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New Jersey Foreclosures down 10% over Q1 2008, but up 13% from Q4 2008

New Jersey Foreclosures

Here are the key takeaways from the Q1 2009 New Jersey Foreclosure report. (Click here to see New Jersey Foreclosure Listings)

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.
New Jersey Foreclosures
Roxana Baiceanu

Roxana Baiceanu

Roxana is an associate editor with Multi-Housing News and Commercial Property Executive. In the past, she also created content for PropertyShark and Point2Homes’ blog pages. She also has 5 years of experience as a marketing copywriter.