Contact Us
Make My Homepage

NJ Ranks 13th in Foreclosures [AUDIO]

NEW JERSEY 101.5

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.

foreclosure
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.

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 the Web


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!