New Jersey Homeowners Underwater and Abandoning Ship
Garden State residents who can no longer pay their mortgage are becoming part of a growing backlog of properties facing repossession in New Jersey, which hosts the second-highest serious delinquency rate in the United States.
According to the Mortgage Bankers Association, New Jersey has now surpassed Nevada in the rate of homeowners with seriously delinquent loans, those 90 days late on their mortgage payments are already in the process of foreclosure.
Only Florida has a higher rate of serious delinquencies, which fell 1.2 percentage points from the previous year to 17.5 percent of mortgages. In comparison, New Jersey’s rose 1.3 percentage points to 12.7 percent reports Businessweek.
New Jersey’s judicial review of foreclosures, which delays seizures to help borrowers who are under water, threatens to hold down prices for years as properties remain subject to repossession and then sold at a discount or at Sheriff’s auction.
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NJ is going to stay at the top for a long time as they have incredible expenses burdening homeowners … namely unbelievable property taxes. Even if you could easily buy a home the taxes keep you from doing so. The only way to fix it is to cut gov’t employees and services and cut their pay down to something close to what someone outside of gov’t would be making… not double that amount with “free” bene’s ..
I love this part of the article: “Economists say as home prices throughout the country continue to decline, delinquent homeowners keep potential homebuyers from opening up their wallets.” Yep, yep, it’s those delinquent homeowners keeping the market from recovery!!! The fact is that all the so-called ‘potential’ homebuyers either have 1) no money towards a down payment to buy a house and 2)have got smart as to the problems that occur when buying a home with a “clouded” title. Neither one of these two situations has anything to do with the delinquent homeowner. The delinquent homeowner did not cause the break in the title and the economy itself is preventing anyone from sustaing any type of savings! If you want to place the blame where it belongs there are two words for that: WALL STREET