Foreclosure Filings Have Decreased in New Jersey but There Is No Place For Complacency
Posted on June 4, 2009
Filed Under Foreclosure Homes | Leave a Comment
Foreclosure filings show a marked decline in New Jersey till March. About 11,709 homes were foreclosed in the first half of 2009, which is 30 per cent less than the figure in the previous quarter and 11 per cent down from what it was in the first quarter of 2008. However, experts suggest there is no place for complacency.
James J. Saccacio, CEO, RealtyTrac, said foreclosures were low till March because banks and financial institutions like Fannie Mae and Freddie Mac declared a temporary halt on foreclosures. In fact, the freeze was put off before President Obama declared the housing stimulus package in March. But the success of the plan may not be witnessed before autumn 2009. Till now, foreclosures have become very common with one in 159 US households receiving a foreclosure notice in the first half of the year.
They were waiting for the details of the mortgage modification proposal. Now with the stimulus package firmly in place, banks are repossessing houses again. The trend can be noticed in New Jersey where more 17,000 people have lost jobs in March. With unemployment and plunging income people are no longer being able to pay home loans. Subsequently foreclosures are increasing at a record rate.
In fact, New Jersey has made a record of sorts, with the highest number of foreclosures. One out of 299 houses were foreclosed which gave it a ranking of 24th amongst the 50 states. There are five counties in the state that make up for 44 per cent of the state’s foreclosure filing. At the first rank was Essex County where there were 1,489 foreclosures. Then it was Union County which reported 1,036 foreclosure filings. The third place was taken up by Passaic County where 932 homes were foreclosed. In fact, one out of every 185 house was foreclosed here, which is 1.6 times of what the state noted. Ocean County ranked a close fourth with 874 foreclosure filings. Middlesex County came fifth noting 766 foreclosure filings. Nationwide, there was a 9 per cent increase in foreclosure filings as compared to the first half.
The RealtyTrac prepares a monthly foreclosure report at the national and state level. According to RealtyTrac, foreclosure filings have increased in the last quarter. As unemployment peaks, citizens are no longer being able to maintain their affluent lifestyles. They are faltering on the payment of home loans as a result of which banks are repossessing their properties.
Find Your Dream Home in Government Repos! Search by Top Cities!
Popularity: 3% [?]
Related Tags
Nobody landed on this page from a search engine, yet!Comments
Leave a Reply