New Jersey Bank Foreclosures

New Jersey State is in the Mid-Atlantic and northeastern regions of America. New York lies to the north, the River Hudson and the Atlantic Ocean to the east. New Jersey is included in the spread out metropolitan zones of New York and Philadelphia. New Jersey can be generally divided into three zones geographically – north, central and south. The majority of the residents, known as New Jerseyans or New Jeseyites are White. The Blacks make up 15% of the population.

The New Jersey bank foreclosures being noted are part of the gigantic wave of the housing crisis sweeping across the country. The government and the private sector have been trying hard to contain the surging of the tide. The good news is that New Jersey bank foreclosures fell by 30% in the first quarter of 2009.

According to RealtyTrac there were 11,709 New Jersey bank foreclosures during the first three months of the current year. New Jersey bank foreclosures noted a 30% drop from the last quarter of 2008. It is 11% less than the New Jersey bank foreclosures noted in the first quarter of 2008. However the monthly activity is up by 39% in March showing a 2% hike from what it was a year ago.

In March there were 4,570 New Jersey bank foreclosures indicating 40% hike from February 2009 and 2% increase from New Jersey bank foreclosures in March 2008.

James Saccacio the CEO of RealtyTrac said, “Although New Jersey foreclosures are down in the first quarter, they have spiked in the month of March. We saw foreclosures drop dramatically in January across the nation as banks waited for details on the mortgage modification plan. Now, they are moving forward again — especially in New Jersey. Statistics show that the state lost more than 17,000 jobs during the month of March, and its home prices and sales have fallen below the national average during the past year. These factors are definitely contributing to the foreclosure increase.”

In the first quarter of this year the foreclosure rate calculated to 1:299 making it rank 24th among all the states of the country.

Five counties in New Jersey were responsible for 44% of the foreclosures in the state during this quarter. Essex County topped the list with 1,489 foreclosure postings. The other counties in order of decreasing numbers were Union County, Passaic County, Ocean County and Middlesex County.

New Jersey was accountable for 1% of the 803,489 foreclosure filings noted during the first three months of 2009.

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