New Jersey had the highest foreclosure rate in the U.S. in 2017, report says


New Jersey had the highest rate of foreclosure filings in the United States in 2017, according to a new report. The total number of housing units filed for foreclosure in New Jersey that year accounted for his 1.61% of total housing units in the state, but overall, the number of foreclosure filings increased compared to 2016. Decreased.

Nationwide, foreclosure applications fell 27 percent in 2017 compared to 2016, reaching the lowest level since 2005, according to the report. There were 676,535 foreclosure claims in 2017, a 76% decrease from the peak of such claims during the 2010 housing crisis.

Foreclosures made up 0.51% of all residential units in the United States in 2017, according to ATTOM Data, a multi-source real estate database. When applications peaked during the housing crisis, they accounted for his 2.23% of all U.S. housing units.

In 2017, lenders initiated foreclosure proceedings on 383,701 properties, 21,274 of which were in New Jersey, according to the report. According to the report, Camden, Ocean, Essex, Burlington and Monmouth counties had the highest number of properties that had initiated foreclosure processes. Nationwide, there were 318,165 properties scheduled for foreclosure auctions in 2017, of which just over 25,000 were in New Jersey.

Camden and Ocean counties had the highest number of foreclosure auctions. Below is a list of the highest to lowest number of foreclosure auctions by county and the percent change from 2016.

  • Camden 2,329 -11%
  • Marine 2,085 10%
  • Essex 2,063 -20%
  • Monmouth 1,945 -4%
  • Burlington 1,873 14%
  • Atlantic 1,557 -10%
  • Union 1,490 -12%
  • Middlesex 1,401 -6%
  • Gloucester 1,388 15%
  • Bergen 1,360 -20%
  • Pasayk 1,312 -16%
  • Mercer 1,100 -11%
  • Hudson 852 -10%
  • Morris846 -1%
  • Sussex 793 21%
  • Cumberland 584 26%
  • Salem 541 75%
  • Somerset 477 -10%
  • Warren 475 70%
  • Cape May 401 -20%
  • Hunterdon 237 -37%

The state followed national trends in foreclosure initiations and auctions, confirming a decline in both compared to 2016.

New Jersey was also one of the states with a year-over-year increase in foreclosures, in contrast to the national trend. According to the report, data compiled by ATTOM also shows that the state had the second highest number of loan foreclosures that occurred between 2004 and 2008 (20,172). Nationally, 50% of all loans in foreclosures as of the end of 2017 occurred between 2004 and 2008.

Along with New Jersey, Delaware, Maryland, Illinois, and Connecticut had the highest foreclosure rates in 2017. In Delaware, 1.13% of his residential units have received foreclosure filings, according to the report, while in Maryland the number was 0.95% for him.

South Dakota, North Dakota, West Virginia, Montana, and Mississippi had the lowest rates of foreclosure filings in the United States in 2017, according to the report.

“The U.S. housing market has had the luxury of playing out a foreclosure halfway situation, thanks largely to a housing boom driven by a shortage of supply that has helped restrict home purchases to the most eligible and least risky borrowers. Daren Blomquist, senior vice president of ATTOM Data Solutions, said in a press release:

This report is based on publicly recorded and published foreclosure applications collected from more than 2,500 counties nationwide.

You can read the full ATTOM Data report here.

Image via Shutterstock



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