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According to RealtyTrac residential foreclosures in New Jersey jumped 1.96% during the first quarter of 2009, y-o-y and rose a colossal 40% from February 2009.

nj-foreclosures

Q1 official auctions in NJ included 2,293 residential properties as Essex County lead the way with 296. Passaic followed with 217,  as well as Ocean- 217 and Union with 215. These were the top four counties with foreclosures during Q1.

The four top cities with foreclosures were Newark, Paterson, Elizabeth and Dover NJ. Currently NJ ranks 24th in the nation with foreclosure filings.

This latest report clearly shows that the housing  collapse continues to undermine the New Jersey economy.

State economists predict the jobless rate will continue to climb throughout the year which will render more homeowners unable to make mortgage payments and in turn face further foreclosures.

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