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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.





Foreclosure Rate Still Highest in the U.S.

August 28th, 2017 by

Foreclosure filings decreased 10.5 percent nationally from June to July.

According to ATTOM Data Solutions, a firm that tracks foreclosures, this is how the 50 states and the District of Columbia ranked for foreclosure filings during July. The national average for foreclosure filings last month was 1 in every 2,017 housing units, according to an article published by Bankrate.

New Jersey leads the country in new foreclosure filings with one in every 663 homes filing a foreclosure in July.

Homeowners falling behind in mortgage payments, or about to default should contact their lender and try to work with them to resolve and keep up with payments. If a homeowner has missed three or more payments they should not assume that the lender has not given their file to the Loss Mitigation Department and went ahead and proceeded with a foreclosure filing.

In the state of New Jersey, the top 5 countries that have the highest ratios are:

New Jersey
1 in every 661

Top 5 Counties

Salem
1 in every 196
Sussex
1 in every 376
Gloucester
1 in every 383
Cumberland
1 in every 389
Camden
1 in every 416

 

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