The latest foreclosure report from real estate data provider PropertyShark shows that metro New York closed the most active quarter in nearly two years with first-time filings rising 6% year over year in the second quarter to reach 1,718 cases.
This increase was partially driven by New Jersey’s 23% increase year over year. New Jersey’s first-time filings totaled 804 cases, accounting for 47% of all metro New York foreclosures. Ten of the region’s 12 New Jersey markets saw foreclosures rise in the second quarter.
The foreclosure increases came after nine quarters of near-consecutive declines. The New Jersey markets heated up again to reach figures not seen since early 2023.
Somerset County saw the sharpest rise in first-time foreclosures in the region at 54% year over year to 37 from 24, followed by Morris County climbing by 50% to 54 from 36, and Hudson County increasing 49% to 52 from 35.
Essex County had the most foreclosures in the New Jersey region, totaling 139 cases, as foreclosures climbed 28% from 109. PropertyShark said the foreclosure total in Essex County surged to a three-year high in the second quarter.
Union and Passaic were the only counties to see a drop in foreclosures in New Jersey with an 8% decline to 58 from 63 in Union and 2% year-over-year decrease to 46 from 47 in Passaic.
Hunterdon County, with 21 first-time filings, remained the slowest Jersey market, though its 11% increase from 19 was a three-year high, according to PropertyShark.
PropertyShark is an online real estate database and property research tool that provides building details, ownership information, comparable sales, and foreclosure data.
