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New Jersey Continues to Have a High Foreclosure Rate

December 16, 2012 Katherine Creenan Foreclosure

house in foreclosureNew Jersey is second only to Florida in the largest percentage of foreclosure inventory, according to The Star-Ledger.

The number of homes in foreclosure in New Jersey is 7.7% of homes with mortgages, 1% more than last year. Last year, New Jersey completed 3,078 foreclosures.

Nationally, the foreclosure trend is down -- approximately 1.3 million homes are in foreclosure, or 3.2 % of homes with mortgages. Last year, nationally 1.5 million homes were in foreclosure, or 3.6 percent of homes with mortgages. Completed foreclosures dropped 17% this year from last year, nationally.

A lower foreclosure inventory is a good indicator that the housing market is improving. But in New Jersey, the real estate market is not improving as fast as the national real estate market, based upon the large inventory of homes in foreclosure.

This may be a good time to purchase a home that's for sale because of foreclosure. And, bankruptcy is a legal way to get out from under that high mortgage and save some money while waiting for your foreclosure to be completed. Call and talk to one of our New Jersey bankruptcy attorneys at 973-870-0434.

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