New NJ Foreclosure Numbers

PropertyShark.com has released a press release regarding their latest stats on New Jersey's foreclosure numbers here. These are numbers from the first quarter.

While the numbers are down year-over-year they are up from the 4th quarter. But remember the foreclosure moratoriums by the State and by lenders. Moratoriums do not stop the foreclosure process they just delay things. Only a small percentage will be able to rectify the situation. Here is a snippet from the press release -

Key Report Findings

· Foreclosure auctions scheduled in New Jersey in Q1 2009 (2,293) were down 10% compared to Q1 2008 (2,560), but they have gone up 13% since Q4 2008 (2,030).

· Essex County (296) had the most New Jersey foreclosures scheduled in Q1 2009 - Essex (296), Passaic (217), Ocean (217), and Union (215) counties had the most new foreclosures in New Jersey in Q1 2009.

· Of New Jersey cities, Newark had the most new foreclosures; Dover had the highest rate of new foreclosures - There were 133 new foreclosures in Newark, followed by Paterson with 120, and Elizabeth with 71. Dover had a rate of one home scheduled for foreclosure auction for every 170 homes, followed by Paterson with one in every 373.

· Passaic County had the highest rate of foreclosures per household with one in every 755 homes scheduled for auction in Q1 2009 - Union County followed with one in every 866 homes scheduled for auction, and Ocean County had one foreclosure for every 924 homes.

The full New Jersey Q1 2009 Foreclosure Report can be downloaded at http://www.propertyshark.com/mason/BlogCenter/marketreports.html.

Obviously there are some serious problems in Passaic - looks like they are coming from Paterson.