We recently added a new report to our market coverage- the New Jersey Foreclosure Report, this one covering the third quarter of 2008.

What we saw this quarter: 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, compared to Q3 2007, first time foreclosures increased by 43%.

New Jersey Foreclosures Q3 08

New Jersey Foreclosures Q3 08

As we see in the chart above, Essex County had both the most first time foreclosures and the highest rate of
foreclosures per household of all of New Jersey counties.