Despite Drop in Regional Foreclosures, Percentage Higher than Last Year in California
On last Wednesday, RealtyTrac of Irvine, a foreclosure data firm based in California foreclosed homes reported that despite the sharp fall in the month of January in the filings in southern New Jersey, the numbers were considerably higher compared to January last year.
This year, though the January filings dropped by around 10 percent across the nation, they stayed higher by 15 percent in comparison with last year.
The foreclosure filings remained higher this year compared to the last year in the regions like Ocean County, Cape May County, Atlantic County where the drop this year were 36 percent, 42 percent and 40 percent respectively. These rates were higher than the previous year by 39 percent, 26 percent and 45 percent respectively.
Only in Cumberland County, the rates were lower by 7 percent compared to the previous year. This month their filings went down by 42 percent.
RealtyTrac president, James Saccacio, commented that this data expressed the typicality of this extremely unstable season that followed the double-digit increase of December to observe the double-digit fall in January. In the coming few months, an increase in the filings can be noticed if the trend continues like this.
In December, the monthly increase in the local filings rate were 11 percent, 14 percent, 26 percent and 11 percent respectively in areas like Ocean County, Cape May County, Cumberland County and Atlantic County.
Data, published taking in to consideration the whole of 2009 removing those monthly instability, pointed that Cumberland and Cape May counties were ahead in the recent improvement of the real estate market from Ocean and Atlantic counties. For 2009, the filings rate went up by 9 percent and 34 percent in Ocean County and Atlantic County respectively where as the rates dropped by 7 percent in Cumberland County and 3 percent in Cape May County.
According to data of Zillow.com published this week, Pleasantville and Atlantic City were the worst hit communities. Nine percent of the total home sales in the Atlantic County were foreclosed homes.
The local real estate market which had a one in every 409 homes filed for foreclosure, had crossed the nationwide average. In the local markets of Cape May County, Ocean Count, Cumberland County and Atlantic county are respectively 910, 569, 522, 429 compared to the previous figure.
Florida, California, Arizona and Nevada are the states that together accounted the 44 percent of the total foreclosures across the country.
