Foreclosure Crisis Eases in Nation, Not NJ [AUDIO]
A new report shows the foreclosure crisis is easing over most of the nation, but that is not the case here in New Jersey.
Foreclosure starts in August dropped to their lowest level since December of 2005 across the nation.
In New Jersey, foreclosure activity has risen in 17 of the past 18 months according to RealtyTrac.
“We believe it’s primarily the states that are kind of lagging are those that have the very lengthly foreclosure process and it is taking them longer to work these bad loans,” said Darren Blomquist. vice president of RealtyTrac.
He said unfortunately New Jersey is one of the states that are “zigging,” while the country is “zagging” in terms of foreclosure activity.
The state has gone from 32nd in foreclosures a year ago to 15th today. It takes an average of over a thousand days to complete a foreclosure in New Jersey, whereas in states like California and Arizona, it’s more along the lines of 150 to 300 days.