It’s no secret that New Jersey has a foreclosure problem. In fact, it’s the state with the second-highest foreclosure rate, after Florida, according to realtytrac.com,
And as NJ Spotlight has reported, the Garden State ranks No.1 for “zombie foreclosures”: instances in which a foreclosed property is vacated but not repossessed, thus remaining uninhabited. Another dubious distinction: New Jersey has the longest foreclosure timeline in the country– 1,103 days, one of the main factors in the “zombie” problem.
Where are foreclosure problems the worst? This list counts down the 10 counties with the highest foreclosure rates, using data from realtytrac.com, which ranks counties by calculating the number of housing units — houses, apartments, and so on — all told, and how many of those have been foreclosed on. The foreclosure total is a sum of all the assorted foreclosure filings in a county. If a single property receives multiple filings, only the most recent is counted.
The state as a whole was home to 7,378 foreclosed housing units in May 2015, out of 3,563,130 total units. One in every 483 properties in New Jersey has been foreclosed on, meaning that 0.21 percent of the state’s housing is undergoing the foreclosure process. These numbers are strikingly higher than the national average: in the United States, one in every 1,041 housing units had been foreclosed, which works out to 0.10% percent. In Florida, the national leader, one in every 409 housing units is in foreclosure. Its most-foreclosed county, Pasco, has one foreclosure for every 203 housing units.
1. Atlantic County: 1 in every 230 housing units foreclosed
Atlantic County is New Jersey’s most foreclosure-prone area, and one of the most foreclosure-riddled counties in the country. As of May 2015, one in every 230 housing units in the county had been foreclosed, which translates into 553 units out of a total of 126,929.
2. Camden County: 1 in every 257 units foreclosed
A total of 39 percent of the county’s 513,512 housing units have been foreclosed on: that’s 799 properties, the highest number in the state.
3. Sussex County: 1 in every 266 units
In Sussex County, 038 percent of a total of 61,993 housing units have been foreclosed on, for 233 foreclosures all told.
4. Cumberland County: 1 in every 273 units
This county in southern New Jersey hosted 205 foreclosure filings in May 2015; 0.37 percent of its 55,992 housing units are in foreclosure.
5. Salem County: 1 in every 319 units
New Jersey’s smallest county has one of its highest foreclosure rates. Only 86 housing units were in foreclosure in May 2015, but the county as a whole has only 27,469 units — 0.31 percent of these are foreclosed.
6. Burlington County: 1 in every 331 units
This county’s foreclosure rate is 0.30 percent; 532 of its 176,180 housing units are in foreclosure.
7. Union County: 1 in every 407 units
This county hosts 200,061 housing units, 492 of which have received foreclosure filings, equaling a 0.25 percent foreclosure rate.
8. Ocean County: 1 in every 426 units
This coastal New Jersey county has a 0.23 percent foreclosure rate, with 654 out of 278,766 units foreclosed on.
9. Mercer County: 1 in every 456 units
This central county is home to New Jersey’s state capital. A total of 315 foreclosures in May out of 143,656 housing units, gives it a 0.22 percent foreclosure rate.
10. Gloucester County: 1 in every 466 units
This South Jersey county , boasts 110,415 housing units; 0.21 percent of which have received foreclosure notices.