The Atlantic City Metropolitan area continues to lead the nation in foreclosure activity, with a rate four times the national average, according to a July report. One in every 258 housing units had a foreclosure filing in July, according to RealtyTrac’s July 2015 U.S. Foreclosure Market Report. That was the worst showing of any statistical area with a population of 200,000 or more. Such filings include notices of default or pending legal action, scheduled auctions and bank repossessions. The Atlantic City Metropolitan Statistical Area includes all of Atlantic County.
Nationally, new foreclosure starts are down to their lowest level since 2005, even though overall foreclosure activity was up 7 percent from the previous month and 14 percent from last July. But in Atlantic County starts were up almost 72 percent from last July, suggesting that Atlantic City is in for a tougher and longer haul back to a healthy housing market.
New Jersey’s statewide foreclosure starts also increased. They are up 129 percent over last July, however, some of the starts may involve properties that entered the foreclosure process years ago, then fell out of it (they are counted again as starts if it has been at least three years since the last default notice). New Jersey posted the third-highest overall foreclosure rate for states, behind just Florida and Maryland. More activity in auction notices and bank repossessions across the country meant July was the fifth consecutive month with a year-over-year increase in overall foreclosure activity. That followed 53 consecutive months of decreases, according to RealtyTrac. Nationwide a total of 124,910 U.S. properties experienced foreclosure filings in July.