Contact Us
Make My Homepage

Get Ready for A New Wave Of Foreclosures

The economy is getting better, home sales are rising – but we’re now being warned to brace for a new wave of foreclosures.

Foreclosure
Flickr User BasicGov

Following the so-called “robo-signing” scandal in 2011, the pace of foreclosures slowed, but many administrative and legal questions have now been resolved, and numerous foreclosed properties that had been “frozen” will soon come back onto the market.

Pat O’Keefe, the Director of Economic Research at JH Cohn, says the trend should be especially evident in the Garden state because “New Jersey actually has the second highest percentage of loans already in foreclosure – of any of the states nationwide- only Florida has more.”

He points out “as of the 4th quarter (at the end of last year) 8-point-2 percent of the mortgages in the state were in foreclosure – which is equivalent to about 100 thousand units of housing …and we also had another 50 thousand units that were in the potential pipeline – because the mortgage was in arrears.”

O’Keefe predicts a spike up in the number of distressed home sales this summer in Jersey, and then improving conditions in the housing market by the end of the year.

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and 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 points, 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 with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://nj1015.com using your Facebook account.

*Please note that your points, 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.

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on New Jersey 101.5 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!