Friday, April 12, 2013

Foreclosing in New Jersey

The bad news is that home foreclosures continue to rise here in New Jersey, despite the widespread belief that the housing crisis had been put behind us. The good news is that our state has a much better record in this area than some of our neighbors.

Foreclosures in New Jersey rose at a pace of 42 percent in March, based on year-over-year statistics. While the national average saw foreclosures dropping 23 percent, they actually rose 200 percent in New York and 193 percent in Maryland. One big factor: After Hurricane Sandy, banks went into a period of loan forebearance, but they're catching up on those delinquent mortgages now.

There is good news, though. Property values are up by nearly 10 percent throughout part of northern New Jersey, and up 4 percent for the state as a whole, as the housing market continues to recover.

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