NJ shore city leads all of America in home foreclosures

Even though the New Jersey Metro Market is enjoying rising home property values, while much of America is seeing major declines in home equity … We come bearing very bad news regarding Atlantic City, New Jersey.

Here is a link to (See which neighborhood has the most vacant homes in America.)

The recently issued April 2023 U.S. Foreclosure Market Report from ATTOM, which is a real estate research company, has very bad news for Atlantic City.

Their reporting data illustrates that foreclosures have begun on 32,997 properties during the month of April, 2023.

That breaks down to 1 in every 4,234 housing units. Regretfully, this leads all of the United States of America in a very bad statistic that you never want to be the leader in.

During the Great Recession of 2008-2009 … when multiple Atlantic City Casinos closed forever … the Atlantic City region led the entire country in both home foreclosures and unemployment.

It was basically a Depression for the Atlantic City region during this challenging period.

Back to the April, 2023 numbers.

According to the recent 247WallSt.com coverage:

“Atlantic City's population has declined since 1930, when it was 66,198. Today that figure is less than 38,000. The spread of legal gambling across the nation has taken away most of its visitors. It was once one of the few American cities with legal gambling.”

I disagree with this comment. Atlantic City still has more than 20 million visitors per-year … that’s more than Disney World’s The Magic Kingdom.

Public Schools enrollment has dropped precipitously since 2015, losing almost 1,000 students.

Despite this bad news, the Atlantic City Public Schools budget for 2023-2024 is almost $ 289,000,000 for one year … which is outrageous for a city of 38,000 people.

It’s back to the future, as Atlantic City, New Jersey once again leads the nation in home foreclosures. This was not expected.

Of note, at the same time that Atlantic City leads the country in this undesirable category … The Atlantic City metro market area is enjoying healthy gains in property valuation.