Summit & Surrounding Areas: Foreclosure Activity for Nov. 2008

As mentioned in my October 29 blog post, there are approximately 2 foreclosures for every 10,000 households in New Jersey, or an average of 748 units per month, the third lowest level in the country after Connecticut and New York.

After spending a great deal of time researching sheriff sale data for Morris & Somerset counties (route 78 & 24 corridors), a majority of foreclosures and short sales are adjourned/resolved before they reach the auction stage. In areas where there is a concentration of foreclosure, home sellers are experiencing added downward pressure in housing pricing, finding out that they are competing with bank-owned properties (REO/Real Estate Owned). For an excellent resource to see where the concentrations of foreclosures, pre-foreclosures and auctions are in any state, visit www.RealtyTrac.com.