NJ foreclosure pipeline remains clogged
SATURDAY DECEMBER 28, 2013, 12:00 PM
BY KATIE ZEZIMA
ASSOCIATED PRESS
NEWARK — The number of homes entering foreclosure across the nation is at its lowest level in years, but a persistent backlog has left New Jersey stuck at year’s end with the nation’s second-largest percentage of homes in some stage of foreclosure.
FILE PHOTO
The Record file photo
Nearly 7 percent of New Jersey homes are in the foreclosure pipeline, behind only Florida at 7.1 percent, according to real estate data provider CoreLogic.
New Jersey also has the country’s second-highest number of homes — 10.6 percent — that are at least 90 days behind on mortgage payments.
For the most part, the high foreclosure numbers stem from a drawn-out foreclosure process and a severely backlogged pipeline of cases.
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