Two NJ cities are in the Top 20 for foreclosed homes

The pandemic got the trend going and inflation, high interest rates, and consumer debt have kept it going: foreclosure rates are on the rise, climbing 6% year to year in October.

Using information from property data company ATTOM, an investing site called Insider Monkey compiled a list of the 30 cities with the most foreclosures in the first half of 2023

Unfortunately, New Jersey is represented on this list.

At number 20 nationally is Trenton: Foreclosure rate: 1 in every 456 housing units. Trenton has a median property value of $305,957, while the median household income is $85,687. The homeownership rate is 63%, and 61.3% of homes have been mortgaged.

Up at #2 in Atlantic City/Hammonton: Foreclosure rate: 1 in every 307 housing units. In this area, the median property values are reported at $332,666, and the median household income is $66,473. The homeownership rate is 66.9%, while the mortgage rate is 58.6%.

Technically, New Jersey has a third entry on the list; Camden is folded in with Philadelphia and Wilmington, DE. That market is number nine with a foreclosure rate of 1 in every 394 housing units.

The only metro area with a higher foreclosure rate than AC is Cleveland/Elyria, OH with a foreclosure rate of 1 in every 301 units. The median property values in Cleveland-Elyria were recorded at $214,136, while the median household income stood at $61,320. The homeownership rate in the area is 65%, with 61.4% of homes being mortgaged.

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

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