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N.J. foreclosure rate again ranks among top in U.S. as repossessions spike

While the number of homes entering the foreclosure process in New Jersey fell in August from a year ago, data released on Thursday shows that overall foreclosure activity still rose in the state because of a big spike in bank repossessions.

The state’s foreclosure rate again ranked near the top in the country last month, according to report from the Irvine, Calif.-based housing firm RealtyTrac. Only Nevada and Maryland posted higher rates in August.


MORE: N.J.’s ‘zombie foreclosure’ rate highest in U.S. 


More than 2,760 properties in New Jersey started the foreclosure process in August, a 38 percent decrease from a year ago. But, meanwhile, nearly 1,800 properties in New Jersey were repossessed by lenders last month. That’s an increase of 295 percent from a year ago, according to the RealtyTrac data.

Overall one in every 539 housing units in New Jersey had a foreclosure filing in August, the third highest rate in the country. New Jersey, which has a judicial foreclosure process, has consistently ranked near or at the top in the country for its foreclosure rate in recent reports.

Among New Jersey’s counties, Cumberland County posted the highest foreclosure rate in August, followed by Atlantic and Sussex counties, the RealtyTrac report shows.

Though foreclosure activity fell 5 percent in August from a year ago in Atlantic City, that region still had the highest foreclosure rate among metro areas with a population of at least 200,000.

One in every 307 housing units in the Atlantic City area had a foreclosure filing in August, according to RealtyTrac. That is nearly four times the U.S. average. 

Trenton posted the second-highest metro foreclosure rate in August, with filings on one in every 384 housing units. 

Erin O’Neill may be reached at eoneill@njadvancemedia.com. Follow her on Twitter @LedgerErin. Find NJ.com on Facebook.

Article source: http://www.nj.com/business/index.ssf/2015/09/nj_foreclosure_rate_again_ranks_among_top_in_us_as.html

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