Dire Foreclosure Estimate For NJ By New York Fed, May Increase By As Much As 140 Percent

Dire Foreclosure Estimate For NJ By New York Fed

The number of New Jersey homes repossessed by lenders may increase by 49 percent, and maybe by as much as 140 percent, by the end of 2013, depending on how fast foreclosures move through the courts, according to a new government study.

The report released Friday by the Federal Reserve Bank of New York, made predictions about future trends in banks’ repossessions of residential properties from defaulted borrowers, based in part on the average time it takes to foreclose, which varies from state to state, and is always in flux.

If the average number of days it takes to foreclose on a property declines, for example, lenders’ repossessions “would rise sharply in most states, tripling in New York and more than doubling in New Jersey,” the study performed for the New York Fed by CoreLogic said.

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One Response to “Dire Foreclosure Estimate For NJ By New York Fed, May Increase By As Much As 140 Percent”
  1. Sarah says:

    Not “dire” by any means, but expected. The State has done nothing other then their bureacratic court-house role in assisting Banks. To state level stooges the entire housing crisis didn’t happen, the law is the law and that’s the way the cookie crumbles. Which should piss people off no end and seriously undermine any sense of legitimacy or credibility that they have for the State. Like so many others, did nothing to protect, did nothing to legislate change to protect people from predatory violence. This is the state of “fascist ox” Christie so perhaps that’s no surprise. What the article implies that these foreclosures are taking to long, need to make people homeless faster. We need to make Goldman Sachs “homeless.”

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