Sub prime loans given to people with low income groups and adjustable rate mortgages have rendered the New Jersey real estate market as unstable as the real estate market throughout the country. An extremely large number of homeowners have recently seen their houses being foreclosed or being filed for foreclosure by lending agencies and banks. However, New Jersey foreclosures are still lower than those in many other states. Another thing that sets the New Jersey properties apart from the rest of the country is that home prices have not fallen as drastically as that in other areas.
Therefore, while the situation of homeowners who are constantly losing their homes to New Jersey foreclosures is unfortunate to say the least, real estate investors can turn around this situation to their advantage by investing in foreclosure properties. Most of the foreclosures in New Jersey are currently owned by lending companies and not banks. And the majority of these companies have got neither the will nor the resources to maintain the large amount of foreclosure inventory that they have acquired.
As a result, you can find New Jersey foreclosures being auctioned off or sold by these companies for as little as 50% of their actual rates. Since property prices have not fallen drastically in the state, a foreclosure purchase can provide you with instant equity. The moment the market turns up, these properties can earn their owners a profit of more than a hundred per cent on sale. Another segment that can take advantage of the current situation in the state are average but fixed income earners who can now buy good foreclosure houses that they could not afford earlier.
The areas that have till date reported the highest numbers of New Jersey foreclosures have been concentrated in the cities, with Trenton, Jersey City and Newark leading the list. However, foreclosure properties are available for sale across the state and you can currently find great investment opportunities throughout New Jersey. Currently, a large number of New Jersey foreclosures are listed in Newark, Stanton, Newton, Lakehurst, Salem and Peterson.
Therefore, while the situation of homeowners who are constantly losing their homes to New Jersey foreclosures is unfortunate to say the least, real estate investors can turn around this situation to their advantage by investing in foreclosure properties. Most of the foreclosures in New Jersey are currently owned by lending companies and not banks. And the majority of these companies have got neither the will nor the resources to maintain the large amount of foreclosure inventory that they have acquired.
As a result, you can find New Jersey foreclosures being auctioned off or sold by these companies for as little as 50% of their actual rates. Since property prices have not fallen drastically in the state, a foreclosure purchase can provide you with instant equity. The moment the market turns up, these properties can earn their owners a profit of more than a hundred per cent on sale. Another segment that can take advantage of the current situation in the state are average but fixed income earners who can now buy good foreclosure houses that they could not afford earlier.
The areas that have till date reported the highest numbers of New Jersey foreclosures have been concentrated in the cities, with Trenton, Jersey City and Newark leading the list. However, foreclosure properties are available for sale across the state and you can currently find great investment opportunities throughout New Jersey. Currently, a large number of New Jersey foreclosures are listed in Newark, Stanton, Newton, Lakehurst, Salem and Peterson.
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