Cranford NJ Foreclosure Report for 2009
Here are the statistics according to Realty Trac for Cranford NJ Foreclosures in 2009.
For these statistics, a 'foreclosure' is counted by Realty Trac any time a homeowner receives any type of public notice, such as a Lis Pendens, a Notice of Default (NOD), or an actual auction or foreclosure sale notice.
In 2009, there were a total of 55 foreclosures in Cranford NJ. This accounts for approximately 1 foreclosure for every 158 housing units, or about .6% of homes.
This many not sound like a lot, and statistically its not, but if we track the trend, it was definitely going up towards the end of 2009. In the beginning of 2009, there were only 2 or 3 foreclosures being recorded each month. In December alone, there were 13. This causes statistics to be slightly misleading, as while there may have been a 100% or 200% increase in the number of foreclosures, when the numbers are this small, the percentages can be skewed very easily.
Let's compare Cranford to the rest of the State of New Jersey, Union County, and the US as a whole, here are the numbers for just December 2009:
Cranford: 1 out of every 671 Homes received foreclosure notice in December
Union County: 1 out of every 235
State of NJ: 1 out of every 345
United States: 1 ouf of ever 365
When examining these statistics, Cranford, while showing an increase in 2009, has still had FAR less foreclosures per capita than the nation, state, and county in December, even with the spike to 13 filings.
I expect this number in Cranford to rise a bit more through 2010, as the unemployment rate has caused a "Second Wave" of foreclosures and defaults, caused by lost wages. The "first wave" was caused mostly by sub prime and adjusting mortgages, which Cranford had less of than many more speculative areas of the country.