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NJ Homes in Preforeclosure Rising

In April preforeclosures were up over March by 44.6% . This continued the trend of increasing numbers of homes in preforeclosure reported in February. The decline in preforeclosures was the trend through the end of 2015. The problem of home foreclosure in New Jersey unfortunately continues.

Foreclosure-USA

MARKET SUMMARY

In New Jersey, there are currently 64,487 distressed properties that have filed for foreclosure, making for a statewide rate of 2.45 percent, according to data provided by the Calif.-based housing firm RealtyTrac. There are currently 4,244 properties in NJ that are listed in Zillow in foreclosure for sale. The number of homes listed for sale on RealtyTrac is 43,104. 

Home sales for April 2016 were down 38% compared with the previous month, and up 44%compared with a year ago. The median sales price of a non-distressed home was $279,900. The median sales price of a foreclosure home was $130,000, or 54% lower than non-distressed home sales.

FORECLOSURE TRENDS

In April preforeclosures were up over March by 44.6% which continued the trend  from February which was a reversal of the downward trend at the beginning of the year.

In May, the number of properties that received a foreclosure filing in NJ was 1% higher than the previous month and 13% lower than the same time last year.

For the state of New Jersey, we are seeing approximately one out of every 558 homes in foreclosure. The top five counties are Atlantic 1 in every 283, Sussex 1 in every 337, Essex 1 in every 341, Camden 1 in every 347, and Gloucester 1 in every 372.

For homeowners in preforeclosure it is recommended to set-up an appointment for a free consultation and an evaluation of your loan servicing file. If we spot errors in the file it can give you the leverage needed to get the bank to work with you, or be the basis for a complaint to be filed against the loan servicing company and the law firm that represents you.

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DenbeauxMedia
Formed in 1989, Denbeaux & Denbeaux is a law firm dedicated to providing top level legal representation to its clients. The partners, Marcia Denbeaux and Joshua Denbeaux, as well as senior and associate attorneys, represent individuals and businesses in New Jersey State and Federal Courts.