From the Star Ledger:
New Jersey may lead the nation with the highest percentage of foreclosed homes by the summer.
“It’s just a matter of time,” said Mark Fleming, chief economist for CoreLogic, an online analytic firm that released new data yesterday.
Since the housing market crash in September 2008, Florida has had the highest percentage of mortgaged homes in foreclosure, while New Jersey has ranked second.
At the start of 2013, 10.3 percent of the Sunshine State’s homes with a mortgage had completed the foreclosure process. In New Jersey, the figure was 7.2 percent.
But Florida has been moving through the process at a much faster rate than New Jersey, according to Fleming.
In the past 12 months, nearly 119,000 homes completed foreclosures in Florida as compared with 5,138 in the Garden State.
The percentages of foreclosed homes last month were 6.7 and 6.5 respectively.
“New Jersey may top the list within the next six months,” Fleming said.