NEW JERSEY FORECLOSURES UP 10 PERCENT IN AUGUST

State’s Activity 95 Percent Higher Than a Year Ago

 

IRVINE, Calif. – August 31, 2006 – New Jersey reported 2,992 properties entering some stage of the foreclosure process in August, a 10 percent increase in activity from the 2,725 properties reported in July, and 95 percent above the 1,538 properties reported for the same month last year, according to the RealtyTrac™ August 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 and Knight Ridder Online.

 

New Jersey continues to trail behind the nation in employment growth, which could be a contributor to the rise in foreclosure activity within the state,” said James J. Saccacio, chief executive officer of RealtyTrac.

 

New Jersey ranked 11th in the country in total foreclosures reported for August. The state’s foreclosure rate of one new foreclosure filing for every 1,106 households — 91 percent of the national average — ranks it 16th among the 50 states.

 

Essex County tops in foreclosure activity

Leading the state in foreclosures for the month was Essex County, reporting 393 properties entering some stage of the foreclosure process. Camden County had the second highest total, reporting 296 properties entering some stage of the foreclosure process, followed by Ocean County where 273 properties entered some stage of the foreclosure process. Gloucester County came in fourth, reporting 242 properties in some stage of the foreclosure process.

 

Highest foreclosure rate reported in Gloucester County

Gloucester County posted the state’s highest foreclosure rate in August, with one new foreclosure filing for every 393 households –2.8 times the state average and 2.6 times the national average.  Reporting one new foreclosure filing for every 675 households — 1.6 times the state average and 1.5 times the national average — Camden County had the second highest foreclosure rate in the state.

 

State accounts for 3 percent of national total

New Jersey‘s foreclosure activity accounted for 3 percent of the 115,292 properties entering some stage of the foreclosure process nationwide in August. The national total represents a 24 percent increase from the 92,845 foreclosures reported in July. The nation’s foreclosure rate increased to one new foreclosure filing for every 1,003 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 – August 2006

 

State Name

NOD

NTS

NFS

LIS

REO

Total

1 in every # households

/National Average

/State Average

 

 

 

 

 

 

 

 

 

 

United States

20,611

45,704

7,328

21,533

20,116

115,292

1,003

New Jersey

2,294

590

0

0

108

2,992

1,106

0.91

 

 

 

 

 

 

 

 

 

 

Atlantic

100

10

0

0

3

113

1,010

0.99

1.10

Bergen

88

35

0

0

4

127

2,676

0.37

0.41

Burlington

157

46

0

0

14

217

743

1.35

1.49

Camden

209

80

0

0

7

296

675

1.49

1.64

Cape May

37

4

0

0

2

43

2,117

0.47

0.52

Cumberland

29

27

0

0

6

62

853

1.18

1.30

Essex

283

90

0

0

20

393

766

1.31

1.44

Gloucester

193

33

0

0

16

242

393

2.55

2.82

Hudson

43

21

0

0

0

64

3,760

0.27

0.29

Hunterdon

19

5

0

0

2

26

1,732

0.58

0.64

Mercer

53

33

0

0

3

89

1,498

0.67

0.74

Middlesex

102

22

0

0

3

127

2,155

0.47

0.51

Monmouth

207

26

0

0

0

233

1,034

0.97

1.07

Morris

41

14

0

0

2

57

3,059

0.33

0.36

Ocean

219

45

0

0

9

273

911

1.10

1.21

Passaic

176

23

0

0

1

200

850

1.18

1.30

Salem

26

5

0

0

2

33

793

1.27

1.40

Somerset

65

10

0

0

3

78

1,436

0.70

0.77

Sussex

33

14

0

0

1

48

1,178

0.85

0.94

Union

178

40

0

0

9

227

850

1.18

1.30

Warren

36

7

0

0

1

44

935

1.07

1.18

 

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.

 

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Media Contact:

Michelle Sabolich

Atomic Public Relations

415-402-0230

michelle.sabolich@atomicpr.com

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