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Despite the implementation of a new legislation that imposes stricter lending guidelines, the number of New Jersey homes in default remains high. There were 2,890 owners who received notices of default this May. In addition to this, 891 foreclosed homes were sold in foreclosure auctions while 147 properties became real estate owned. Despite such depressing figures, New Jersey bank foreclosures rate is way below the national average.
The large number of New Jersey foreclosure homes can be attributed to the many owners of subprime mortgages who can no longer make ends meet as interest rates re-set. Hoping that they could continue paying their mortgage dues by stretching their budget to the limit, they failed to realize that they were fighting a lost cause. In the first place, many of these owners were approved for mortgage loans that they could never pay off in their lifetime. Their lenders, who are after the commission, did not really implement strict underwriting guidelines.
The result is very saddening. With housing prices driven down by sluggish market, these owners have no way out. They do not only find themselves losing their homes but will also be suffering from a foreclosure record on their credit reports. Local officials have urged owners to negotiate with lenders but they could only do so much. The only thing left to do is hope that the market will soon correct itself and minimize the effects of the high foreclosures rate.
Thankfully, New Jersey is one of the states in the nation whose housing market attracts more than its fair share of buyers. The state’s proximity to New York makes it an ideal place for many of the employees working in the bigger city. Real estate experts are hoping that by the end of the year, market conditions improve in the state as well as nationally.
HUD Fair Housing Equal Opportunity