NJ Metro Area Foreclosures Increase in Q3

From CNN/Money:

Foreclosure filings: No slowdown yet

Three states, California, Florida and Ohio, continue to dominate new foreclosure filings, as most of the nation saw increases in the third quarter, according to a new survey.

During the period ended Sept. 30, 77 out of the nation’s 100 largest metropolitan areas reported rises in delinquencies compared with the previous three months, according to the latest report from RealtyTrac, an online marketer of foreclosure properties.

The three most affected states reveal the two main causes of mortgage payment problems: economic weakness, as exemplified by Ohio, and speculative excess that led to high home prices and unaffordable mortgages, as represented by California and Florida.

Not every state has been clobbered, according to James Saccacio, RealtyTrac’s CEO. “There continue to be pockets of the country – most noticeably metro areas in the Carolinas, Virginia and Texas – that have thus far dodged the foreclosure bullet,” he said in a statement.

But, nationally, foreclosure filings, which include all three main stages of foreclosure, default or late payments, auction and real estate owned (properties reacquired by lenders and now being resold), were up 30 percent compared with the previous three months.

STOCKTON, DETROIT, RIVERSIDE-SAN BERNARDINO POST TOP METRO FORECLOSURE RATES IN Q3

RealtyTrac® (realtytrac.com), the leading online marketplace for foreclosure properties, today released its Q3 2007 Metropolitan Foreclosure Market Report, which shows Stockton, Calif., Detroit and Riverside-San Bernardino, Calif., documented the three highest foreclosure rates among the nation’s 100 largest metropolitan areas during the third quarter.
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“Although cities in just three states — California, Ohio and Florida — accounted for more than two-thirds of the top 25 metro foreclosure rates, increasing foreclosure activity was not limited to just a few hot spots,” said James J. Saccacio, chief executive officer of RealtyTrac. “In fact, 77 out of the top 100 metro areas reported more foreclosure filings in the third quarter than they had in the previous quarter. Still, there continue to be pockets of the country — most noticeably metro areas in the Carolinas, Virginia and Texas — that have thus far dodged the foreclosure bullet.”
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The RealtyTrac Metro Foreclosure Market Report provides the total number of foreclosure filings by metropolitan area, along with the number of households per foreclosure filing. The household numbers are based on the U.S. Census Bureau’s 2005 estimates of total housing units.

Beginning with the Midyear 2007 report, the report also includes counts of properties with at least one foreclosure filing reported against them. This new metric only counts a property once, even if there were multiple foreclosure actions filed against the property during the time period covered by the report.

#47 – NEWARK, NJ 2,634 Properties 63% YOY Increase
#52 – CAMDEN, NJ 779 Properties 19.3% YOY Decrease
#55 – EDISON, NJ 2,415 Properties 94.4% YOY Increase
#77 – NEW YORK/WAYNE/WHITE PLAINS, NY-NJ 7,302 Properties 93.8% YOY Increase
#79 – WILMINGTON, DE-NJ 504 Properties 247.6% YOY Increase