September-linked data concerning foreclosures was underscored with promise, spotlighting a seemingly strong upside for the country’s residential properties.
To wit: Foreclosures nationally impressively hit their lowest mark since 2005. Economists, government regulators and subject-matter commentators were understandably buoyed by that news and hoping for a continuation of the same in October.
It didn’t happen.
In fact, foreclosures nationally last month reportedly spiked upward by a notable 13% from September.
What gives? Befuddlement has replaced certainty regarding a key housing component/indicator. What exactly is being revealed via a snapshot of foreclosure activity across the country?
One thing certainly shows up as evident, and that is the strong regional variability linked with foreclosures. Some states are posting strong month-over-month decreases in foreclosure starts (e.g., Maryland foreclosures were down 42% percent in October from September). Conversely, others are linked with staggering jumps in foreclosures within the same short period. Arizona, for example, was up a whopping 52%.
We focus of course on relevant New Jersey data at the proven real estate Law Office of Rajeh A. Saadeh in Somerville. What does the current market report say about Garden State foreclosures?
The bottom line continues to stress some fundamental concerns that underscore the state’s inability to make consistent strides that foster improvements in the foreclosure realm. Reportedly, New Jersey still has the highest foreclosure rate in the country. Whereas one of every 2,453 homes nationally was in foreclosure status last month, one of every 1,318 residences in New Jersey had a foreclosure filing in October.
Although that is admittedly troublesome, it also spells a marked improvement from earlier years during the so-called Great Recession.
We note on our firm’s website that financially challenged homeowners have options, with there being multiple strategies they might pursue in response to foreclosure and related difficulties.
Proven and empathetic real estate attorneys routinely help diverse and valued clients explore those options.
We welcome contacts to our firm concerning foreclosure defense, mortgage solutions, exit strategies and any other matters linked with home ownership challenges. Our goal in every client matter is to secure a best-case result.