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New Jersey Foreclosure Trends, Real Estate Trends and Market Info

January 23rd, 2018 by

Foreclosure rates from RealtyTrac as of December 2017 by county for New Jersey.





NJ and MD Lead U.S. in Foreclosures Says November Realty Trac Report

December 13th, 2015 by

Realty Trac Nov NJ Foreclosure Report 2015

There are still pockets of real-estate distress around the country, with rates of foreclosure highest (by rank) in Maryland, New Jersey, Florida, Nevada and Illinois. Atlantic City and Trenton, New Jersey, rank No. 1 and No. 2 for foreclosures by metro area.

According to RealtyTrac’s November 2015 foreclosure report, the rate of foreclosures continues to decline in the United States,  The total number of foreclosure filings — default notices, scheduled auctions, and bank repossessions — fell 10 percent from October 2015, and 7 percent from November 2014.

One in every 553 homes in New Jersey is in foreclosure, according to the Realty Trac data for November 2015. The top five counties in New jersey with foreclosures are: Camden County 1 in every 302 properties, Atlantic County 1 in every  307 properties, Sussex 1 in every 330 properties, Cumberland County 1 in every 331 properties, and Mercer County 1 in every 346 properties

In November, the number of properties that received aforeclosure filing in NJ was 15% lower than the previous month and 13% lower than the same time last year.

Home sales for October 2015 were down 41% compared with the previous month, and down 99%compared with a year ago. The median sales price of a non-distressed home was $220,000. The median sales price of a foreclosure home was $160,000, or 27% lower than non-distressed home sales.

Realty Trac Nov Foreclosure Report 2015

 

N.J. foreclosure rate is highest in U.S., report shows

October 16th, 2015 by

N.J. foreclosure rate is highest in U.S., report shows

New Jersey’s foreclosure rate was the highest in the nation in the third quarter of 2015, edging out Florida for the top spot, according to a new report released on Thursday.

By Erin O’Neill | NJ Advance Media for NJ.com

New Jersey’s foreclosure rate was the highest in the nation in the third quarter of 2015, edging out Florida for the top spot, according to a new report released on Thursday.

One in every 171 housing units had a foreclosure filing in New Jersey in the third quarter of this year, the report from the Irvine, Calif.-based housing firm RealtyTrac shows. That’s more than double the national average.

In New Jersey, foreclosure activity increased 27 percent in the last three months compared to the same quarter last year. The number of foreclosure starts in the state dropped from a year ago but scheduled foreclosure auctions and bank repossessions jumped in the state.

Foreclosure activity nationwide was up 3 percent from the same quarter last year and the country experienced the largest year-over-year increase in bank repossessions since RealtyTrac started tracking quarterly data in the beginning of 2008.

Daren Blomquist, vice president at RealtyTrac, attributed the rise in foreclosure activity to “two starkly different trends taking place.”

“In states such as New Jersey, Massachusetts, and New York, a flood of deferred distress from the last housing crisis is finally spilling over the legislative and legal dams that have held back some foreclosure activity for years,” Blomquist said in a statement. “That deferred distress often represents properties with deferred maintenance that will sell at more deeply discounted prices, creating a drag on overall home values.”

But Blomquist said increases in other states, like Texas, Michigan and Washington, are a sign of a foreclosure market that “has settled into a normalized pattern close to or even below pre-crisis levels” and that additional activity should not have a significant impact on home values.

New Jersey, which has a judicial foreclosure process, has consistently ranked near or at the top of recent rankings based on foreclosures rates and distressed mortgages.

The state also has the highest number of vacant homes in the foreclosure process, according to RealtyTrac, a problem that has led Gloucester and Atlantic counties to pursue registration programs for abandoned properties.

Erin O’Neill may be reached at [email protected]. Follow her on Twitter @LedgerErin. Find NJ.com on Facebook.foreclosureforeclosure