Large percentage of bank-owned homes remain vacant in Newark
Certain U.S. cities are struggling with foreclosed properties more than others. One such city is Newark, N.J., where nearly half of the bank-owned properties are still empty years after going through the foreclosure process.
NJSpotlight has more:
Almost 43 percent of bank-owned properties in one Newark neighborhood remain vacant, even years after foreclosure, according to a new study.
On a day when the city auctioned off 80 abandoned properties, the large number of vacant foreclosures “really jumped out” at researchers as they walked the Upper Clinton Hill neighborhood and studied property records, Linda Fisher, a Seton Hall University professor, told a Newark City Council committee hearing.