NJ foreclosures up 52% YOY

From RealtyTrac:

Foreclosure Activity Increases 9 Percent in July According to RealtyTrac(TM) U.S. Foreclosure Market Report

RealtyTrac(R) (http://www.realtytrac.com), the leading online marketplace for foreclosure properties, today released its July 2007 U.S. Foreclosure Market Report, which shows a total of 179,599 foreclosure filings — default notices, auction sale notices and bank repossessions — were reported during the month, up 9 percent from the previous month and up 93 percent from July 2006. The report also shows a national foreclosure rate of one foreclosure filing for every 693 households for the month.

“While 43 states experienced year-over-year increases in foreclosure activity, just five states — California, Florida, Michigan, Ohio and Georgia — accounted for more than half of the nation’s total foreclosure filings,” said James J. Saccacio, chief executive officer of RealtyTrac. “Meanwhile, a few states actually reported declining foreclosure activity on a year-over-year basis. Some of these states could be benefiting from increased interest from real estate investors who have pulled out of more volatile markets where home price appreciation seems to have hit its peak for the time being. In contrast, states like Texas, South Carolina and Utah have seen slow but steady price appreciation over the past five years, making them much more attractive and affordable.”

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