NJ foreclosures getting worse, as rest of US improves
Lenders taking back 1 in 12 Garden State homes
NJ foreclosures getting worse, as rest of US improves
Joseph N. DiStefano
New Jersey now has the second-highest rate of home foreclosures in the US, at around 8% (1 in 12) mortgages -- worse than Nevada (where Las Vegas was hit so hard by the credit crisis) or any other state except Florida, writes Moody's analyst Vito Galluccio, citing data from the Mortgage Bankers' Association. (By contrast, about 4% of Pennsylvania homes are in foreclosure, or about 1 in 25.)
And it's getting worse: The percentage of "seriously delinquent" mortgages in New Jersey rose again in the second quarter, "despite declining nationally" and in other hard-hit states (such as Florida and Nevada). NJ foreclosure rates will stay high -- not just because of teacher layoffs due to taxpayer refusal to pay higher property taxes, or casino layoffs from Atlantic City's uncompetitive betting halls -- but because New Jersey is one of the states that forces foreclosure actions through the courts, "a slow and cumbersome process" that results in "steep discounts" which "threaten to keep real estate prices down for years."
As prices stay low, more homeowners appeal their tax assessments, further pressuring municipal budgets and tax rates.
Not a suprise when property taxes amount to a mortgage payment on their own.— jp8899
No way. The Blowhard Governor says everything is much improved. His "Jersey Miracle" he calls it.— Wilhelm Von Humboldt- Cutting state spending was a brilliant move. This is the result. What will Christie do? He'll cut spending further and things will continue to go down hill in NJ. Just like economist predicted. Just like europe learned.— MikeP
- Democrats are all the same. As long as they get theirs they don't care about anyone else.
Foreclosures are up around the country and Christie is fighting to cut property taxes to put money back into people's pockets.
Wake up you dolts.— Professor1982 - Oh what? This Tony Soprano wannabee and his crayon-wielding budget analysts couldn't gin up some pixie dust to meet his "projections"? Jeez, at least the mafia can add.— CiceroSpuriousDeodatusTheSecond
- Christie is doing a wonderful job!— Whatjugot
- How could thid be. The Inquirer a few weeks ago was saying how property values are increasing in the garden state. Joe you better read your own paper. It seems you guys either don't have a clue or somebody is calling the shots from Washington— LTownBob
- Exactly. More spin from the militant left media. — Professor1982
- LoL...Foreclosures are getting worse around the US, not better. All one has to do is check CaseShiller to know that.— Professor1982
- Hey, howse dem overly optimistic "projections" going, Mr. GIANT Fiscal Conservative? Howse dat bujit coming? Maybe some tax cuts are in order? Man, at least the mafia can add. This guy is a tub of bad NJ stereotypes. But he'd make a great president. HAHAHAHAHAHAHA.— CiceroSpuriousDeodatusTheSecond
- LTown and Prof1982 seem unable to distinguish between sources (Moody's) and reporters (me.) Also the difference between housing prices and foreclosure rates.— Joe D
