Time to leave South Jersey?

From the Press of Atlantic City:

Atlantic County foreclosure rate second-highest in nation

As Atlantic City’s decline drew national attention in August, the area rose to national prominence in another metric.
One out of every 292 Atlantic County homes was in the foreclosure process in August, making the area’s foreclosure rate second-worst in the nation, according to housing information firm RealtyTrac.

But while experts say the surge is largely the result of cases finally moving through the state’s backlogged legal system, the casino closings could prove devastating down the road.

“Our data shows the average foreclosure process in New Jersey is over 1,000 days, so I would say it’s probably too early (to reflect casino closings),” said Daren Blomquist, vice president at Irvine, California-based RealtyTrac. “Unfortunately, (the loss of jobs) is probably going to mean this will add on to that trend we’ve already been seeing.”

Cumberland County fared almost as poorly as Atlantic County in August, with one in 307 homes with a foreclosure listing.

The area’s growing distressed-property market comes as the nation has seen a 7 percent increase in foreclosure filings — amounting to one in every 1,126 housing units — compared to July. Even so, filings are 9 percent lower than August a year ago.

New Jersey’s foreclosure rate rose 71 percent in August compared to the same month last year, ranking it sixth among 24 states in year-over-year rise.

Local real estate agent Edward Augsberger, of Weichert Realtors’ Wildwood office, said he expects the volume of foreclosures to rise as paychecks dwindle and, in many cases, disappear.

“Right now, I think you’ve got some properties with homeowners that are barely scraping by, and they just lost their job,” Augsberger said. “It’s going to get uglier.”

Losco said he’s recently been advising clients to make an honest appraisal of their futures. If they expect to maintain employment and would prefer to stay in the area for several years, they should weather the storm — but if the next few years are muddier, it might be time to pack up.

“I think people need to pay attention and make some realistic choices,” Losco said. “If they wait, all the figures could line up against them and decrease value. Or are they going to do the best they can now before all these issues come into play?”

This entry was posted in Economics, Employment, Foreclosures, South Jersey Real Estate. Bookmark the permalink.

19 Responses to Time to leave South Jersey?

  1. Fast Eddie says:

    I’ve never been through the back roads of the deep south but I suspect driving through Burlington, Salem and Cumberland County is fair representation.

  2. Fast Eddie says:

    $600,000. That’s six hundred thousand dollars. Keep repeating that figure to yourself while browsing the allusive pictures:


  3. grim says:

    You have outdone yourself with those selections today

  4. Mike says:

    Gary 2 & 3, OMG The first one has green rugs in the pink bathroom!

  5. chicagofinance says:

    When I used to drive from Hoboken to Fort Lee up River Road in 1991 I used to think it look liked some derelict section of Alabama or Mississippi. Hard to believe where it was located given what was there.

    Fast Eddie says:
    October 12, 2014 at 7:50 am
    I’ve never been through the back roads of the deep south but I suspect driving through Burlington, Salem and Cumberland County is fair representation.

  6. Marilyn says:

    I agree Eddie you really out did yourself today is right. The first one is really a joke!

  7. Juice Box says:

    Yup we aren’t prepared for Ebola, possibly two or more of the 50 or so people that cared for the Thomas Duncan the Liberian could be infected.

    “Meanwhile, a top federal health official said the health care worker’s Ebola diagnosis shows there was a clear breach of safety protocol and all those who treated Thomas Eric Duncan are now considered to be potentially exposed.”

    ” another person also remains in isolation, and the hospital has stopped accepting new emergency room patients.”


  8. Juice Box says:

    re # 2- During my exhaustive search I walked into quite a few empty homes being sold after grandma had passed, where there were possibly a few kids fighting over inheritance. There is now way they are going to lower the price, everyone needs their several hundred thousand dollar inheritance to “bailout” their lifestyle.

  9. anon (the good one) says:

    #Forbes400 members have 70,000 times avg. US family net worth of $81,200. 70,000 times!

  10. anon (the good one) says:

    @Convertbond: Ebola Cases

    Oct: 8400 (4033 Deaths)
    Sept: 7300
    Aug: 3600
    July: 2200
    June: 950
    May: 420
    April: 390

    WHO @FT

  11. Learn to embrace Ebola. Its spread is hardly unforseen or random.

  12. Thinning the herd. Same as it ever was.

  13. Cara says:

    Magnificent beat ! I wish to apprentice whilst you amend your website,
    how can i subscribe for a blog site? The account aided me a appropriate deal.
    I had been a little bit familiar of this your broadcast offered vibrant clear concept

  14. Really happy that I found this article. It is very informative and well written. Keep up the great work!

Comments are closed.