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2020 foreclosure forecast is varied, uneven nationally

Seeking relevant data on residential foreclosure activity is somewhat akin to inquiring what tomorrow’s weather will bring.

To wit: not enough information. Some things require a tight focus on specific areas and what is happening locally. In the realm of real property and linked foreclosure activities, that rings fundamentally true.

Here’s an example that underscores that reality and continues to remain distressingly valid for New Jersey over an extended period of time. Multiple sources that measure foreclosure activity nationally recurrently reveal that, while most areas of the country are progressively noting a downward tick in foreclosures, the rate remains stubbornly high in the Garden State.

A recent report issued by ATTOM Data Solutions, a national database that collects diverse property information, echoes that persistent theme. On the one hand, a company principal notes that, “Foreclosure activity continues to decline across the country.” On the flip side, though, the company stresses that, along with a couple other states, New Jersey “will continue to have some of the highest foreclosure rates in the country.”

Location, location, location. The Attom Data Solutions prognosis impliedly sounds that oft-voiced refrain concerning real estate in its reasoned analysis that New Jersey generally – in select pockets, not all – will continue to slog through some tough times going forward.

What does it all mean for beleaguered and struggling homeowners in the state? Are they simply without recourse or remedy when facing stark challenges?

We dutifully seek to assure them at the proven real estate Law Office of Rajeh A. Saadeh in Somerville that helplessness and passivity is far from often the only available response to a housing-linked financial hurdle.

In fact, and as we note on our website, homeowners frequently have varied options that enable them to respond proactively and purposefully to property challenges.

We welcome contacts to our firm and the opportunity to provide further information.



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