JULY 19, 2015 LAST UPDATED: SUNDAY, JULY 19, 2015, 12:13 AM
BY RICHARD NEWMAN
STAFF WRITER |
THE RECORD
The number of New Jersey home repossessions by lenders has soared in the past two years and is on track to increase again in 2015, in sharp divergence to the national trend.
Completed foreclosures, where banks and mortgage companies have taken the homes, climbed 34 percent in the state last year, to about 5,780, after an 11 percent surge in 2013, according to The Record’s analysis of RealtyTrac data. By contrast, on the national level, completed foreclosures fell by double digits in each of the past three years.
In the first three months of this year, Bergen County was on pace to nearly double last year’s total of sheriff’s auction sales with 201 properties sold.
A CoreLogic report released Tuesday showed that in May 4.9 percent of mortgaged homes in New Jersey were completed foreclosures, the top rate in the country. The percentage of homes where the mortgages are seriously delinquent also was the highest at 8.4 percent.
The statistics indicate the foreclosure debacle, which has eased in other states following the housing meltdown that began in 2007, may only now be peaking in New Jersey, where foreclosures had been crawling through the system.
https://www.northjersey.com/news/fuller-impact-of-home-foreclosure-debacle-hits-n-j-1.1376905
well the banks need to work with the lenders.