New Jersey Foreclosures Rise in November

Foreclosure filings up 1 percent from October

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 5,264 New Jersey properties in November, up 1 percent from the previous month, but still a 43 percent decrease from the level reported in November 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.  

 

One in every 668 New Jersey housing units received a foreclosure filing in November, the 16th highest state foreclosure rate in the nation.

 

“Foreclosure activity in New Jersey rose slightly in November, though it remained significantly below the level reported for this time last year,” said James J. Saccacio, chief executive officer of RealtyTrac. “Unemployment remains stagnant at 9.2 percent, which is below the national average but still high enough to impact the number of foreclosures within the state.”

 

Union County has top foreclosure rate in November

Union County posted the highest foreclosure rate in New Jersey for November, with one in every 437 housing units receiving a foreclosure filing. Passaic County had the second highest foreclosure rate, reporting one in every 473 housing units receiving a foreclosure filing rage. Sussex County came in third, with one in every 490 housing units receiving a foreclosure filing.

 

Essex County reports highest foreclosure total in the state

Essex County led the state in foreclosure activity, reporting 617 properties with foreclosure filings. Union County had the second highest total reporting 452 properties with foreclosure filings. Ocean County was third highest, tallying 414 properties with foreclosure filings. Passaic County reported 364 properties with foreclosure filings for the month, the state’s fourth highest activity level. Monmouth County was fifth, reporting 356 properties with foreclosure filings.

 

State a moderate contributor to total foreclosure total

New Jersey accounted for 2 percent of the 262,339 properties with foreclosure filings reported nationwide in November. Total U.S. activity decreased by 21 percent from the previous month, and was down more than 14 percent from the level reported in November 2009. One in every 492 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 – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

n/a

n/a

New Jersey

0

3,703

0

675

886

5,264

668

0.74

n/a

 

 

 

 

 

 

 

 

 

 

Union

0

292

0

56

104

452

437

1.13

1.53

Passaic

0

241

0

75

48

364

473

1.04

1.41

Sussex

0

94

0

10

20

124

490

1.00

1.36

Essex

0

357

0

114

146

617

506

0.97

1.32

Warren

0

70

0

3

15

88

518

0.95

1.29

 

 

New Jersey Top Foreclosure Totals by County – November 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Oct 10

% Chg Nov 09

 

 

 

 

 

 

 

 

 

 

United States

39,529

39,426

86,079

29,877

67,428

262,339

492

-21.02

-14.44

New Jersey

0

3,703

0

675

886

5,264

668

1.27

-42.95

 

 

 

 

 

 

 

 

 

 

Essex

0

357

0

114

146

617

506

-8.05

-39.51

Union

0

292

0

56

104

452

437

-4.03

-45.48

Ocean

0

290

0

37

87

414

664

16.95

-40.60

Passaic

0

241

0

75

48

364

473

18.95

-38.72

Monmouth

0

270

0

29

57

356

721

31.37

-35.97

 

 

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