The Garden State still accounts for 20,000 active foreclosure cases congesting the state’s courts.
Foreclosures are not new for New Jersey since the Great Recession. Consistently, the number of foreclosures has been one of the highest in the country.
So it would make tons of sense to tackle this problem now, when the real estate market is strong, and is projected to continue to be strong through 2019.
Governor Phil Murphy is reviewing a package of bills that will accomplish a number of things to make this on-going foreclosure crisis in New Jersey more manageable. These bills propose to:
■ Keep more property owners in their homes
■ Shorten the amount of time a house sits vacant
■ Prevent vacant properties from becoming eyesores
According to RealtyTrac, New Jersey has more than twice the national rate of foreclosures. This translates into one of every 1,006 homes in some stage of the foreclosure process. According to RealtyTrac, the national rate is one in 2,471 mortgages.
New Jersey has actually improved by falling by 6% in February from January 2019, and a whopping 24% lower than in 2018. Though New Jersey’s 20,000 active foreclosure cases is the most in the nation, it is an 85% improvement from what it had been in 2011.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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