NJ Foreclosure Trend Heading In Wrong Direction

STATE – The foreclosure trend is declining at the national level, but New Jersey is headed in the opposite direction, according to data released this week by RealtyTrac Inc.

Nationwide, lenders repossessed 36,964 homes in July, down 31 percent from July 2012. However, 18 states saw an increase – New Jersey homes repossessed by banks were up 40 percent. Foreclosures in New Jersey were 89 percent higher last month than they were in July 2012.

According to RealtyTrac, one out of every 864 homes in New Jersey received a foreclosure filing last month, putting the state 11th in the country.  The picture is a bit worse in Union County, where one in 755 homes were affected, but Middlesex County (one in 1,162 homes) is faring better than the national rate (one in 1,001 homes)

U.S. foreclosure activity has fallen 64 percent from its peak in March 2010, but remains 54 percent above the historical average prior to the 2006 housing market collapse.

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