From the Record:
Lenders continued to ramp up foreclosure activity in New Jersey last month, as mortgage companies worked through the backlog of cases that piled up in the wake of accusations that lenders were abusing homeowners’ rights in a rush to evict.
Foreclosure filings climbed 140 percent in the state in October, compared with a year earlier, according to RealtyTrac. That increase was the biggest nationwide. For the U.S. overall, foreclosure filings slid 19 percent from a year earlier.
Yet New Jersey’s foreclosure rate remains well below the national pace. In New Jersey, one in every 1,200 households got a foreclosure filing in October, compared with one in every 706 nationwide. RealtyTrac counts all filings that are part of the foreclosure process, from the lender’s first notice that the homeowner is in default to sale of the property at sheriff’s auction.