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N.J. Lags as Foreclosure Crisis Passes Nationwide

northjersey.com | July 21, 2014

By Kathleen Lynn

* State level rises 38%; U.S. activity down 23%

Home foreclosures in New Jersey rose 38 percent in fiscal 2014, the state Judiciary said Wednesday, as lenders continued to catch up on cases that piled up while the mortgage industry dealt with accusations it abused borrowers' legal rights.

At the same time, nationwide foreclosure activity has declined. The California real estate information company RealtyTrac reported Wednesday that in the first half of this year, national foreclosure activity dropped 23 percent from the same period a year earlier, returning to pre-housing-bust levels. RealtyTrac counts all foreclosure filings, from the lender's first notice that a borrower is in default, through to sale of the home at a sheriff's auction.

"Nationwide foreclosure activity in June reached an important milestone, dropping to levels not seen since before the housing price bubble burst in August 2006," said Daren Blomquist, vice president at RealtyTrac.

However, the foreclosure process is slower in New Jersey, which is one of about two dozen states where foreclosures go through the courts. In addition, foreclosure activity in the state fell dramatically a few years ago after questions were raised about "robo-signing," in which mortgage industry workers allegedly signed foreclosure-related documents without checking them.

According to the Judiciary, Bergen County foreclosures increased 26 percent in fiscal 2014, to 3,090, while Passaic cases rose 20 percent, to 2,655.

More strikingly, foreclosure cases in the state have almost quadrupled from fiscal 2012, after the "robo-signing" concerns arose.

 

Back to July 2014 Archive

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