NJ’s foreclosure constipation

From the Star Ledger:

New Jersey foreclosures continue, but number of homes in the pipeline falls

The number of New Jersey homes in the foreclosure pipeline continues to shrink, but slowly.

According to CoreLogic, more than 4,500 homes completed the foreclosure process between October 2012 and October 2013. From 2011 to 2012, 3,078 homes were foreclosed.

A completed foreclosure occurs when a property is auctioned and results in the purchase of the home at auction by a buyer or the bank.

The increased number of completed foreclosures reduced the number of New Jersey homes in the pipeline, but the Garden State still ranks second to Florida in the percentage of homes in foreclosure at 6.7 percent, a full percentage point below the October 2012 level.

New Jersey also ranks second in the number of homes that are behind at least 90 days in their mortgage payments at 10.6 percent.

On the national level, CoreLogic reported a year-over-year decrease of 30 percent in the number of foreclosed homes. The percentage of homes that were foreclosed was 2.2 percent, CoreLogic found.

Since the financial crisis began in September 2008, there have been approximately 4.6 million completed foreclosures across the country.

The five states with the highest foreclosure inventory as a percentage of all mortgaged homes were Florida (7.1 percent), New Jersey (6.7 percent), New York (4.9 percent), Maine (3.8 percent) and Connecticut (3.7 percent), according to CoreLogic.

This entry was posted in Foreclosures, New Jersey Real Estate. Bookmark the permalink.

37 Responses to NJ’s foreclosure constipation

  1. Essex says:

    The secret to surviving in New Jersey is to have regular BMs.

  2. Statler Waldorf says:
  3. Ben says:

    Wall St would be dark black if they truly held anyone accountable there.

  4. Street Justice says:

    American bourbon now better than Scottish whiskey: U.K.-born expert

    http://m.washingtontimes.com/news/2013/dec/9/english-born-whiskey-critic-says-scotch-out-americ/

  5. JJ the Welfare Queen says:

    There would be no Capitalism without Capital.

    Ben says:
    December 10, 2013 at 10:11 am

    Wall St would be dark black if they truly held anyone accountable there.

  6. joyce says:

    You don’t even know what capital is.

  7. Ragnar says:

    David Stockman’s book is all about explaining how the government decided to launder its counterfeit paper through JJ’s organizations, while allowing them to take the first and biggest cut, and run gambling schemes with the float, protected by government guarantees if they lose.

  8. clotluva says:

    From Yesterday:

    So just a good old fashioned character-building opportunity…

    Also, related to yesterday’s discussion on healthcare, this guy’s take is somewhat dated, but still relavent (and also useful as it’s from a Dr.’s perspective):

    http://truecostofhealthcare.org/

    I think the below quote is most on-point:

    “Insurance companies sell security against financial risk. If no one really understands what that risk is (because all prices are hidden or deceptive) then the price of the security (insurance) can be grossly inflated.”

    124.Spine Snapper says:

    My friends who sent their kid to Stuyvesant told me the only downside to the whole NYC public skool experience was the occasional mugging for lunch money.

  9. clotluva says:

    Why is it that when Standard Oil was furthering its business interests by negotiating secret rates with the railroads 100+ years ago, it was deemed anti-competitive….but when present day insurance companies negotiate secret rates with healthcare providers, it isn’t? One could argue that like railroads, hospitals are essentially “common carriers”…

  10. joyce says:

    10
    Clotluva,
    There are several reasons, none of them good (for the average person). And I reposted the trustcostofhealthcare, yesterday ;-)

  11. JJ the Welfare Queen says:

    Twitter comes to NYSE they ring a bell, we given them huge globs for cash from IPO and they shower the cash on everyone and employee tons of people, rent tons of space, and everyone from guy selling them lunch to rug and tug girl next to building is making cash.

    We monetize. America is great when Wall Street is great. Look at your FAT YE 401k statements. God Bless American and Free Market Capitalism.

    joyce says:
    December 10, 2013 at 10:35 am

    You don’t even know what capital is.

  12. JJ the Welfare Queen says:

    There was a women back then called the “Devil of Wall Street” average women not born of wealth she bought up tons of RR stocks so much she became richest women in the world.

    Trouble is ignorant blue collar men like to curse the darkness rather than turn on a lamp. If RR are making globs of cash and have a huge monopoly you buy shares.

    Old saying is when a train is headed your way, three choices, get run over, step aside or get on. You always get on the train.

    clotluva says:
    December 10, 2013 at 11:33 am

    Why is it that when Standard Oil was furthering its business interests by negotiating secret rates with the railroads 100+ years ago, it was deemed anti-competitive….but when present day insurance companies negotiate secret rates with healthcare providers, it isn’t? One could argue that like railroads, hospitals are essentially “common carriers”…

  13. JJ the Welfare Queen says:

    AAA, n., obsolete. A rhetorical device used to dupe buyers into purchasing securities backed by shacks dressed as houses, and to secure the highest possible spot in telephone directories. Common usage: AAA Septic Drainage and Mortgage Backed Security Services.

    BAILOUT, n. First known use: Noah. Novel regressive taxation scheme whereby vast sums of capital are transferred from those citizens who didn’t participate in the illusory Bacchanalia of the housing bubble to those who did and weren’t clever enough to get out in time.

    BANK, GOOD, n., archaic. Sober, conservative, risk-averse institutions designed to midwife customers’ capital and enable prudent lending to deserving businesses and consumers. See Capra, F., the Bailey Building & Loan Association.

    BANK, BAD, n. 1. Everyone else. 2. Especially Goldman Sachs.

    CREDIT-DEFAULT SWAP, n. loose translation from the original Latin “ubi mel ibi apes,” or “where there’s honey there are bees.” 1. A complex financial instrument vital to the functioning of a modern economy in the way it spreads risk among consenting parties. (Greenspan, A., pre-Sept. 2008.) 2. A complex financial instrument that nearly destroyed modern capitalism (Greenspan, A., post-Sept. 2008).

    CREDIT LINE, n. A set amount of borrowed money available only to those who don’t need it.

    CREDIT-RATING FIRMS, n. Firms that do scant rating of people with scant credit.

    DEFICIT, n. For the party in power, at worst a minor irritant and at best a precondition for economic growth. For the minority, the gravest threat to the stability of the Republic.

  14. clotluva says:

    12.joyce

    Sorry – didn’t see that yesterday. Perhaps you aleady reached this determination, but in the end, I think if price discrimination was eliminated, price transparency would follow. Could probably wrap it up in a one sentence piece of legislation.

  15. joyce says:

    clotluva,
    A lot of ills could be solved with one sentence legislation. However then we need it to be enforced, which is a whole other can of worms.

  16. clotluva says:

    I’d love to sell you a bunch of shares of AIG at its 2008 price…perhaps you could have done a brother a solid and lent me your f’in lamp!

    14.JJ the Welfare Queen says

    Trouble is ignorant blue collar men like to curse the darkness rather than turn on a lamp. If RR are making globs of cash and have a huge monopoly you buy shares.

    Old saying is when a train is headed your way, three choices, get run over, step aside or get on. You always get on the train.

  17. Ben says:

    There would be no Capitalism without Capital.

    Great. What does that have to do with a bunch of guys insider trading and bleeding pension funds?

  18. Ragnar says:

    Investment banks don’t provide capital to the economy.
    Savers provide capital to the economy.

    Investment bankers are supposed to guide other people’s capital with their expertise.
    Instead, Investment bankers are borrowing at less than the risk free rate thanks to government, gambling on risky assets, collecting the gains on the ones that work, and handing tax payers the bill for the ones that don’t work.

    That bears no resemblance to capitalism. The investment banks now handmaidens of government and are designed to game and front run the central planners inhabiting the Treasury and Federal Reserve.

    I’m sure there are some divisions within these investment banks that actually do legitimate work, but they’ve become dwarfed by the crony statist businesses.

    http://mises.org/daily/6521/

  19. chicagofinance says:

    Old 2008 Financial Crisis Joke:
    Q: What is the capital of Iceland?
    A: Reykjavik?
    No…..$2

    joyce says:
    December 10, 2013 at 10:35 am
    You don’t even know what capital is.

  20. chicagofinance says:

    Speaking of Welfare Queens…..I never made the connection, but the CFO of Twitter is a guy from my class at Chicago. Our groups worked on problem sets together…..

    I suck.. :(

    https://about.twitter.com/investor

    Mr. Gupta has served as our Chief Financial Officer since December 2012 and served as our Vice President of Corporate Finance and Treasurer from November 2012 to December 2012. From May 2011 to November 2012, Mr. Gupta served in two roles at Zynga Inc., an online provider of social game services, including as Senior Vice President and Treasurer. From February 2003 to May 2011, Mr. Gupta served in several roles at Yahoo! Inc., an Internet company, including as Senior Vice President of Corporate Development and Finance and Chief Treasury Officer. Mr. Gupta holds a B.S. in Accounting and Economics from New York University and an M.B.A. from the University of Chicago.

    JJ the Welfare Queen says:
    December 10, 2013 at 11:50 am
    Twitter comes to NYSE they ring a bell, we given them huge globs for cash from IPO and they shower the cash on everyone and employee tons of people, rent tons of space, and everyone from guy selling them lunch to rug and tug girl next to building is making cash.

    We monetize. America is great when Wall Street is great. Look at your FAT YE 401k statements. God Bless American and Free Market Capitalism.

    joyce says:
    December 10, 2013 at 10:35 am
    You don’t even know what capital is.

  21. Libturd at home says:

    Big deal. I used to be email buddies with Marc Andreeson back in the pre Mosaic period.

  22. Essex says:

    The saga of Dewey & LeBoeuf — a gigantic law firm that collapsed spectacularly — is continuing to haunt partners who fled the firm after it became clear it was going under.
    A judge overseeing Dewey’s bankruptcy has ruled the firms that hired Dewey partners just before its collapse must cough up information about the clients they “inherited” from the now-defunct firm, the AM Law Daily’s Sara Randazzo reports.

    It’s not unusual for partners to take their clients with them when they move to a new firm.

  23. grim says:

    nom what’s your email – ping me.

  24. Statler Waldorf says:

    The Wall Street “investor” mentality, with it’s months-long time horizon, is ruining the country. Instead of CEOs planning out the next 5+ years, thinking about infrastructure enhancements, a new approach to existing processes, etc, they instead plan only for the next quarter to please investors. This brings in “genius” ideas such as offshoring high-paying US jobs, shifting manufacturing to China, etc, while at the same time transferring manufacturing, technical, and business process know-how to China, India, etc, who gladly take this information to hang us with our own rope. Destroying domestic jobs, domestic industry, and domestic advantage, is the M.O. of today’s publicly-traded CEO.

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