These days when you open the television to watch the news or read the newspapers, the only catastrophe that is being talked about is the inevitable and steadily rising number of foreclosure properties. This is a situation that is concerning and needs to be addressed immediately but the problem is that this is not just a state specific problem; it is plaguing the entire country. The real estate market seems to be spiraling downwards and Americans have handful of trouble with their inability to make the necessary payment on their mortgages. According to specific sources, it is estimated that there are around 2.2 million homes in the US that received some form of foreclosure notices throughout 2007 as compared to the 1.6 million in 2006. Industry experts believe that since many homeowners have missed their mortgage payments by the end of the last quarter of 2007, there will be a larger number of foreclosure houses that will receive foreclosure warning notices this year.
The year 2007 saw an increase in foreclosures by state as New Jersey filed 53,652 foreclosure homes and this is an increase of 34% as compared to 2006. The foreclosure rate of New Jersey in 2007 was 0.9% or one per 100 homes. There has been quite an increase in the number of New Jersey foreclosures as the state recorded a 34.3% rise in the first quarter of 2008 as compared to the final quarter of 2007. This is also a 66% increase as compared to the first quarter of 2007. As of today the rate of foreclosure inventory in New Jersey has crawled up to 1.89%, which is the highest since 2002 when it was 1.90%.
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