Contact Us
Make My Homepage

Garden State Foreclosures Way Up [AUDIO]

There’s good and bad news on the mortgage foreclosure front.  Nationally, foreclosures dropped three percent in July, but they jumped way up in New Jersey compared to a year ago.

Justin Sullivan, Getty Images

A big part of the big increase in Jersey foreclosures had to do with the court backlog finally starting to reduce. Thirty-eight states and the District of Columbia posted annual decreases in REO, or bank repossession activity, but there were some notable exceptions where REO activity increased annually, including Florida (38 percent), Ohio (25 percent), Illinois (22 percent), and New Jersey (21 percent) – all judicial foreclosure states where foreclosures are processed through the court system.

Foreclosure starts increased on a year-over-year basis in 27 states, led by Connecticut (201 percent), New Jersey (164 percent), Pennsylvania (139 percent), Indiana (83 percent), and Massachusetts (65 percent) – all judicial foreclosure states.

RealtyTrac number cruncher Darren Blomquist says even with foreclosures rising in the state, we are still doing better than, say California or Florida. He says we are seeing during the month of July that the foreclosure rate was one in every 1566 housing units. Blomquist says that is actually less than half of the National average.

New Jersey is one of a handful of states where all foreclosures must travel through the court system.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

Best of NJ101.5

Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for New Jersey Insiders quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive New Jersey Insiders contests, events, coupons, presales, and much more delivered to you for FREE.