From the Record:
Housing distress is easing in New Jersey, but the state still has much higher rates of foreclosures and mortgage delinquencies than the nation as a whole, the Mortgage Bankers Association said Thursday.
About 12.1 percent of New Jersey mortgages – or one in eight – were either late on payments or in foreclosure in the fourth quarter of 2015. That’s down from 14.8 percent a year earlier, but is almost twice the national rate of about 6.5 percent, the lowest level since before the recession.
“As the job market has improved and national home prices have rebounded, fewer borrowers were becoming seriously delinquent, while borrowers previously behind on their payments were in a better position to … resolve delinquent loans,” Marina Walsh, MBA’s vice president of industry analysis, said in a statement.
New Jersey led the nation in the number of foreclosures started in the fourth quarter, according to the MBA. It was 12th in the rate of mortgages with late payments.