"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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