Foreclosure articles

New Jersey Foreclosure filings grow, but slower than rest of nation

by Jeff May/The Star-Ledger
July 2008

Foreclosure filings in New Jersey increased almost 5 percent in June compared to a year ago, but the growth rate was dramatically lower than the 53 percent jump overall in the United States, according to RealtyTrac.

New Jersey had 5,000 foreclosure filings for the month, a category that includes default notices, auction notices and bank repossessions. One in 695 households in the state received a filing during June, a rate that ranked it 14th, said Realy Trac, an Irvine, Calif.-based online marketplace for foreclosed properties.

Nevada, California and Arizona led the rankings. New Jersey's neighbors, New York and Pennsylvania, had substantially lower foreclosure filing rates than the Garden State, according to RealtyTrac figures.

One positive note for New Jersey: filings fell 32 percent from May, a faster drop than the U.S. decline of 3 percent. The state also has a lower rate of bank repossessions than the combined U.S. figures.

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