If you’re tracking a troubling event, its occurrence in just one of every 1,117 possible instances might not seem so bad.
According to the national real estate information company RealtyTrac, those are numbers relevant to New Jersey, and they are in fact more than a bit concerning. They denote the foreclosure rate for residential properties.
In a word, it is – and remains – comparatively high. The Garden State has long been ground zero for foreclosure activity among all states. On-point statistics reveal that, while material improvements have steadily been seen over recent measuring periods, foreclosures across New Jersey continue to occur at a rate higher than anywhere else.
State officials are of course well aware of that, and recently announced the creation of a new tool that they hope might help to materially curb negative outcomes for homeowners.
It comes in the form of a statewide database set up to comprehensively track all foreclosures and better enable challenged individuals and families to respond to financial difficulties. An article discussing the online assist stresses that New Jersey officials intend to use it to “observe larger trends and target services to those in need.”
The attempt to more closely spotlight foreclosures and timely deal with them is certainly laudable. It will hopefully work precisely as foreseen.
Proven New Jersey real estate attorneys well appreciate the need to seriously tackle the foreclosure dilemma in a purposeful and sustained way. The experienced legal team at the Somerville Law Office of Rajeh A. Saadeh routinely helps diverse and valued clients employ optimal strategies for saving their homes or selling/surrendering their properties on advantageous terms.
We welcome contacts to the firm from residential or commercial property commercials seeking guidance or informed legal counsel on any real estate challenge or opportunity.