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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.
Union County’s share of seriously delinquent mortgages is 13.8 percent, a rate similar to adjacent Hudson County. The spatial distribution of distressed mortgages at the zip code level, however, is distinctively varied. For example, 11 zip codes have relatively low rates of mortgages in foreclosure (3 percent or less). In contrast, three zip codes (bordering Newark) have rates reaching as high as almost 30 percent. Relative to other counties in the region, Union County also had some of the steepest year-over-year declines in its house price index through 2009. While considerably improved compared with these earlier declines, the latest annual house price change remains negative.

 
* Click each thumbnail to view chart. See corresponding highlight in left-hand column.
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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.