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New Jersey Foreclosures Up Only .95% Over Q4 2007, and Down 34% from Q3 2008; Essex, Bergen, Union and Monmouth Counties Had the Most New Foreclosures in Q4 2008


PropertyShark.com released its quarterly report covering first-time residential foreclosures in New Jersey for Q4 2008. New Jersey Foreclosures were up only .95% over Q4 2007, and were down 34% from Q3 2008; Essex, Bergen, Union and Monmouth counties had the most new foreclosures in Q4 2008. Sussex, Union, and Passaic counties had the highest rate of foreclosures per household in Q4 2008.

New Jersey Foreclosures Up Only .95% Over Q4 2007, and Down 34% from Q3 2008; Essex, Bergen, Union and Monmouth Counties Had the Most New Foreclosures in Q4 2008
Jersey City, NJ, January 27, 2009 --(PR.com)-- PropertyShark.com, the premier real estate data site, today released its quarterly report covering first-time residential foreclosures in New Jersey for Q4 2008.

(Note: This report covers Q408 in aggregate. To view individual New Jersey foreclosure listings scheduled for auction this week, go to http://propertyshark.com/mason/Foreclosures/new_jersey/)

Key Report Findings

· New Jersey Foreclosures up only .95% over Q4 2007, but down 34% from Q3 2008: Compared to Q3 2008 (3,054), the current number of new foreclosures (2,029) decreased 34% in New Jersey. However, when compared to Q4 2007, new foreclosures increased slightly (.95%).
· Essex (204), Bergen (197), Union (176) and Monmouth (167) counties had the most new foreclosures in Q4 2008: Essex County (204) had the highest number of new foreclosures in Q4 2008, followed by Bergen County (197), Union County (176) and Monmouth County (167). The New Jersey counties with the fewest new foreclosures in the quarter were Salem County (14) and Hunterdon County (18).
· Newark, Trenton, Paterson and Jersey City had the most new foreclosures among New Jersey cities in Q4 2008: The city of Newark (110) had the highest number of new foreclosures in New Jersey during Q4 2008. Trenton followed with 58 new foreclosures, while the cities of Paterson and Jersey City each had 55.
· Sussex (0.10%), Union (0.9%), and Passaic (0.8%) counties had the highest rate of foreclosures per household in Q4 2008: One in every 985 homes in Sussex County, one in every 1,113 homes in Union County, and one in every 1,217 homes in Passaic County were scheduled for auction during Q4 2008.
New Jersey Overview
· New foreclosure auctions: Compared to Q3 2008 (3,054), the number of new foreclosures in Q4 2008(2,029) decreased 34%. However, when compared to Q4 2007, new foreclosures remained were up slightly (.95%).
· Overview of Cities: The city of Newark (110) had the highest number of new foreclosures in New Jersey during Q4 2008. Trenton followed with 58 new foreclosures, while the cities of Paterson and Jersey City each had 55.

Overview of New Jersey Counties
· New foreclosure auctions: Essex County (204) had the highest number of new foreclosures in Q4 2008, followed by Bergen County (197), Union County (176) and Monmouth County (167). The New Jersey counties with the fewest new foreclosures in the quarter were Salem County (14) and Hunterdon County (18).
· Sussex County (0.10%), Union County (0.9%), and Passaic County (0.8%) had the highest rate of foreclosures per household in Q4 2008. One in every 985 homes in Sussex County, one in every 1,113 homes in Union County, and one in every 1,217 homes in Passaic County were scheduled for auction during this quarter.

Press may request a copy of the report by contacting Brian Scully at 718.408.4985 or visiting PropertyShark BlogCenter www.propertyshark.com/mason/BlogCenter/marketreports.html

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