Goldman & Beslow LLC
East Orange: 973-677-9000
Paterson: 973-247-9445
Jersey City: 201-659-6226
Toll Free: 888-827-5493
FREE Initial
Consultation Se Habla Espanol
Go to Practice Area Categories

New Jersey ranks at top of foreclosure activity

On June 18, 2015, RealtyTrac, a leading provider of comprehensive housing data and analytics for the real estate and financial services industries, released its May 2015 U.S. Foreclosure Market Report. The report includes data on foreclosure filings, which include default notices, scheduled foreclosure auctions and bank repossessions.

According to the report there was a foreclosure filing for one in every 1,041 housing units in May. The 126,868 foreclosure filings represents a one percent increase from April and a 16 percent increase over May 2014's total. May 2015's filings were the highest in the last 19 months.

Bank repossessions (REOs) were a major contributor to the nation-wide increase in foreclosure filings. Although down one percent from April, the 44,892 REOs represented a 58 percent increase from a year ago, and May was the third month in a row with a year-over-year increase. This is still significantly higher than the 23,119 monthly averages for 2005 and 2006 before the housing price bubble burst, but the good news is that the May increase is still 56 percent lower than September 2013 when REOs reached a record high of 102,134. Scheduled foreclosure auctions also contributed to the increase in May, with a five percent increase compared to last year. May was the eighth consecutive months in which the nation has seen a year-over-year increase in the number of scheduled foreclosure auctions.

New Jersey REOs up 197 percent

The story in New Jersey is the same as much of the nation. 38 states, including New Jersey, and the District of Columbia, reported increased REOs over last year's figures. New Jersey topped the list with a year-over-year increase of 197 percent.

Foreclosure starts up 73 percent in New Jersey

25 states saw year-over-year increases in foreclosure starts. Again, New Jersey topped the list at 73 percent. Nation-wide there were 51,414 foreclosures started in May 2015, representing a one percent decrease from April, but a four percent increase from last year. May ended a four-month year-over-year decrease in foreclosure starts. The 51,414 foreclosures starts for May 2015 compares favorably to the pre-crisis monthly average for 2005 and 2006 of 52,279.

Scheduled foreclosure auctions up 22 percent in New Jersey

New Jersey, along with 25 other states, saw an increase in the number of scheduled foreclosure auctions. New Jersey's increase was 22 percent compared to last year. The nation-wide number of scheduled foreclosure auctions was 49,413, a six percent increase from April and a five-percent year-over-year increase. Scheduled foreclosure auctions remain high at roughly 40 percent over the pre-August 2006 number.

New Jersey in top ten for highest foreclosure rate

New Jersey ranked number two for the highest foreclosure rate in the nation, with one in every 483 housing units subject to a foreclosure filing. The New York metro area was among 13 of the nation's 20 most populous metro areas to show an increase (34 percent), and with respect to metro areas with a population of more than 200,000, Atlantic City, New Jersey, was number one, with one in every 230 housing units subject to a foreclosure filing.

Speak to a New Jersey bankruptcy attorney

If you have questions about foreclosure and how bankruptcy may be able to help, contact Goldman & Beslow, LLC, today to schedule a consultation.

PRACTICE AREA CATEGORIES

Tell Us About Your Case

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

PROFESSIONAL ASSOCIATIONS

  • NACBA | National Association of Consumer Bankruptcy Attorneys
  • NACA | National Association of Consumer Advocates
Review Us
Goldman & Beslow LLC

Goldman & Beslow, LLC is a Federal Debt Relief Agency by an Act of Congress. We have proudly assisted consumers seeking relief under the U.S. Bankruptcy Code for over 38 years.

qr code

EAST ORANGE
OFFICE
7 Glenwood Avenue,
Suite 311B
East Orange, NJ 07017
East Orange Law Office

Phone: 973-414-8069
Phone: 973-419-7631
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
Fax: 973-675-5886
E-mail the firm

NEWARK OFFICE 168 Bloomfield Avenue
Newark, NJ 07104
Newark Law Office

Phone: 973-483-1333
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

PATERSON OFFICE 100 Hamilton Plaza,
Suite 405
Paterson, NJ 07510
Paterson Law Office

Phone: 973-247-9445
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

JERSEY CITY OFFICE 26 Journal Square,
Suite 603
Jersey City, NJ 07306
Jersey City Law Office

Phone: 201-659-6226
Phone: 973-419-5266
Phone: 201-205-2496
Toll Free: 888-827-5493
E-mail the firm

Back to Top