From the Record:
Foreclosure activity in New Jersey rose 75 percent in the 12 months ended in October, RealtyTrac reported today. Nationally, the total was up about 25 percent.
“October marks the 34th consecutive month where U.S. foreclosure activity has increased compared to the prior year,” said James J. Saccacio, chief executive officer of RealtyTrac, which monitors foreclosures nationwide.
One in every 410 New Jersey households received a foreclosure notice in October, compared with one in every 452 households that received a filing nationwide.
Passaic County had the highest foreclosure rate in the state, with one of every 207 housing units affected. Bergen County was seventh of the state’s 21 counties, with foreclosure affecting one in every 368 households. In Hudson County, the number was one in 518, and in Morris, one in 805.
RealtyTrac counts all stages of the foreclosure process, ranging from a lender’s notice that a homeowner is in default on mortgage payments all the way through to bank repossession. Most homeowners who receive default notices are able to avoid bank repossession of their properties.