New Jersey Foreclosures Up in 2010

Foreclosure filings rise 3 percent from 2009

 

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 64,808 New Jersey properties for 2010, up 3 percent from a year ago and 4 percent above the level reported for 2008, according to the RealtyTrac® Year-End 2010 U.S. Foreclosure Market Report™.

 

Foreclosure filings were reported on 4,897 New Jersey properties in December 2010, a 7 percent decrease from November and 52 percent below the level reported in December 2009. One in every 718 New Jersey housing units received a foreclosure filing during the month.

 

“Foreclosure activity in New Jersey continued to heat up throughout 2010, with more filings reported over the year than in either of the past two years,” said James J. Saccacio, chief executive officer of RealtyTrac. “The Garden State remains one of the 10 worst-affected states in the nation in terms of foreclosure activity, which will likely continue into 2011 as long as its unemployment rate remains high.”

 

New Jersey had the tenth highest total in the nation in 2010. California continues to be the top state, reporting 546,669 properties with foreclosure filings. Florida came in second, tallying 485,286 properties with foreclosure filings. Arizona came third, reporting 155,878 properties with foreclosure filings. Illinois had the fourth highest total, tallying 151,304 properties with foreclosure filings. Michigan had the fifth highest total, reporting 135,874 properties with a foreclosure filing.

 

The remaining states in the nation’s Top 10 for 2010 were Georgia (130,966), Texas (118,923), Ohio (108,160) and Nevada (106,160). The top five states accounted for 51 percent of all foreclosure filings in the nation for the month.

 

Union County posts state’s top foreclosure rate in 2010

Union County posted the highest foreclosure rate in New Jersey in 2010, with one in every 38 housing units receiving a foreclosure filing — 1.4 times the state average. Sussex County came in second, with one in every 38 housing units receiving a foreclosure filing in 2010 — 1.4 times the state average. The next highest was Passaic County, where one in every 40 housing units received a foreclosure filings during the year — 1.4 times the state average.

 

Essex County led the state in foreclosure activity in 2010

For the year, Essex County reported 7,599 properties with foreclosure filings. Next highest was Union County, where 5,238 properties with foreclosure filings were reported. Ocean County was third highest, reporting 5,010 properties with foreclosure filings for the year. Bergen County came in fourth, tallying 4,558 properties with foreclosure filings. Fifth highest total for the year was in Middlesex County, where 4,554 properties with foreclosure filings were reported.

 

State the nation’s tenth largest contributor to total foreclosure activity in 2010

New Jersey accounted for 2 percent of the 2,871,891 properties with foreclosure filings reported nationwide for 2010. Total U.S. activity increased by almost 2 percent from 2009, and was more than 23 percent above the level reported in 2008. One in every 45 U.S. housing units received a foreclosure filing during the year.

 

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: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

n/a

n/a

New Jersey

0

44,573

0

9,507

10,728

64,808

54

0.83

n/a

 

 

 

 

 

 

 

 

 

 

Union

0

3,201

0

938

1,099

5,238

38

1.19

1.44

Sussex

0

1,194

0

172

234

1,600

38

1.18

1.43

Passaic

0

2,660

0

814

801

4,275

40

1.12

1.35

Atlantic

0

2,222

0

379

535

3,136

41

1.11

1.34

Essex

0

4,341

0

1,568

1,690

7,599

41

1.09

1.32

 

 

New Jersey Top Foreclosure Totals by County: Year-End 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg 2009

% Chg 2008

 

 

 

 

 

 

 

 

 

 

United States

223,094

538,099

759,560

312,085

1,039,053

2,871,891

45

1.67

23.23

New Jersey

0

44,573

0

9,507

10,728

64,808

54

2.53

3.67

 

 

 

 

 

 

 

 

 

 

Essex

0

4,341

0

1,568

1,690

7,599

41

-3.05

-11.04

Union

0

3,201

0

938

1,099

5,238

38

-6.66

-18.04

Ocean

0

3,556

0

646

808

5,010

55

6.87

16.19

Bergen

0

3,389

0

577

592

4,558

77

-8.68

16.51

Middlesex

0

3,257

0

596

691

4,544

64

-0.79

10.80

 

 

 

New Jersey Top Foreclosure Rates By County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

/Natl. Avg.

/State Avg.

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

n/a

n/a

New Jersey

0

3,541

0

736

620

4,897

718

0.70

n/a

 

 

 

 

 

 

 

 

 

 

Essex

0

367

0

247

141

755

414

1.21

1.74

Sussex

0

102

0

12

23

137

444

1.13

1.62

Atlantic

0

190

0

40

32

262

486

1.03

1.48

Camden

0

296

0

35

32

363

569

0.88

1.26

Burlington

0

223

0

56

24

303

579

0.86

1.24

 

 

New Jersey Top Foreclosure Totals by County: December 2010

 

County

NOD

LIS

NTS

NFS

REO

Total

1/every X HU (rate)

% Chg Nov 10

% Chg Dec 09

 

 

 

 

 

 

 

 

 

 

United States

36,935

38,783

88,483

23,699

69,847

257,747

501

-1.75

-26.26

New Jersey

0

3,541

0

736

620

4,897

718

-6.97

-51.64

 

 

 

 

 

 

 

 

 

 

Essex

0

367

0

247

141

755

414

22.37

-36.93

Ocean

0

263

0

69

39

371

741

-10.39

-50.86

Camden

0

296

0

35

32

363

569

4.01

-46.85

Union

0

240

0

43

47

330

599

-26.99

-60.48

Middlesex

0

263

0

46

16

325

888

-6.61

-56.67

 

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