From the Record:
A record number of New Jersey mortgage holders were either in foreclosure or late on their monthly payments during the third quarter, the Mortgage Bankers Association said Thursday.
About 15.5 percent of Garden State mortgage holders — almost one in six — were in trouble, up from 14.5 percent in the year-ago quarter. New Jersey was 25th in delinquencies and ninth in foreclosures started nationwide.
The housing market will continue to be dragged down by foreclosure activity into 2011, Fratantoni predicted.
“There’s a very substantial overhang of homes on the market,” he said. Foreclosure activity is expected to dump millions more homes on the market, he said. Since foreclosed homes usually sell at a discount, this is likely to keep home prices from rebounding.
“People are still losing their jobs and having a difficult time finding a job,” he said. “And they have a lot of difficulty selling their homes” to get out from under mortgages they can no longer afford.
“We still have a long way to go,” he said.