NEW JERSEY FORECLOSURES INCREASE 8 PERCENT IN SEPTEMBER

ACCORDING TO REALTYTRAC™ U.S. FORECLOSURE MARKET REPORT

 

Activity Up 31 Percent From a Year Ago

 

IRVINE, Calif. – Oct. 11, 2006 – New Jersey reported 3,221 properties entering some stage of the foreclosure process, an 8 percent gain from the 2,992 properties reported in August, and 31 percent above the 2,461 properties reported for the same month last year, according to the RealtyTrac™ September 2006 U.S. Foreclosure Market Report.

 

RealtyTrac publishes the largest and most comprehensive national database of pre-foreclosure and foreclosure properties, with nearly 650,000 properties from more than 2,500 counties across the country, and is the foreclosure data provider to MSN Real Estate, Yahoo! Real Estate, The Wall Street Journal’s Real Estate Journal and Knight Ridder Online.

 

“Economic expansion in New Jersey is slowing,” said James J. Saccacio, chief executive officer of RealtyTrac. “Stagnant job growth within the state over the past two years has been seen in the manufacturing, professional, health and telecommunications sectors, which may be driving up the number of New Jersey foreclosures.”

 

New Jersey ranked 11th in the country in total foreclosures reported for September. The state’s foreclosure rate of one new foreclosure filing for every 1,028 households — just above the national average — ranks it 16th among the 50 states.

 

Gloucester County tops in foreclosure activity

Gloucester County had the largest share of foreclosures in the state for September, reporting 392 properties entering some stage of the foreclosure process. Essex County had the second highest total, reporting 389 properties entering some stage of foreclosure during the month. Third highest was Camden County, reporting 355 properties in foreclosure, followed by Ocean County reporting 294 in the foreclosure pipeline.

 

Highest foreclosure rate reported in Gloucester County

Gloucester County also posted the state’s highest foreclosure rate for the month, with one new foreclosure filing for every 242 households — 4.2 times the state average and 4.3 times the national average. Reporting one new foreclosure filing for every 254 households — 4 times the state average and 4.1 times the national average — Salem County had the second highest foreclosure rate in the state.

 

New Jersey makes contribution to national total

New Jersey’s foreclosure activity accounted for 3 percent of the 112,210 properties entering some stage of foreclosure nationwide in September. The national total represents an almost 1 percent decrease in activity from the 113,300 foreclosures reported in August. The national foreclosure rate increased to one new foreclosure filing for every 1,030 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).

 

 

                       New Jersey Foreclosure Market by County – September 2006

 

County Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

25,379

43,840

6,285

19,338

17,368

112,210

1,030

New Jersey

2,473

589

0

0

159

3,221

1,028

1.00

 

 

 

 

 

 

 

 

 

 

Atlantic

60

5

0

0

0

65

1,755

0.59

0.59

Bergen

68

34

0

0

12

114

2,981

0.35

0.34

Burlington

130

60

0

0

21

211

765

1.35

1.34

Camden

286

46

0

0

23

355

562

1.83

1.83

Cape May

47

14

0

0

1

62

1,469

0.70

0.70

Cumberland

74

21

0

0

12

107

494

2.09

2.08

Essex

309

62

0

0

18

389

774

1.33

1.33

Gloucester

364

21

0

0

7

392

242

4.25

4.24

Hudson

41

25

0

0

0

66

3,646

0.28

0.28

Hunterdon

18

3

0

0

1

22

2,047

0.50

0.50

Mercer

40

32

0

0

7

79

1,687

0.61

0.61

Middlesex

73

35

0

0

1

109

2,510

0.41

0.41

Monmouth

191

48

0

0

0

239

1,008

1.02

1.02

Morris

42

5

0

0

10

57

3,059

0.34

0.34

Ocean

213

60

0

0

21

294

846

1.22

1.21

Passaic

80

19

0

0

0

99

1,718

0.60

0.60

Salem

87

13

0

0

3

103

254

4.06

4.05

Somerset

68

18

0

0

1

87

1,288

0.80

0.80

Sussex

29

15

0

0

7

51

1,108

0.93

0.93

Union

220

52

0

0

12

284

679

1.52

1.51

Warren

33

1

0

0

2

36

1,143

0.90

0.90

 

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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