New Jersey Foreclosures

Here are the key takeaways from the Q1 2009 New Jersey Foreclosure report. (To browse individual New Jersey Foreclosure Listings go to http://www.propertyshark.com/mason/Foreclosures/new_jersey/

Key Report Findings

• Foreclosure auctions scheduled in New Jersey in Q1 2009 (2,293) were down 10% compared to Q1 2008 (2,560), but they have gone up 13% since Q4 2008 (2,030).
• Essex County (296) had the most New Jersey foreclosures scheduled in Q1 2009 – Essex (296), Passaic (217), Ocean (217), and Union (215) counties had the most new foreclosures in New Jersey in Q1 2009.
• Of New Jersey cities, Newark had the most new foreclosures; Dover had the highest rate of new foreclosures – There were 133 new foreclosures in Newark, followed by Paterson with 120, and Elizabeth with 71. Dover had a rate of one home scheduled for foreclosure auction for every 170 homes, followed by Paterson with one in every 373.
• Passaic County had the highest rate of foreclosures per household with one in every 755 homes scheduled for auction in Q1 2009 - Union County followed with one in every 866 homes scheduled for auction, and Ocean County had one foreclosure for every 924 homes.

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