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RealtyTrac : High foreclosure Rate in New Jersey Fueled by Governor Phil Murphy’s Extended Lockdown During the Pandemic

the staff of the Ridgewood blog

Trenton NJ,  a post-pandemic study by RealtyTrac shows that New Jersey, Illinois and Ohio lead the nation in the level of foreclosure since the end of the COVID-19 pandemic. In New Jersey, the high foreclosure spike was fueled by Governor Phil Murphy’s extended lockdown during the pandemic.

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By executive order, Murphy shut down businesses state wide for months, then slowly reopened them with limited capacities and arbitrary public health guidelines while many other states across the nation reopened to avoid longterm personal financial disasters.

Those shutdown forced hundreds of thousands of New Jerseyans to tap into retirement accounts early or worse, go into default and delinquency on home mortgage payments, energy bills and utility bills. The extended Murphy lockdown compounded problems for thousands of New Jerseyans who are now losing their homes after the federal foreclosure moratorium ended.

New Jersey’s foreclosure rate more than two times higher than the rest of the country.

According to RealtyTrac, nationwide one in every 1,795 housing units had a foreclosure filing in Q1 2022. States with the highest foreclosure rates were Illinois (one in every 791 housing units with a foreclosure filing); New Jersey (one in every 792 housing units); Ohio (one in every 991 housing units); South Carolina (one in every 1,081 housing units); and Nevada (one in every 1,090 housing units).

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