October 28, 2015

New Jersey Foreclosures Near Top in US

Tough news again this month as it was revealed by housing market analysis group RealityTrac that New Jersey ranks just third in the county for rates of homes foreclosed upon. Following only Nevada and Maryland, a nearly 300% increase from this time last year.  Homeowners facing foreclosure, or at least worried about the future of the housing market would do well to stay on top of ongoing news releases regarding New Jersey’s poor standing with foreclosure rankings.

The Good News: One good thing about the sobering RealityTrac statistics is that there was a 38% decrease in new homes entering the foreclosure process compared to this time last year, which is still 2,760 properties. This is somewhat promising for the coming months, but is still overshadowed by the scope of New Jersey housing market difficulty throughout the state, especially as compared to the rest of the nation as a whole.

The Bad News: There were 1,800 houses in New Jersey repossessed last month by lenders, a 295% increase.  It is consistent with the regular rankings for the garden state, which, in part because of our judicial foreclosure process, is regularly found at the top of national statistics for foreclosure rates. This is bad for the state economy all around, not to mention the thousands of households now struggling to find a place to live.

By County: Atlantic City was hit particularly hard, with a foreclosure filing nearly four times the average in the United States, with one in every 307 housing units facing imminent foreclosure. Trenton was the second highest, where one in every 384 housing units had a foreclosure filing.  Looking at September data, the rate of foreclosure filings in New Jersey is still severe. Atlantic, Cumberland, Mercer, and Sussex Counties are particularly volatile, while North Jersey counties such as Somerset, Morris, and Bergen County are enjoying a more stable market.

If you are facing foreclosure: In the event that you’re having difficulties paying back housing loans, or if you have been victimized by predatory lending tactics, I can help to represent your case and provide expert legal counsel on how you can best move forward with protecting your home and financial future against the threat of foreclosure. Call me, attorney Michael Alan Siddons, Esq. to receive help in staying in your home and working out a solution to maintain independence and pay off your debts. Contact me today at (609) 285-3999 for our New Jersey office. If you are facing a foreclosure in other states and would like counsel, I can be reached at the following numbers:

  • Pennsylvania: (610) 255-7500
  • Maryland: (410) 705-0970

With over a decade of experience, you can rest assured that I will provide you with the utmost care and consideration while processing your case, and use my expertise to provide a meaningful solution to your foreclosure worries. Contact me today to get started moving forward in ensuring your future financial success!