From the Record:
Foreclosure activity in New Jersey doubled last month compared with a year earlier, as lenders resumed their efforts to evict homeowners in default, RealtyTrac reported Wednesday. One in every 1,566 homes in the state received a foreclosure filing in July.
Lenders had been stopped in their tracks for over a year in the state, as they dealt with questions about “robo-signing,” in which they were accused of abusing homeowners’ rights in their rush to take back distressed properties. Several court rulings and settlements have cleared the way for lenders to begin foreclosing again in the state.
“In states like Florida, Illinois and New Jersey, where processing and procedural issues slowed foreclosure activity to a crawl last year, foreclosure numbers continue to rebound off those artificially low levels,” said Daren Blomquist, vice president of RealtyTrac, a California company that tracks the foreclosure market.
Nationally, however, foreclosure activity declined year over year, RealtyTrac reported. One in every 686 housing units in the nation received a foreclosure filing during July, down about 9.8 percent from the previous year.
In Bergen County, one in every 2,381 residential properties received a foreclosure filing and in Passaic, one in every 1,294. RealtyTrac counts all filings, from the lender’s initial notice that a homeowner is in default on the mortgage all the way through to sale of the property at sheriff’s auction.
In Bergen County, sheriff’s auctions rose to a total of 30 in July, up from six in July 2011. In Passaic County, 16 properties were auctioned in July, compared with seven in July 2011, according to Sheriff Richard H. Berdnik.