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Number of Homes in New Jersey Foreclosure Listings Defies Gravity |
By Joseph Smith
 The volume of houses included in New Jersey foreclosure listings seemed to defy gravity in October. That is because the number shrank despite a drastic 75% jump in total number of foreclosures. Analysts believe the current measures implemented by the state government to help homeowners keep their homes are starting to work.
The number of foreclosure filings in New Jersey in October rose to a record 8,473 homes, most of them in the counties of Bergen, Essex and Salem, according to data compiled by real estate tracker RealtyTrac. However, not all those homes are automatically put up for sale. Due process will take some time before the repossessions are turned in to sellers or are included in New Jersey foreclosure listings.
In comparison, available or up-for-sale foreclosed homes in the state dropped almost 14% in October, compared to data in September. Those that are currently available were foreclosed last year. It is expected that in the state, foreclosed homes in October will be sold to the market next year. It does not take a market analyst to infer that by that
time, home values are set to further decline and even reach the floor.
Despite the decrease in foreclosures for sale, tag prices are set to continue lagging below standards. As usual, mortgage lenders sell foreclosed homes at 20% to 50% off actual home values. This is understandable as banks face intensified challenges and struggle to generate liquidity and cash. As always, this remains good news to homebuyers and investors who are always seeking to buy assets at bargain prices. Such sale transactions are expected to dominate the New Jersey housing market for some time.
Joseph Smith has been educating buyers on the finer points of New Jersey foreclosure listings purchase at ForeclosureListingsNewJersey.com for over four years. Click here to visit and read more advice on finding Newark foreclosure listings and foreclosures in other New Jersey cities.
Foreclosure
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