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%.
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.