From the Philly Inquirer:
New Jersey’s foreclosure-filing rate skyrocketed in August, by 115 percent over the same month in 2013, pushing the state into the Top Five, housing-data analytics firm RealtyTrac said Thursday.
The Garden State had the fourth-highest U.S. foreclosure-filing rate, one in every 553 housing units, RealtyTrac reported. By contrast, Pennsylvania saw its filing rate continue to fall, by 12.06 percent year over year.
Among the nation’s metropolitan areas, Atlantic City had the second highest foreclosure-filing rate – one in every 292 housing units, or nearly four times the national average. It was the 28th consecutive month that the hard-pressed resort city experienced an increase in foreclosure filings.
Nationwide, August’s filing rate – one in every 1,126 housing units – was down 9 percent from the same month a year ago, RealtyTrac said.
For the United States as a whole, “the August foreclosure numbers demonstrate that although the foreclosure crisis is well behind us, the messy business of cleaning up the distress lingering from the housing bust continues in many markets,” said Daren Blomquist, vice president at RealtyTrac.
New Jersey’s foreclosure-auction rate rose 71 percent year over year.
“With the long processing time to complete a foreclosure in New Jersey, I see this increase in bank-owned properties as a result of issues that were occurring three-plus years ago,” Lentz said.