September 28, 2015
- August Foreclosure Rate in NJ is 1 in every 539 homes.
- Change from July: down 4%
- Change from 2014: up 3%
- The annual change in Bank-Owned Properties is up 295%
Foreclosures which have eased in other states may only be peaking in New Jersey.
Foreclosures had been crawling through the slow process in New Jersey.
The slow processing includes a state judiciary that has tried to hold lenders accountable for improper processing/robo signing. Only Hawaii’s process is longer.
Banks are becoming owners of properties more and more……