NJ is Still No. 1 in Foreclosures
New Jersey's foreclosure rate dropped more than 12% from April to May, and is down more than 42% compared to the same time last year, but the Garden State still hosts the worst rate in the country, according to May 2019 data.
Real estate tracker Attom Data Solutions recorded 3,218 foreclosure filings — default notices, auctions, and bank repossessions — in New Jersey during the month of May. At a rate of one filing per every 1,117 housing units, New Jersey again had the worst showing in the country. Maryland, Florida and Delaware trailed closely behind.
Nearly 700 homes completed the foreclosure process in New Jersey during May, compared to 1,939 during the same month last year. There were nearly 1,300 housing units that started the process this past May.
The latest numbers represent the 16th consecutive year-over-year decline for New Jersey. But the foreclosure picture has been so nasty over the last few years, the decrease isn't enough to erase New Jersey's unfortunate distinction as the foreclosure leader.
More than 12,000 foreclosure filings were recorded in New Jersey in December 2014.
"Luckily the downward trend is continuing," said Jennifer von Pohlmann, director of content and public relations for the Califormia-based data provider.
Nationally, the rate of foreclosure filings in May decreased 22% from a year ago. It was up 1 percent compared to the previous month.