Yet again, New Jersey has been ranked to have the highest number of home foreclosures in the United States. In 2017, New Jersey had nearly 70,000 properties go through foreclosure. Despite the fact that this number is the highest across the country, it is still lower than the 74,000 foreclosures that New Jersey saw in 2016.
The report detailing the foreclosure rates, which was done by ATTOM Data Solutions, indicated that New Jersey takes a much longer time to conduct the foreclosure process because each foreclosure case has to be heard by a judge. For example, it took New Jersey an average of 1,300 days to complete the house foreclosure process. This is one of the longest processes in the entire country. The report also detailed which counties throughout New Jersey had the highest rates of foreclosure. The counties with the most foreclosures include the following:
- Salem County had 943 foreclosures in 2017, which is 18 percent higher than the number of foreclosures the county had in 2016.
- Despite the fact that Camden County had 5,686 foreclosures in 2017 (the highest number in all of New Jersey), there was a 14 percent decrease in the rates from the previous year.
- Sussex County had a 2 percent increase in the number of foreclosures between 2016 and 2017. There were 1,936 in 2017.
- Monmouth County had 4,533 foreclosures in 2017 but it was a 4 percent decrease from the year before.
If you need legal guidance with a foreclosure matter, contact our firm today.
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