From the Record:
Foreclosure filings in New Jersey, which had been held up by legal issues, spiked to the highest levels in more than two years in April as a long-running logjam in the courts continues to loosen up.
Scheduled foreclosure auctions in New Jersey soared 91 percent last month to 793 from April 2012, a 27-month high, according to RealtyTrac, a company that markets foreclosed properties and sells real estate data.
The New Jersey foreclosure activity was in contrast with the national picture, where foreclosure filings in April fell 23 percent from a year earlier to the lowest level in six years and two months, according to Irvine, Calif.-based RealtyTrac.
“Foreclosure starts have been increasing for several months in many of the judicial states, and now that increased volume is showing up in the second stage of the process: the public foreclosure auction,” Daren Blomquist, vice president at RealtyTrac, said in a statement. “Lenders are serious about moving forward with completing the foreclosure process.”
Only Florida and Nevada had greater year-over-year increases in scheduled auctions.
A 138 percent rise in foreclosure starts between March and April in New Jersey was the largest month-to-month increase in the country for those handouts of initial notices of default. Foreclosure starts in New Jersey totaled 2,917 in April, up from 1,227 in March.
“It’s about time,” economist Joel Naroff of Naroff Economic Advisors in Holland, Pa., said of the state’s higher foreclosure numbers.