Lautenberg and Mendendez vote in favor!
Foreclosures up 140% in NJ!
NJ is now 12th highest in foreclosures!
On July 26, 2008, the Senate approved bill by a vote of 72 to 12 H.R. 3221, the Housing and Economic Recovery Act of 2008. The President having rescinded his veto threat is expected sign the bill this week. This is the most significant and far reaching housing legislation since 1989. For more details click here.
In New Jersey according to an article in the Star-Ledger entitled “Foreclosure rate up 140% in the State: Dramatic increase from April to June” by Beth Fitzgerald [Email address: bfitzgerald #AT# starledger.com - replace #AT# with @ ], “the number of foreclosure filings in New Jersey jumped 140 percent from April to June to more than 17,000, according to RealtyTrac, a California firm that monitors foreclosures. The state now has the 12th-highest rate of foreclosure filings nationally, RealtyTrac said, up from 16th in the first quarter of the year.”
To read the full article click here. Some of the key points in the article were:
According to the latest figures from the state Office of Foreclosure, there were 47,668 New Jersey foreclosure filings in the year ended June 30 - up from 26,132 the previous year.
And according to the RealtyTrac data, the number of homes actually lost to bank repossession jumped sharply in the state, from 1,117 in the first quarter to 1,862 in the second quarter.
In addition, “the rate of foreclosure filings rose from one out of every 265 households during the first quarter to one out of every 201 households in the latest quarter. The national rate is one filing for every 171 households.”
The foreclosure rate, according to RealtyTrac, by county in order of highest to lowest foreclosure rates are:
Union 1 in 103
Passaic 1 in 106
Essex 1 in 142
Gloucester 1 in 155
Hudson 1 in 162
Warren 1 in 178
Cumberland 1 in 181
Sussex 1 in 184
Burlington 1 in 192
Camden 1 in 203
Ocean 1 in 218
Cape May 1 in 230
Atlantic 1 in 265
Monmouth 1 in 267
Somerset 1 in 269
Salem 1 in 270
Morris 1 in 277
Hunterdon 1 in 332
Mercer 1 in 335
Bergen 1 in 357
Middlesex 1 in 395
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