NJ REO Up 375% Year-Over-Year

From the Star Ledger:

The news about foreclosures in N.J. isn’t getting much better

The number of homes entering the foreclosure process in New Jersey dipped in April as the pace of bank repossessions spiked, a new report shows, following a national trend that a housing expert said represents a “continuation of the clean-up phase of the last housing crisis.”

Nearly 1,680 foreclosures were completed in New Jersey in April, a 375 percent increase over a year ago and a nearly 108 percent jump from March, the RealtyTrac report found. Foreclosure starts in the state fell roughly 20 percent from a year ago to more than 2,650 in April and dropped nearly 38 percent from March.

Nationally, bank repossessions increased 50 percent in April from a year ago and 25 percent from March and foreclosure starts dropped 5 percent from a year ago and 3 percent from March, according to the report from the Irvine, Calif.-based firm.

Daren Blomquist, vice president at RealtyTrac, said the increase in bank repossessions in April was foreshadowed by a 23-month high in scheduled foreclosure auctions last October.

“Many of those scheduled auctions are now taking place, and properties are going back to the foreclosing lender,” Blomquist said in a statement. “Meanwhile we continue to see foreclosure starts decrease, and foreclosure starts nationwide are now running consistently below pre-crisis levels — indicating that the overall increase in foreclosure activity in April is a continuation of the clean-up phase of the last housing crisis, not the start of a new crisis.”

New Jersey’s foreclosure rate still ranked among the top in the nation, the report also found, with a filing on one in every 594 housing units.

The Atlantic City region also posted the highest foreclosure rate in the nation among metropolitan areas with a population of at least 200,000. One in every 297 properties in the area had a foreclosure filing, according to the report.

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17 Responses to NJ REO Up 375% Year-Over-Year

  1. grim says:

    We need to add a zero to the end of that number to even remotely make a dent

  2. Wily Millenial says:

    I missed this one last week. “Competitive situations in … Nutley.”


  3. 30 year realtor says:

    Sales volume continues to increase at sheriff sales in North Jersey. I currently have over 40 REO properties in my inventory. Most of them are waiting to hit the market. Just put one on the market in Ramsey late yesterday for $659,900.

  4. grim says:

    As-is, needs reno, $659k?

  5. 30 year realtor says:

    #4 that is correct

  6. Fabius Maximus says:

    Tenafly NJ two top 10 and a top 20

  7. Fabius Maximus says:

    For those that have taken Myers-Briggs, this is quite funny.


  8. leftwing says:


    Interesting, wasn’t aware of Myers Briggs, explains a lot.

    Back when I was in the corporate world there were mandatory seminars for everything. “How to do this, How to do that….”. Mostly garbage.

    Of course everyone resisted going. Most of us held out as long as we could for one called “Negotiating Skills”. Sounded soft, was for senior guys only. Fair amount of arrogance among all of us, “I didn’t get where I am by not knowing how to negotiate.”

    We were finally told bonuses would not be paid until we took it. Best thing ever.

    Had to be some derivation of Myers Briggs. It was the only seminar book I ever kept (says a lot since I’m a corporate info hoarder) and I have it to this day. Basically broke counterparties (starting with yourself) into four major categories and then addressed how to deal with each. Greatly simplified, if you were a “data” person and you needed to close a deal with a “fairness” person you would never be successful by producing reams and reams of hard data, no matter how correct or persuasive. Matter of fact, you would likely just keep alienating the counterparty and lose the deal. Ironically the harder you worked in your ‘box’ (“if I can just find the exact piece of data to show this guy I can convince him”) the more likely you were to lose. You had to be able to correctly assess the your counterparty’s ‘box’, step into that framework, and make the persuasive argument from that POV.

    I mentioned before I spent some work time in Europe. Eight years total, did fairly well. I credit most of it to this stupid day long seminar. I would have been an absolute train wreck dealing with certain nationalities overseas otherwise, last maybe six months.

  9. 30 year realtor says:

    Already a strong offer on that Ramsey property. Seller requires 8 days of market time before reviewing offers. This should make for an interesting highest and best a week from Monday.

  10. Comrade Nom Deplume, Future uber driver says:

    [7] Rory Martin

    That was pretty funny.

  11. The Great Pumpkin says:

    Check out this article from USA TODAY:

    The 10 richest towns in America


  12. The Original NJ ExPat says:

    A recent REO tale:

    Someone I know bought the house he grew up in from his mother for $360K in 2004. $20K down (supposedly) and $340K 9.0% 1 year ARM. Cash-out refi into a $427K ARM starting at 6.5% in 2005. I’m not sure when he went delinquent but the Lis Pendens was filed in 2010. Sheriff sale occurred 60 days ago, sold to plaintiff. Approximate Judgement: $579K. Zillow has the house at about $350K now. Since it is NJ, I wonder if the bank will chase him down for a deficiency judgement?

  13. WickedOrange says:

    RE Fabius Maximus

    Tenafly, That’s four in the top 15.

  14. leftwing says:

    i hate to say, if a beautiful mind is going to be extinguished there is something cosmically correct that it happens in nj. on the turnpike.

  15. NJGator says:

    Graydon and Ellery need $400/hr play date tutors.

    Martin was further panicked to learn her child had been born in the wrong month; many women on the Upper East Side time their pregnancies and IVF treatments to school enrollment, so their child will begin school at the oldest age possible — a practice known as redshirting.
    “You go to the Upper East Side, and everyone will be heavily pregnant in the same month, because the time to have a baby is October or November,” Martin says. “Those are the good birthdays.”
    Still, Martin learned there were things she could do for her toddler. Since the way children play with others factors into nursery-school admission, many Upper East Side mommies hire play-date tutors. Aristotle Circle, for example, offered group play-date tutorials last year for $400 an hour, complete with a write-up of your child’s social deficits. They currently offer one-on-one sessions between toddler and therapist for $150 to $300.
    “The headmasters or the administrators of the school watch while the children have a play date with other children from the applicant pool — sometimes up to eight of them,” Martin says. “It’s an audition. So the play-date tutors are for kids who don’t have enough experience with spontaneous play, because they’re so overscheduled.”

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