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NJ Ranks 13th in Foreclosures [AUDIO]


New Jersey’s foreclosure rate is moving in the opposite direction of the nation’s as lenders deal with a backlog of delayed filings.

Foreclosure filings – default notices, scheduled auctions and bank repossessions – were reported on 133,919 U.S. properties in October, a 28 percent decrease from a year ago, according to RealtyTrac.

Flickr User BasicGov

In New Jersey, though, foreclosure filings jumped nearly 29 percent from the same time last year. One in every 929 housing units received a foreclosure notice last month.

“The foreclosure rate in New Jersey ranks #13 among all the states in October, and if you look at a year ago, the New Jersey rate was at #23,” explained Daren Blomquist, RealtyTrac Vice President.

Blomquist said all the states that are lagging in recovery have a common denominator – a judicial foreclosure process which requires each foreclosure become a case that gets reviewed by a judge.

The process had been susceptible to delays and actually came to a halt in New Jersey at one point for legal reasons, but early last year, a lifted moratorium and a $25 billion settlement sent the process into overdrive.

“The backlog of delayed judicial foreclosures continues to make its way through the pipeline,” Blomquist said.

New Jersey has experienced a year-over-year increase in foreclosure activity for 19 of the past 20 months.

Blomquist said in a housing market where one of the challenges is a lack of inventory, buyers can see the upside of increased foreclosure activity – more inventory to choose from.

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