Thursday, August 14, 2008

Jersey Foreclosure Numbers (This Time With Spin)

As a follow-up to our previous post - The Record illustrates how year over year the numbers are up - but the Star Ledger brings us a positive spin on the numbers in an article titled N.J. foreclosure filings fell in July. Here is their spin -

New Jersey foreclosure filings fell 7.6 percent in July, compared to the previous month, bucking a national trend, according to a firm that tracks the data.

The state had 4,622 filings -- a mix of default notices, scheduled auctions and bank repossessions -- during the month, said RealtyTrac of Irvine, Calif. That represented an 11 percent jump year-over-year.

The numbers are much starker nationally. U.S. filings rose 8 percent in July compared to the previous month, with bank repossessions forming the fastest growing segment, RealtyTrac found. Compared to last year, the nation's foreclosure filings are up 55 percent.

New Jersey is one of only 14 states that saw a decline in filings from June. The state now ranks 19th in its foreclosure activity rate, which RealtyTrac calculates as one filing for every 751 households.

The article acknowledges that year over year the numbers are worse but the spin is that they are better than June's numbers.

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