Foreclosures in New Jersey Heading South for Spring

By mark-slade February 29, 2012


New Jersey Foreclosure Activity Down in 2011 January 27, 2012 Information From RealtyTrac 2/29/2012

Filings are down 73 percent from 2010 and 72 percent from 2009

Foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 17,461 New Jersey properties in 2011, down 73 percent from a year ago and 72 percent below the level reported in 2009, according to the latest RealtyTrac® U.S. Foreclosure Market Report.

The state ranked 40th in foreclosure rate in the nation, with one in every 202 New Jersey housing units receiving a foreclosure filing in 2011.

Foreclosure filings were reported on 1,065 New Jersey properties in December, a 7 percent decrease from November and down 78 percent from December 2010. One in every 3,311 New Jersey housing units received a foreclosure filing in December, the 42nd highest state foreclosure rate in the nation.

Essex County leads the state in foreclosure activity for 2011: Essex County led the way, reporting 1,996 properties with foreclosure filings during 2011, although Essex County also showed a 73.73 decrease in filings vs. 2010. Ocean County was second highest in the state, reporting 1,457 properties with foreclosure filings. Third highest total was tallied in Middlesex County, where 1,320 properties with foreclosure filings were reported. Reporting 1,219 properties with foreclosure filings for the year, Camden County registered the fourth highest total in the state. Fifth highest was Bergen County, where 1,204 properties with foreclosure filings were reported for 2011.

Mark Slade, SFR Short Sale and Foreclosure Realtor for Essex and Union Counties Keller Williams 917.797.5059