From the Shorebeat blog:
Brick Township’s foreclosure rate is nearly double the state average and five times as high as the national average, leading Brick officials to contract with a firm that will handle record-keeping for the purposes of code enforcement and property maintenance issues for bank-owned properties.
Brick’s rate, according to RealtyTrac, was .28, almost double the state’s .16 average and more than five times higher than the national average of .05. Scott Blaise, a representative from Community Champions, the company that was awarded the contract, said there were 1,300 homes in Brick that are either in danger of being foreclosed upon or are already in the foreclosure process. For comparative purposes, the same metric applied to Jersey City – a municipality of 270,000 – translates into 2,200 properties.
“The current rates of foreclosure are still a little higher than the rest of the country, but it’s coming back towards normal,” Blaise said, highlighting that Brick is among the top 10 towns for foreclosures in New Jersey.
RealtyTrac shows one in every 363 homes in Brick is in some stage of the foreclosure process. While pre-foreclosures are down 51 percent in Brick from last year, the number of bank-owned properties has doubled, the data shows.