Friday, February 27, 2015

Explainer: Just How Bad Is New Jersey's Foreclosure Crisis?

Early this year, banking and real-estate analysts concluded that New Jersey had achieved a dubious distinction, passing Florida to become the state with the highest percentage of foreclosure among mortgaged homes, 6.2 percent as calculated by CoreLogic, a leader in real-estate analytics. (That percentage was actually an improvement from a year earlier.)

Explainer: Just How Bad Is New Jersey's Foreclosure Crisis?

Court records show that through April 15, lenders filed 15,150 new foreclosure cases in New Jersey this year, the sort of number seen only in the depths of the recession. In Atlantic City, foreclosures are up 254 percent from a year ago.
Court records show that through April 15, lenders filed 15,150 new foreclosure cases in New Jersey this year, the sort of number seen only in the depths of the recession. In Atlantic City, foreclosures are up 254 percent from a year ago. Content that Works

Early this year, banking and real-estate analysts concluded that New Jersey had achieved a dubious distinction, passing Florida to become the state with the highest percentage of foreclosure among mortgaged homes, 6.2 percent as calculated by CoreLogic, a leader in real-estate analytics. (That percentage was actually an improvement from a year earlier.)

Meanwhile, Florida’s rate dropped to 6 percent from 10.1 percent in 2012, and housing markets around the country are recovering far faster from the Great Recession.

New Jersey also took another unfortunate first place, passing New York for the average length of time to complete a foreclosure, at 1,103 days or just over three years, according to CoreLogic.

No end in sight: New foreclosures increased nationwide in January, before dropping again in February, according to RealtyTrac. But in New Jersey they kept rising, up another 126 percent, the firm found. Actual bank repossessions were up 90 percent from a year ago.

Those trends continue. State court records show that through April 15, lenders filed 15,150 new foreclosure cases in New Jersey this year, the sort of number seen only in the depths of the recession. In Atlantic City, foreclosures are up 254 percent from a year ago.

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