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New Jersey at Foreclosure Epicenter

newjerseynewsroom.com | February 27, 2014

By Bob Holt

Remember that recovery that you’ve been hearing about in the housing market? I’m afraid there’s no sign of it in our state.

The holiday bills that always turn up in January only added fuel to a growing problem for New Jersey.

Bloomberg reports that New Jersey has taken the lead among U.S. states for having the highest number of seriously delinquent residential mortgages or homes in foreclosure. Homeowners in New York or New Jersey who lost their homes in 2013 rose to a three-year high.

According to NJ.com, RealtyTrac housing data figures showed that the number of New Jersey homes entering foreclosure increased by almost 80 percent in January since January 2013. Statistics found that foreclosure began on 4,617 New Jersey homes in January, a 40-month high rate of activity for the state.

New Jersey takes a slower pace in completing foreclosure proceedings. NJ.com reported that close to 119,000 homes completed the foreclosure process in Florida over the past 12 months, compared to only 5,138 in New Jersey.

According to Bloomberg, almost 10,000 cases went to a sheriff sale in New Jersey in 2013, the most since 2009. Hurricane Sandy and alleged cases of foreclosure abuse by banks also slowed down the proceedings.

Areas hardest hit by foreclosures include Newark, Irvington, Elizabeth, Trenton and Camden, according to Bloomberg. Close to 21 percent of our state’s foreclosures are from urban areas, while 18 percent have occurred in towns affected by the hurricane.

Bloomberg reports that Newark and Irvington are considering using the government to seize underwater mortgages, where the person owes more on the mortgage than the property is worth, to help homeowners stay out of foreclosure. The plan would offer fair market value and lower rates.

 

Back to February 2014 Archive

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