professional resources. RealtyTrac hosts nearly 3 million unique visitors monthly and has been chosen to supply foreclosure data to AOL Real Estate, MSN Real Estate and Yahoo! Real Estate. For more information, visit www.realtytrac.com.

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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