Newark, NJ, October 17, 2008 --(PR.com
)-- PropertyShark.com, the premier real estate data site, today released its quarterly report covering first-time residential foreclosures in New Jersey for the third quarter of 2008.
(Note: This report covers Q308 in aggregate. To view individual New Jersey foreclosure listings scheduled for auction this week, go to http://www.propertyshark.com/mason/Foreclosures/new_jersey/
Key Findings (Request report for details and charts):
· Foreclosures in New Jersey reach a one year-high in Q3 2008 - Compared to the previous quarter (2,798), the current number of foreclosures (3,052) increased by 9%. However, compared to Q3 2007, first time foreclosures increased by 43%.
· Essex, Passaic, and Union counties had highest rates of foreclosures per household - In Q3 2008, one in every 596 homes in Essex County, one in every 619 homes in Passaic County, and one in every 642 homes in Union County were scheduled for auction.
· Franklin Township is New Jersey’s trouble spot - Franklin Township had the highest foreclosure rate per household among New Jersey cities, with one in every 144 homes scheduled for auction in Q3 2008. Franklin Township is followed by Roselle Borough with one in every 254 homes in foreclosure, and Wiling Borough Township with one in every 301 homes in foreclosure.
New Jersey Foreclosure Overview:
New foreclosure auctions: Foreclosures in New Jersey reached a one year-high in Q3 2008. Compared to the previous quarter (2,798), the current number of foreclosures (3,052) increased by 9%. However, when compared to Q3 2007, there was an increase of 43% in the state.
City Overview: The City of Newark (235) had the most scheduled foreclosures in New Jersey in Q3 2008. Paterson followed with 150 foreclosures, Elizabeth with 94, and East Orange with 75.
New Jersey Foreclosures by County:
New foreclosure auctions: Of all of the New Jersey counties, Essex County had both the most first time foreclosures and the highest rate of foreclosures per household. Hunterdon County (up 180%), Passaic County (up 122%), and Cumberland County (up 119%) experienced the largest increases in foreclosures compared to Q3 2007 followed by Union County (up 96%), Atlantic County (up 88%), Bergen County and Monmouth County (both up 75%).
Foreclosure rate per household: Essex County (0.17%), Union County (0.16%), and Passaic County (0.16%) had the highest foreclosure rates per household in Q3 2008. One in every 596 homes in Essex County, one in every 619 homes in Passaic County, and one in every 642 homes in Union County were scheduled for auction during the quarter. They were followed by Sussex County with one in every 733 homes, and Cumberland County with one in every 960 homes scheduled for auction.
The full New Jersey Q3 08 Foreclosure Report can be downloaded at http://www.propertyshark.com/mason/BlogCenter/marketreports.html. Investors can browse current foreclosure listings on PropertyShark.com in the following areas:
Los Angeles Foreclosures
New Jersey Foreclosures
San Francisco Foreclosures
Press may request a copy of the report by contacting Brian Scully at 718.408.4985.
With over 25 million properties in twenty major markets, PropertyShark.com provides real estate professionals and investors with data and tools on all aspects of property, including building details, ownership information, recent sales prices, property values and comparable sales, sophisticated maps, listings, foreclosures and pre-foreclosures, mailing lists, photos, and more, available directly from the web. PropertyShark.com strives to level the playing field by offering independent real estate firms, investors, and savvy consumers the information transparency essential to evaluate real estate and make informed decisions. For more information go to: www.propertyshark.com