It’s a heck of a hole, and digging out from it continues to be a major effort.
The deep pit we refer to links with New Jersey foreclosure activity – default notices, auctions and lender repossessions. Those all continue to drive concern in select pockets spanning the country, and especially so in the Garden State.
The collective foreclosure picture for the United States is actually not that bad. In fact, the property information company ATTOM Data Solutions recently reported that foreclosure filings are progressively dropping and down nearly 20% from one year ago.
As noted above, though, that national “it’s getting better” profile is not routinely on display across the country. The general upside is materially tempered by regional variability. And when states with lingering challenges are spotlighted, New Jersey comes centrally to the fore. Here is some statistical evidence indicating why:
- The national foreclosure rate during the third quarter of 2019 was one affected home for every 946 residential properties, but one of every 436 houses in New Jersey
- Atlantic City and Trenton reportedly had the highest foreclosure rates of any U.S. cities during Q3
- New Jersey continues to be among the top handful of states where the foreclosure process takes the longest to play out for affected properties
- New Jersey has the second highest foreclosure rate among all states (trailing only Delaware
Those bullet points obviously emphasize that there is some further digging to be done to rectify the state’s stark foreclosure challenges.
Not all news spells a downside, though. Reportedly, New Jersey bucked this national trend during Q3: Although lenders across the country repossessed more homes last quarter than they did during the three months preceding it, that reality was flipped in New Jersey, where repossession activity was appreciably dampened.
Questions or concerns regarding home foreclosure or any other property-linked matter can be directed to a proven and empathetic New Jersey real estate attorney.