- Louisiana 10.5%
- Mississippi 6.8%
- Kentucky 6.3%
- Arkansas 5.4%
- Iowa 5.0%
- North Dakota 5.0%
- Oklahoma 5.0%
- West Virginia 4.7%
- Illinois 4.0%
- Missouri 3.9%
These statistics are attributed to population declines in general in these states.
Q3 2024 Foreclosure Report: Insights for New Jersey Brokers from Counsellors Title Agency
The latest \ATTOM Q3 2024 U.S. Foreclosure Market Report provides valuable insights for real estate professionals in New Jersey, highlighting both national and state-level trends. For agents and brokers in Ocean and Monmouth counties, these foreclosure statistics can be crucial for understanding market dynamics and identifying potential opportunities. The report reveals that 87,108 U.S. properties had foreclosure filings in Q3 2024, a 2% decrease from the previous quarter and a 13% drop from the same period last year.
In September 2024 alone, 29,668 properties across the U.S. had foreclosure filings, marking a 2% decrease from the previous month and a 19% decline from the prior year. Nationwide, 62,380 properties entered foreclosure in Q3 2024, which is down less than 1% from Q2 and 10% from the same time last year.
New Jersey Foreclosure Trends
New Jersey is among the states that saw a significant decline in foreclosure starts, with a 20% decrease compared to Q3 2023. This decline places New Jersey alongside other states like North Carolina, Georgia, and Maryland, which have also experienced considerable reductions in foreclosure activity. Despite these decreases, New Jersey remains a key state to watch, especially in metropolitan areas like Newark and Trenton.
For brokers in Ocean and Monmouth counties, this decline in foreclosure activity presents an opportunity to shift focus to distressed properties while keeping an eye on market recovery trends. Lower foreclosure rates may indicate a strengthening economy in these regions, but it also suggests that available foreclosure inventory may be more competitive. This is where hyper-local market knowledge and strategic partnerships with title agencies like Counsellors Title can provide you with the edge to secure the best deals for your clients.
Key Metro Areas with High Foreclosure Starts
While New Jersey saw a 20% decline in foreclosure starts, major U.S. metro areas like New York City (3,776 foreclosure starts), Chicago (3,231), Los Angeles (2,166), Miami (2,142), and Houston (1,791) continue to experience higher foreclosure activity. Although these regions are outside of New Jersey, understanding the broader national trends can provide valuable context for how these economic pressures may affect local markets.
Foreclosure Process Timelines
Properties foreclosed in Q3 2024 spent an average of **815 days** in the foreclosure process—an increase of 6% from Q3 2023. While this is unchanged from the previous quarter, it reflects a continued rise in the time it takes for foreclosures to complete. For New Jersey brokers, this extended timeline could impact how you approach clients dealing with distressed properties. The longer foreclosure process may provide more opportunities to help homeowners through pre-foreclosure solutions, or it could lead to longer transaction timelines for investors seeking distressed properties.
Opportunities in Ocean and Monmouth Counties
For agents and brokers focused on Ocean and Monmouth counties, understanding foreclosure trends is key to tapping into market opportunities. The decrease in foreclosure starts statewide signals that the market is stabilizing, but it’s essential to remain vigilant for distressed properties that could provide unique buying opportunities, especially in areas not dominated by other agents. At Counsellors Title Agency, we are here to help you navigate these trends with confidence, offering the support you need to stay competitive in today’s evolving market.
If you’re looking for guidance on title services, property searches, or insights into how these foreclosure trends may impact your local market, reach out to our team at Counsellors Title Agency. Together, we can ensure your clients have the information they need to make informed real estate decisions.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
Connect with Ralph on LinkedIn: https://www.linkedin.com/in/ralphaponte/