New Jersey maintains foreclosure-riddled reputation
New Jersey still has one of the largest foreclosure inventories in the U.S. with 7.7% of the state's homes in foreclosure, according to reporter Tom De Poto with The Star-Ledger.
The New Jersey journalist dived into CoreLogic's latest foreclosure data only to discover the Northeast state maintains its reputation as a place where the foreclosure process is long and the distressed inventory levels are high.
No surprise there.
The reasons for New Jersey's foreclosure overhang have been consistently covered on HousingWire with numerous reports on the state's long judicial foreclosure process (extending 964 days at times) and local attempts even in New Jersey to streamline the process to prevent long foreclosure delays and ongoing stress in the local housing market. It also doesn't help that New Jersey is a judicial foreclosure state.
Click here to read Tom De Poto's article.