NEW JERSEY FORECLOSURES INCREASE 4 PERCENT IN NOVEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 71 Percent From a Year Ago; Foreclosure Rate in Top 10

 

IRVINE, Calif. – Dec. 11, 2006 – New Jersey reported 5,108 properties entering some stage of the foreclosure process in November, a 4 percent gain from the 4,904 properties reported in October, and a 71 percent increase from the 2,982 properties reported for the same month last year, according to the RealtyTrac™ U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 700,000 properties from nearly 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate and The Wall Street Journal’s Real Estate Journal.

 

“Although still above the national average, New Jersey’s rate of home price appreciation is declining along with much of the rest of the country,” said James J. Saccacio, chief executive officer of RealtyTrac. “Slowing home price appreciation can quickly translate into elevated foreclosures because it makes it harder for homeowners to sell or refinance their way out of default or foreclosure.”

 

New Jersey ranked eighth in the country in total foreclosures reported for November. The state’s foreclosure rate of one new foreclosure filing for every 648 households ranks it eighth among the 50 states.

 

Essex County tops in foreclosure activity

Essex County claimed the largest share of New Jersey foreclosures, reporting 777 properties entering some stage of the foreclosure process during the month. Ocean County reported the second highest total, with 572 properties entering some stage of foreclosure. Third highest was Camden County, reporting 569 properties in foreclosure, followed by Union County, reporting 424 in the foreclosure pipeline.

 

Highest foreclosure rate reported in Salem County

Salem County posted the state’s highest foreclosure rate in November, with one new foreclosure filing for every 301 households — 2.2 times the state average and 3.2 times the national average. Reporting one new foreclosure filing for every 346 households — 1.9 times the state average and 2.8 times the national average — Cumberland County documented the second highest foreclosure rate in the state.

 

New Jersey makes contribution to national total

New Jersey accounted for 4 percent of the 120,334 properties entering some stage of foreclosure nationwide in November. The national total represents a 4 percent increase in activity from the 115,568 foreclosures reported in October. The national foreclosure rate increased to one new foreclosure filing for every 961 households during the month.

 

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).

 

For current news and information regarding foreclosure-related issues and trends, check out our blog at www.ForeclosurePulse.com.

  

              New Jersey Foreclosure Market by County – November 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

31,027

44,448

5,685

16,263

22,911

120,334

961

n/a

n/a

New Jersey

4,320

622

0

1

165

5,108

648

1.48

n/a

 

 

 

 

 

 

 

 

 

 

Atlantic

189

4

0

0

3

196

582

1.65

1.11

Bergen

140

14

0

0

3

157

2,164

0.44

0.29

Burlington

240

37

0

0

9

286

564

1.70

1.14

Camden

484

57

0

0

28

569

351

2.73

1.84

Cape May

66

7

0

0

5

78

1,167

0.82

0.55

Cumberland

129

12

0

0

12

153

346

2.78

1.87

Essex

596

159

0

1

21

777

387

2.48

1.67

Gloucester

192

28

0

0

5

225

422

2.27

1.53

Hudson

154

28

0

0

6

188

1,280

0.75

0.50

Hunterdon

34

5

0

0

9

48

938

1.02

0.69

Mercer

84

19

0

0

8

111

1,201

0.80

0.54

Middlesex

280

33

0

0

16

329

832

1.15

0.77

Monmouth

319

41

0

0

2

362

665

1.44

0.97

Morris

64

28

0

0

1

93

1,875

0.51

0.34

Ocean

514

48

0

0

10

572

435

2.21

1.49

Passaic

141

34

0

0

0

175

972

0.98

0.66

Salem

68

15

0

0

4

87

301

3.19

2.15

Somerset

99

16

0

0

6

121

926

1.03

0.70

Sussex

52

14

0

0

3

69

819

1.17

0.79

Union

402

11

0

0

11

424

455

2.11

1.42

Warren

73

12

0

0

3

88

468

2.05

1.38

 

About RealtyTrac Inc.

Ranked as the third largest real estate site by MediaMetrix, and No. 53 on Inc. magazine’s 2006 Inc. 500 list of the nation’s fastest-growing private companies, 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 MSN Real Estate, Yahoo! Real Estate and the Wall Street Journal’s Real Estate Journal. For more information, visit www.realtytrac.com.

 

###

 

 

Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

 

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