New Jersey is also known as the Garden State and you can find some stylish and comfortable New Jersey foreclosure homes. Here is some valuable information on New Jersey bank foreclosures.
What to expect from New Jersey
New Jersey is an aggressively industrial state, and its strength lies in pharmaceuticals, chemicals, instruments, oil, machinery, apparel and electrical goods. New Jersey has the highest population density in the U.S. and despite the crowd and industries; you will find some refreshingly beautiful New Jersey foreclosed homes. This is the specialty of the Garden State. It has around 127 miles of white sandy beaches, picturesque towns, and scenic landscape dotted with mountains. If you purchase foreclosure homes in New Jersey then it will be like living in paradise.
New Jersey is popularly known as the crossroads of the East and is one of the most expensive states in the country. The overall cost of living in New Jersey is almost 32% above the national average while housing is almost 73% above the average. You are probably thinking how will you afford a home in New Jersey then? That’s why the best buy is bank foreclosures in New Jersey. You can find some of the most amazing, beautiful, stylish, modern and Victorian homes through New Jersey foreclosure listings. These list are not available everywhere, you will have to look for them. You can find some of the lists with banks or other financial institutions or lenders. These lists may not be updated and hence you might have to take a membership with some of the online real estate agencies to get a more updated and comprehensive list.
New Jersey foreclosures
The year 2006 has been quite a difficult year for most New Jersey residents or homeowners. Places like Monmouth County and Bergen County have recorded foreclosure rates, which have increased enormously. The rates were almost ten times that of 2005. This happened due to the increased housing payments for people who chose an adjustable rate mortgage (ARM) option. As a result most of the residents ended up defaulting on their loan. This has led to an increase in the inventory of New Jersey foreclosure homes.
Some of the industry experts believe that the increasing foreclosure rates can be blamed on the low loan-approval standard implemented in New Jersey during the housing boom. But all said and done the current real estate market condition looks promising enough. New Jersey home foreclosures are available in the form of fixer-uppers, condominiums, HUD homes, VA homes, REC, and many others. As an investor you can even purchase handyman specials at bargain prices, do the repairs, get a paint coat and sell it off for a profit.
In a way the future of New Jersey bank foreclosures look bright enough but the question is are you willing to bid for it? In an expensive city, this is the easiest way of finding the home of your choice and dream and at a cheap price or at a 25% discount.
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