Although home foreclosures are on the decline in many areas throughout the United States, homeowners in New Jersey have not been so fortunate. According to data compiled by RealtyTrac, a major real estate information provider and online marketplace for foreclosed properties, New Jersey actually leads the nation when it comes to foreclosures.
Home Foreclosures Down in the US
The RealtyTrac data indicates that the total number of home foreclosures in several states has declined significantly in recent years. In fact, the recovery process from the economic recession in some states is seemingly complete. Across the nation, home foreclosures have reached their lowest number since 2006, with just one in every 249 housing units in the U.S. currently in foreclosure. Compared to 2015, foreclosures on houses are down approximately 17 percent.
Home Foreclosures Remain High in New Jersey
In contrast to the good news for property owners in many states, NJ homeowners are finding it harder and harder to keep up with their monthly mortgage payments. Right now there are nearly 35,000 foreclosed properties in New Jersey, which represents slightly less than one percent of all housing units in the Garden State. To put that number in perspective, consider that the national rate is just 0.4 percent.
Certain areas of New Jersey have been hit particularly hard. For instance, Camden County leads NJ with nearly 1,400 homes being put into foreclosure during the first six months of 2016.
Making matters worse for the real estate market in New Jersey is that the properties tend to remain in foreclosure for a particularly long time. In fact, NJ has the longest turnaround time in the US for foreclosed homes, with the average property remaining in foreclosure for nearly three years.
Economic experts and other interested observers of the real estate market argue that a major reason for the long turnaround time in New Jersey is that the state’s judicial foreclosure process is a bureaucratic nightmare, with most homeowners going into foreclosure being forced to spend a full year navigating the NJ legal system.
For additional information, read the NJ.com article, “N.J. Continues to Lead in Foreclosures as Country Rebounds.”
If you are struggling to cover the monthly mortgage payments on your home in New Jersey, it is imperative that you speak with a qualified real estate attorney immediately. Joel R. Spivack, Esq., is an experienced real estate lawyer who can assist you throughout the home buying, home selling, or home foreclosure process. If anything goes wrong, Mr. Spivack will protect your rights. Contact Joel Spivack today to schedule a free consultation.