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New Jersey Foreclosures Drop 20% in November 2008; Union, Bergen, Passaic and Monmouth Counties Top the List of New NJ Foreclosures (Propertyshark.com Report)


PropertyShark.com released its monthly report covering first-time residential foreclosures in New Jersey for November 2008. New Jersey Foreclosures drop 20% in November 2008; Union, Bergen, Passaic and Monmouth counties top the list of new foreclosures. Sussex County had the highest rate of foreclosures per household.

New Jersey Foreclosures Drop 20% in November 2008; Union, Bergen, Passaic and Monmouth Counties Top the List of New NJ Foreclosures (Propertyshark.com Report)
Jersey City, NJ, December 18, 2008 --(PR.com)-- PropertyShark.com, the premier real estate data site, today released its monthly report covering first-time residential foreclosures in New Jersey for November 2008. (Note: The report covers aggregate foreclosures. To see individual properties currently in foreclosure, browse the New Jersey Foreclosure Listings at http://www.propertyshark.com/mason/Foreclosures/new_jersey/)

Key Findings (Request report for details and charts):
· New Jersey Foreclosures drop 20% in November 2008 - There were 626 new foreclosures in New Jersey in November 2008, down 20% compared to October 2008 (785), and down 4% compared to November 2007 (655).

· Cities in Passaic and Union counties had the highest number of foreclosures - Passaic County and Union County each had three cities listed in the top ten for the highest number of foreclosures scheduled in New Jersey, with Paterson on top of the list, followed closely by Elizabeth.

· Union, Bergen, Passaic and Monmouth counties top the list of new foreclosures - Despite a 5% decrease from October 2008, Union County (74) had the highest number of foreclosures scheduled in November 2008, followed closely by Bergen County (73), Passaic County (60) and Monmouth County (57). However, there were only 3 newly scheduled foreclosures in Hunterdon County, 6 in Salem County, and 10 in Somerset County from the same period.

· Mercer County had the highest rate of foreclosures per household among New Jersey counties - Mercer County had the highest rate of foreclosures per household among the counties of New Jersey, with one in every 2,743 homes scheduled for a foreclosure auction. This is two-times higher than the overall rate in New Jersey.

· Sussex County had the highest rate of foreclosures per household - Sussex County had the highest rate of foreclosures per household among the counties of New Jersey, with one in every 2,311 homes scheduled for a foreclosure auction. This is almost two-times higher than the overall rate in New Jersey.

New Jersey Overview:

New foreclosure auctions: There were 626 new foreclosures scheduled for auction in New Jersey in November 2008, down 20% compared to October 2008 (785), and down 4% compared to November 2007 (655).

Overview of Cities: Passaic County and Union County each had three cities listed in the top ten for the highest number of foreclosures scheduled in New Jersey, with Paterson on top of the list, followed closely by Elizabeth. Plainfield and Linden had the highest rate of foreclosures per household, with one in every 1,618 homes scheduled for auction in Plainfield, and one in every 1,730 homes scheduled for auction in Linden.

Overview of New Jersey Counties:

New foreclosure auctions: Despite a 5% decrease from October 2008, Union County (74) had the highest number of foreclosures scheduled in November 2008, followed by Bergen County (73), Passaic County (60) and Monmouth County (57). However, there were only 3 newly scheduled foreclosures in Hunterdon County, 6 in Salem County, and 10 in Somerset County from the same period.

Foreclosure rate per household: Sussex County had the highest rate of foreclosures per household with one in every 2,311 homes scheduled for auction, followed by Union County with one in every 2,647 homes scheduled for auction, and Passaic County with one in every 2,859 homes scheduled for auction.

The full New Jersey November 2008 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:

Long Island Foreclosures
Los Angeles Foreclosures
Miami Foreclosures
New Jersey Foreclosures
NYC Foreclosures
Philadelphia Foreclosures
San Francisco Foreclosures
Seattle Foreclosures

Press may request a copy of the report by contacting Brian Scully at 718.408.4985.

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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
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Brian Scully
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