The Inman Group recently released findings relevant to both New Jersey and national foreclosures. That organization – an entity that provides the country’s realtors and brokers with broad-based industry information – underscores what is essentially a mixed bag on residential real estate health both locally and spanning the United States.
Here’s an example: Inman reports that. “counter to a national trend,” a sizable minority of states realized a drop in foreclosure activity from December of last year through January 2020. The numbers paint a decidedly mixed picture, marked by some states having clearly evidenced – and seemingly intractable – foreclosure challenges and others digging their way out of protracted housing woes.
Guess which boat New Jersey is in?
Sadly, the state’s residential housing market overall continues to be mired in a slump, notwithstanding periodically emerging data that point to recovery momentum. Inman references a report from Attom Data Solutions (a national property database) revealing that the Garden State had the highest month-to-month foreclosure spike of any American state from December 2019 through January of this year.
Specific pockets of the state continue to be especially hard hit by foreclosures, most prominently urban enclaves like Atlantic City and Trenton.
The numbers are disconcerting, yet they do not necessarily spell stark downsides for beleaguered homeowners in every case. As we have duly noted over time at the proven real estate Law Office of Rajeh A. Saadeh in Somerville, New Jersey individuals and families facing housing challenges “have options.” Those range from a stout foreclosure defense or negotiated outcome ensuring home retention to multiple exit strategies and additional opportunities.
We welcome the opportunity to apply our firm’s proven advocacy on behalf of diverse clients across the state who need immediate and aggressive legal representation in housing matters.