Short Sale in Bergen County

By
Real Estate Agent with COSMO REALTY, INC.

"Bank-approval required (BAR)" items are increasingly listed in the MLS system these days. They are either short sale items or items already foreclosed and/or owned by banks (REO). As of 7/9/08, all 70 towns of Bergen County have approximately 462 "BAR" items out of all 7,264 "Active" items, which accounts for 6.36%, as shown below.

This high rate in Bergen County, however, does not look fair at all in comparison with other neighboring counties, such as Passaic (11.33%), Essex (14.56%), or Hudson (8.24%).

In Bergen County, locale 300 (Southwestern Bergen) and 400 (Central Bergen) shows the highest rate---9.01% and 9.29% respectively.

It is notable that 2-4 family housing units show a much higher rate of "BAR" vs. condos/townhouses/coops, which is common to all of the above 4 counties.

Are "BAR" items relatively competitive in prices? Well, a few are.

Does "BAR" items sell well? Well, a few does. 

Bank-Approval Required        
AS OF 7/9/08          
    County       Locale      Condo     2-4Fam       House        Total   Town#
    Bergen 100 9 8 89 106 15
  200 30 19 35 84 8
  300 3 18 37 58 12
  400 25 49 97 171 14
  500 5 0 7 12 8
  600 4 0 27 31 13
          Total 76 94 292 462 70
    Passaic         Total 14 184 107 305 16
    Essex         Total 9 186 82 277 22
    Hudson         Total 46 46 21 113 12
             
Active Items          
AS OF 7/9/08          
    County       Locale      Condo     2-4Fam       House        Total  
    Bergen 100 176 92 1,144 1,412  
  200 1,044 227 362 1,633  
  300 90 152 402 644  
  400 300 341 1,200 1,841  
  500 62 9 384 455  
  600 203 28 1,048 1,279  
          Total 1,875 849 4,540 7,264  
    Passaic         Total 421 803 1,468 2,692  
    Essex         Total 270 805 827 1,902  
    Hudson         Total 821 347 203 1,371  
             
Short vs. Active          
AS OF 7/9/08          
County       Locale      Condo     2-4Fam       House        Total  
    Bergen 100 5.11% 8.70% 7.78% 7.51%  
  200 2.87% 8.37% 9.67% 5.14%  
  300 3.33% 11.84% 9.20% 9.01%  
  400 8.33% 14.37% 8.08% 9.29%  
  500 8.06% 0.00% 1.82% 2.64%  
  600 1.97% 0.00% 2.58% 2.42%  
          Total 4.05% 11.07% 6.43% 6.36%  
    Passaic         Total 3.33% 22.91% 7.29% 11.33%  
    Essex         Total 3.33% 23.11% 9.92% 14.56%  
    Hudson         Total 5.60% 13.26% 10.34% 8.24%  

*Charts are based on the New Jersey MLS data.

 

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