New Jersey's share of distressed properties is the highest percentage in the nation, a new study shows.
In the United States over the last year, the number of homes in foreclosure dropped 23.9 percent to 427,000, the lowest rate since the finical crisis, according to CoreLogic's March 2016 National Foreclosure Report.
In New Jersey, though, the housing market still is on the rebound, with 4 percent of its total housing market in foreclosure — followed by New York, Hawaii, Washington, D.C., and Florida — according to CoreLogic.
Pennsylvania is tied for 11th, with 1.5 percent of its market in foreclosure.
In 2015, the foreclosure rate in New Jersey was double the national average with 1.91 percent of homes filing for foreclosure.
Five states —Florida, Michigan, Texas, Georgia and California — accounted for 41 percent of the 465,995 foreclosures in the U.S. over the year span, according to the report.
In the Garden State, 13,179 homes completed foreclosure in the 12-month span ending this past March.
It does take longer in New Jersey to finish the foreclosure process than anywhere else in the country. On average in the U.S. it takes 629 days to complete a foreclosure filling, but in the Garden State it can last up to 18 months longer, according to a report from RealtyTrac earlier this year.
In New York, which ranks second in the percentage of housing units in foreclosure, the process takes about 1,010 days.
Foreclosures in New Jersey, where they are handled in the courts, have been delayed over the last few years due a "massive backlog" of distressed properties. However, experts have said they expect that to be nearing its end.
Despite New Jersey's problems, experts say the country's housing market is close to a full recovery eight years after the recession.
"Delinquencies and foreclosure rates are now at pre-crash levels as the benefits of higher home prices, improving economic fundamentals and years of cautious underwriting are being felt across the country," said Anand Nallathambi, president and CEO of CoreLogic.
Craig McCarthy may be reached at [email protected] Follow him on Twitter @createcraig. Find NJ.com on Facebook.
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