Foreclosure rates for the United States in 2017 were just released and yet again, New Jersey takes the cake for most foreclosures in the country. A report on national foreclosure rates was done by ATTOM Data Solutions. The findings revealed that there were nearly 70,000 properties that went through foreclosure in 2017. On the bright side, this is four thousand less foreclosures than there were the previous year in New Jersey.
The report also shows that in the last quarter of 2017, New Jersey took an average of 1300 days to complete the entire process of foreclosing a home. According to the study, this is one of the lengthiest foreclosure processes in the entire United States. The reason behind having such a long foreclosure process is that in New Jersey, each and every individual foreclosure case has to be heard by a judge.
In addition, the data report broke down the foreclosure rates in each county. Some of the counties with the highest rates of foreclosure per number of homes are as follows:
Salem County: 943 foreclosures, an 18 percent increase from 2016’s numbers
Camden County: 5,686 foreclosures, a 14 percent decrease from 2016
Sussex County: 1,936 foreclosures, a 2 percent increase from 2016
Monmouth County: 4,533 foreclosures, down 4 percent from 2016
If you need help with a foreclosure, contact our firm today.
Juan C. Velasco, Esq. is a trusted attorney who concentrates on bankruptcy, family law, real estate, and estate matters who has been serving the New Jersey area for over 25 years. If you are in need of experienced legal counsel, please contact Velasco Law Office and we will be happy to assist you.