From the Courier Post:
When first-time home buyer Derrick Hannah saw a three-bedroom ranch home in Willingboro, he fell in love with its spotless kitchen and its expansive backyard with a patio.
But, a couple of years ago, after buying it for $80,500 with no down payment, the father of three lost his computer job and later was served a foreclosure notice. He refinanced his mortgage three times to avoid foreclosure until he owed $185,000 on the same home, valued at $224,000 just two years ago.
This week, he finally sold his home at 48 Edgemont Lane in Garfield East — but for only $130,000 — to a single parent family in a “short” sale, which leaves the mortgage lender $55,000 short of the total loan amount but which allows Hannah to leave his home with no mortgage debt.
Willingboro, a municipality with lower median incomes, has been especially affected by foreclosures. It had the highest number so far this year in the tri-county area of Burlington, Camden and Gloucester with 330, but even wealthier communities are at the top of the foreclosures list.
Gloucester Township was second in the region with 323 foreclosures so far this year, followed by Winslow at 298, Camden at 256 and Washington Township at 206. Except for Camden, the other three municipalities have higher median incomes than Willingboro.
The highest number of monthly foreclosures ever filed against property owners in New Jersey — 6,133 — occurred in June and then fell to 5,813 by July, which was still more than in July 2008.
In the tri-county area, the more populous Camden County led with 2,214 foreclosures for the first seven months of this year, according to figures provided by the state Administrative Office of the Courts through July 31. Burlington County had the second highest total with 1,904 followed by the least populated Gloucester County with 1,301.
Burlington County Freeholder Christopher Brown of Marlton, who owns ReMax real estate and title insurance agencies, said short sales now represent about 55 percent of the home resale market.