NEWARK, NJ-While showing some improvement, home foreclosures still dog the residential sales market in New Jersey.
According to CoreLogic's monthly National Foreclosure Review, the state of New Jersey ranked behind just the state of Florida in foreclosure filings. The firm reports that at least 6% of mortgages in the state are currently in the foreclosure process. The national average stands at 2.5%. Between June 2012 and June of this year more than 3,400 homes completed foreclosures in the state of New Jersey.
While foreclosure rates statewide rose from 6.04% in June 2012 to 6.19% this past June, the Newark metropolitan area saw its foreclosure rate fall from 7.03% to 6.89% during that same period.
Statewide, the delinquency rate for mortgages that are more than 90 days overdue fell from 11.12% to 10.95% from June 2012 to June 2013. See story in The Record.
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