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. 44 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.