New Jersey Foreclosure on Rise

October 20th, 2008

A very recent data has released the foreclosure rate in New Jersey for the third quarter of this year. It has reached a one year-high in 2008 third quarter. The current rate of foreclosure in the place has gone up by 9 percent. It was 2,798 in 2007, which stands at 3,052 this quarter. When a comparison was drawn between the rate of foreclosure during the third quarter of 2007 and third quarter of 2008, it has been found that for the first time, it has gone up by 43 percent. The highest rate of foreclosure has been arrested in the real estate of Union, Passaic, and Essex counties.

Nearly one out of every 642 households in Union County was planned for auction. One out of every 619 homes in Passaic County and one out of every 596 homes in Essex County were facing the same problem in the third quarter of 2008. Among all the cities of New Jersey, the biggest trouble was faced by Franklin Township. Here, one out of every 144 households was planned for auction. This city is followed by Wiling Borough Township where one out of every 301 households are in foreclosure and Roselle Borough where one out of every 254 households is in a foreclosure situation.

In New Jersey, the City of Newark was found with the maximum number of scheduled foreclosures in the third quarter of 2008. This was followed by Paterson with 150 foreclosures, Elizabeth with 94 foreclosures and East Orange with 75 foreclosures. Essex County had the highest rate of foreclosures per household as well as highest number of first time foreclosures among all the counties of New Jersey. The rate of foreclosure in Passaic County went up by 122 percent, Hunterdon County by 180 percent, Union County by 96 percent, Cumberland County by 119 percent, Atlantic County by 88 percent, and Monmouth County by 75 percent.

The rate of foreclosure per household in the Union County stands at 0.16 percent, for Essex County it stands at 0.17 percent and for Passaic County it is 0.16 percent. They were followed by the county of Sussex where one out of every 733 homes was planned for auction. Thus the real estate of the region is seriously at major stake. Something has to be done immediately to get rid of this problem. Otherwise it is going to have a further bad effect on the economy of New Jersey.