The Town Broker

New Jersey Foreclosures – In The Nation’s Top 10.

New Jersey foreclosures are on the rise. Back in March I wrote a piece looking at the impact of foreclosures on your property value. What I was seeing then were New Jersey foreclosures well below national level (we were 39th out of 50 states in foreclosure notice filings at the time). But I shared my concern about their growing numbers, and speculated on what it could mean.

Last week Realty Trac (the nation’s leading source on foreclosures information) released their May 2010 foreclosure report. The report cited a month-over-month decline in national foreclosure filings, and was generally optimistic. But the devil is in the details…

New Jersey Foreclosures Break Into National Top 10.

The report shows that 10 states account for 70% of all the nation’s foreclosure notice filings. But as the tide seems to be stemming across the nation, New Jersey foreclosure notices are not keeping pace. This report shows NJ landing in the Realty Trac Top 10 for the first time that I can recall. (There are lots of reasons for this, which go beyond what I want to cover here today.)

Right here in Union County, some towns are seeing a DRAMATIC increase in default notices. Take a look at this chart showing the increase in foreclosure notice filings reported by Realty Trac between February 2010 (the data used in my previously cited post) and today:

Surprised? I have to say that despite seeing this trend coming, I was taken aback at just how quickly the change occurred. And look at the towns that are seeing the largest increase. Probably not what you expected, right?

Help For Those Facing Foreclosure

Keep in mind that receiving a default notice does NOT necessarily mean that you’ll lose your house. Good people find themselves in this situation for lots of reasons. A severe reduction in income through job loss or an unexpected health crisis are among the most common reasons why people fall behind. The most important thing to do is put your ego aside, and TAKE ACTION while there is time!

The US Department of Housing and Urban Development is one of the best starting places for those looking for foreclosure help. Here you’ll find strategies for avoiding foreclosure, options for refinancing, and ideas about what to do if foreclosure seems inevitable. Believe me…I’d much prefer to see people keep their homes and sell them on their own terms! But as a full service real estate broker, I can help you explore your options if selling seems to be the best course of action. I have the knowledge and experience to help you sell your house…even if you’re underwater and need to sell short.

Remember…taking action is the most important step. I’ve seen reports that show nearly 70% of all foreclosed homeowners never reached out for help! Don’t make that mistake. I can be reached most easily by calling the cell at 908-216-4836.

Tags: New Jersey Foreclosures, Union County Foreclosures