From the Star Ledger:
A greater share of homes in New Jersey are facing foreclosure than anywhere else in the country, according to a report released Tuesday morning.
The report from the Irvine, Calif.-based firm CoreLogic shows 4.9 percent of mortgaged homes in New Jersey were in the foreclosure process in May, which is nearly quadruple the national rate of 1.3 percent. In May 2014, 5.8 percent of mortgaged homes in New Jersey were in foreclosure, compared to 1.7 percent of homes nationwide.
New Jersey has been dealing with a backlog of foreclosures, which are slowly winding their way through the state’s judicial process.
New York (3.7 percent), Florida (2.9 percent), Hawaii (2.5 percent) and the District of Columbia (2.4 percent) also have among the highest foreclosure rates in the nation, according the CoreLogic report.
Roughly 9,200 foreclosures were completed in New Jersey over the last year, according to the report, up from more than 6,300 completed foreclosure in the year ending in May 2014. That’s counter to the national trend. The number of completed foreclosures declined between those time frames 595,000 to roughly 528,000.