This county had the sharpest increase in foreclosures in NJ

If you’ve been following the housing market in New Jersey, you already know it’s been a bit of a rollercoaster. Between rising interest rates, high home prices, and economic uncertainty, it’s been tough out there for both buyers and homeowners.

But it’s been a long time since we’ve heard about rising foreclosures. It’s almost as though foreclosures disappeared when interest rates were low. After all, those monthly payments with three or four percent interest were very affordable!

But foreclosures are back, and one county, in particular, is really feeling the pinch right now. And the latest numbers prove it.

SEE MORE: Here are the 3 NJ property tax rebate programs and how they work

Hot spot for foreclosures

According to a new report from PropertyShark, Monmouth County just saw the sharpest increase in foreclosures in the entire state. Foreclosures in Monmouth more than doubled compared to this time last year (a 105% year-over-year spike), making it the most active foreclosure spot in New Jersey so far this year.

Now, not all the news is bad. Sussex County had the biggest drop in foreclosures (down 56%), and counties like Morris and Middlesex also saw a pretty big decline. Hudson and Hunterdon counties didn’t budge much at all and stayed flat.

Here’s a quick breakdown

🏠 Monmouth County: 88 new foreclosure cases (most in NJ)

🏠  Essex County: 87 cases (down slightly from last year)

🏠  Bergen County: 76 cases (third highest in NJ)

🏠  Sussex, Morris, and Middlesex: All saw solid drops

🏠  Hudson & Hunterdon: Stayed steady

So while most of the state is seeing things slow down or stay the same, Monmouth’s spike stands out.

Is this a growing trend or not? Who knows. It is, however, something to keep an eye on.

Opinions expressed in the post above are those of New Jersey 101.5 talk show host Judi Franco only.

Report a correction 👈