NJ and MD Lead U.S. in Foreclosures Says November Realty Trac Report
There are still pockets of real-estate distress around the country, with rates of foreclosure highest (by rank) in Maryland, New Jersey, Florida, Nevada and Illinois. Atlantic City and Trenton, New Jersey, rank No. 1 and No. 2 for foreclosures by metro area.
According to RealtyTrac’s November 2015 foreclosure report, the rate of foreclosures continues to decline in the United States, The total number of foreclosure filings — default notices, scheduled auctions, and bank repossessions — fell 10 percent from October 2015, and 7 percent from November 2014.
One in every 553 homes in New Jersey is in foreclosure, according to the Realty Trac data for November 2015. The top five counties in New jersey with foreclosures are: Camden County 1 in every 302 properties, Atlantic County 1 in every 307 properties, Sussex 1 in every 330 properties, Cumberland County 1 in every 331 properties, and Mercer County 1 in every 346 properties
In November, the number of properties that received a foreclosure filing in NJ was 15% lower than the previous month and 13% lower than the same time last year.
Home sales for October 2015 were down 41% compared with the previous month, and down 99%compared with a year ago. The median sales price of a non-distressed home was $220,000. The median sales price of a foreclosure home was $160,000, or 27% lower than non-distressed home sales.
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