As some states around the country are seeing their foreclosure rates fall, New Jersey leads the U.S. in foreclosures, according to an article from NJ.com.
During the first half of this year, the number of properties starting the foreclosure process was 17% less than it was the same time last year, according to RealtyTrac. According to the data, 533,813 properties are filing for foreclosure — the lowest levels in 10 years. Meanwhile, New Jersey leads all states with 34,876 properties.
Among all metropolitan areas, Atlantic City and Trenton have the highest foreclosure rates in the nation at 1.85% and 1.31%, respectively (nationwide, it’s 0.4%). Statewide, Camden County was first in foreclosure filings with 1,382 from January 2016 to June 2016. Ocean County was second with 1,229 foreclosure filings and Essex County was third with 1,279.
In addition, the Garden State leads all other U.S. states with the longest foreclosure period — 1,249 days. That is in stark contrast with Virginia, with 195 days; that is because, in Virginia — unlike New Jersey — a property does not have to undergo the judicial foreclosure process. According to the NJ.com article, there are 15,346 homes still in the foreclosure process.
The Law Offices of Hunziker, Jones & Sweeney provides foreclosure defense services in New Jersey. If you are facing the prospect of foreclosure on your home, contact the firm for a consultation at (973) 256-0456.
