Mortgage Group: New Jersey Leads Nation In Home Foreclosures
NEW YORK (CBSNewYork) — While the country as a whole is seeing fewer homes in foreclosure, New Jersey has overtaken Florida as the state with the most.
According to statistics from the Mortgage Bankers Association, New Jersey was the only state to see an increase in loans in foreclosure during the first quarter of 2014 and has 8 percent of its home loans in the foreclosure process, WCBS 880’s Monica Miller reported.
Nationally, the delinquency rate dropped to 6.11 percent, the lowest level since 2007.
Shawn Ryan, a spokesman for the Mortgage Bankers Association, told Miller one reason for the discrepancy between New Jersey and other states is that the Garden State requires court approval for property seizures, creating a backlog from the housing crisis while other states are beginning to show signs of recovery.
“States that have a judicial process for moving loans into foreclosure tend to take significantly longer than the national average,” Ryan said.
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