25 Mart 2017 Cumartesi Breaking News             Latest US News            New York

Protesters break windows outside Allegheny County Jail
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...

N.J. ranks worst in nation in this housing category (and Pa. isn't too far behind)

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...

N.J. ranks worst in nation in this housing category (and Pa. isn't too far behind)

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 CMcCarthy@njadvancemedia.com. Follow him on Twitter @createcraig. Find NJ.com on Facebook.    

   

Our editors found this article on this site using Google and regenerated it for our readers.

Breaking News Headlines

3 reasons why you should avoid preparing legal documents online
3 reasons why you should avoid preparing legal documents online
3 reasons why you should avoid preparing legal documents online
3 reasons why you should avoid preparing legal documents online
‘Why am I in handcuffs?’: Wyclef Jean tweets mistaken identity case | Toronto Star
‘Why am I in handcuffs?’: Wyclef Jean tweets mistaken identity case | Toronto Star
Canadian Stephan James stars in Shots Fired | Toronto Star
Canadian Stephan James stars in Shots Fired | Toronto Star
Betty Kennedy, journalist and Front Page Challenge panellist, dead at 91 | Toronto Star
Betty Kennedy, journalist and Front Page Challenge panellist, dead at 91  | Toronto Star
Could Bitcoin Make Online FX Trading More Attractive? Developments in Japan Suggest it Could
Could Bitcoin Make Online FX Trading More Attractive? Developments in Japan Suggest it Could
Mysterious ‘Hairy Blob’ Creature Could Be Decomposed Whale, Washed Ashore In The Philippines [VIDEO]
Mysterious ‘Hairy Blob’ Creature Could Be Decomposed Whale, Washed Ashore In The Philippines [VIDEO]
Legos ready to blast off with 'Women of NASA' set
Legos ready to blast off with 'Women of NASA' set
Some doctors helping patients sidestep high price of EpiPen by refilling them
Some doctors helping patients sidestep high price of EpiPen by refilling them
US stock indexes pull back from record highs; Oil falls
US stock indexes pull back from record highs; Oil falls
What Does Mama June Look Like Now In 2017? ‘From Not To Hot’ Star Suffers Complication During Makeover Surgery
What Does Mama June Look Like Now In 2017? ‘From Not To Hot’ Star Suffers Complication During Makeover Surgery
Dave Chappelle Netflix Release Date Confirmed: Famed Comedian To Debut Stand-Up Specials
Dave Chappelle Netflix Release Date Confirmed: Famed Comedian To Debut Stand-Up Specials
NEWS ARCHIVES