Recently, it appears that New Jersey trumped Florida, replacing it as the state with the largest # of mortgaged homes in foreclosure. CoreLogic, a leader in real-estate analytics, recently calculated that 6.2% of New Jersey's mortgaged homes are in 'foreclosure'. CoreLogic estimates that Florida's rate is 6% (after having been 10.1% in 2012). Also, evidence shows that it now takes just over three (3) years to complete a foreclosure (having taken over the lead from New York). RealtyTrac, another real estate-related analytical firm, notes that the # of new foreclosures increased nationwide in January, 2014, yet dropped again come February. However, the # of New Jersey's new foreclosures in February did not drop. In fact, they increased by 126%. Evidence demonstrates that the # of actual bank repossessions are 90% higher than they were last year at this time. Court records show that through April 15th, lenders in New Jersey filed 15,150 new foreclosure complaints (in Atlantic City foreclosures are up 254% from this time a year ago). RealtyTrac reports that in New Jersey it takes 830 days, on average, to sell a home in foreclosure. Unfortunately, though not surprisingly, lenders are not even finishing a foreclosure. In 2013, New Jersey courts closed 12,639 foreclosure cases by entering default judgments against the borrowers. However, CoreLogic reports that during that time period only 5,888 homes actually went to sheriff's sale. That particular phenomenon is not a surprise to any member of a New Jersey condominium board; said boards seeing foreclosures in their communities never seemingly to end. I will continue to monitor New Jersey and national foreclosures and provide updates as more information is available.
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