Readers of this blog may be familiar with the continuously high foreclosure rates New Jersey has been seeing. However, the national foreclosure inventory appears to be slightly decreasing in the first months of this year as compared to data from 2011. It is not said whether New Jersey will be able to stop foreclosure rates from rising in the state anytime soon, though it may be that a nationwide change could lead to a change in the state as well.
In April 2011, 3.5 percent of homes nationwide, approximately 1.5 million mortgaged properties, were in the national foreclosure inventory. This year, 3.4 percent of homes nationwide, approximately 1.4 million properties, were in the national foreclosure inventory in the same month. Of these foreclosures, 66,000 completed the foreclosure process in April 2012 compared to the 78,000 that completed the foreclosure process in April 2011.
Overall, the national inventory of homes in foreclosure has decreased 0.1 percent from this time last year. The statistics have also seen a leveling-off in the first few months of this year. While the country as a whole is experiencing a slight downturn in foreclosure activity, some states, like New Jersey, still have high rates.
As the national economy continues to improve, these slight decreases may continue to improve the foreclosure situation everywhere. However, New Jersey remains among the five states with the highest foreclosure inventory. Those in our state who are facing foreclosure should know that there are ways to halt it. Filing for bankruptcy is one option that can stop foreclosure and provide homeowners relief from mounting debt.
Source: NuWire Investor, “US Foreclosure Rates Are Falling,” June 4, 2012