From the Star Ledger:
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.