|Regional Mortgage Briefs|
Regional Mortgage Briefs is an online resource designed to provide up-to-date and accessible analytics on critical mortgage and foreclosure concerns impacting our region. This information will help policymakers and housing professionals make informed decisions and efficiently allocate resources.
|In northern New Jersey, 8 percent of mortgages are in foreclosure—twice the share for the United States as a whole. An additional 4 percent of northern New Jersey mortgages are at least 90 days delinquent, the point at which a foreclosure filing can be initiated. Combined, 12 percent—or about one in eight mortgages—are seriously delinquent. By comparison, the pre-crisis share of mortgages seriously delinquent in this region was less than 2 percent. More positively, flows of mortgages into foreclosure and delinquency are down from their peak levels, although still considerably up from pre-crisis levels. Similarly, annual declines in home values are far less steep than they were in 2009, despite a continued fall.
*In our analysis, northern New Jersey includes Bergen, Essex, Hudson, Middlesex, Passaic and Union.
* Click each thumbnail to view chart. See corresponding highlight in left-hand column.
* Click chart to enlarge
Data include first-lien mortgages on 1-4 unit residential properties as of March 1, 2011. To approximate the full universe of residential mortgages, data are aggregated from two sources depending on mortgage type. The source of privately securitized mortgage data is CoreLogic LoanPerformance (LP); the source of data on all other mortgages is Lender Processing Services Mortgage Performance data (LPS).
These data do not represent the total number of residential mortgages in each geography but the unadjusted loan counts from the source databases. As of 3/1/2011, the data sets provided monthly loan-level information on approximately 34.9 million active loans in the United States, estimated at 65 percent of the total number of mortgages. However, coverage varies by category and geography.
The House Price Indexes at the county and zip code level are from CoreLogic LoanPerformance (LP). To mitigate small-sample concerns, we use a three-month moving average of the HPI that includes all sales in the zip code, including distressed sales.
Housing Unit data are owner-occupied data from the Census American Community Survey, 2005-2009 estimates.