Friday, July 25, 2008

New Jersey Foreclosure Rates

This article from Bloomberg regarding US Foreclosures double as prices decline is similar to the previous post regarding rising foreclosure rates. But it does have some other important data we want to share -

Subprime mortgages were available to borrowers with bad or incomplete credit histories and default at five times the rate of prime mortgages, according to the Mortgage Bankers Association in Washington.

Forty-eight of 50 states and 95 of the 100 largest U.S. metropolitan areas had year-over-year increases in foreclosure filings in the second quarter, RealtyTrac said.
Foreclosures push all home values down by an estimated 6 percent, and will contribute to national prices declining another 15 percent by the end of 2009, Ethan Harris and Michelle Meyer , Lehman Brothers Holdings Inc. economists in New York, said in a report yesterday.

New York filings increased 62 percent from a year earlier to 16,025, with one in every 493 households in a stage of foreclosure, the 30th-highest rate.

New Jersey filings rose 140 percent. One in every 201 households in the state received notice, the 12th-highest rate in the U.S.

This is one rating where last is best. We do not want to be number one or even close. It looks like the New Jersey downward spiral is picking up speed. Here is the list for the top ten foreclosure states -
  1. Nevada
  2. California
  3. Arizona
  4. Florida
  5. Colorado
  6. Ohio
  7. Michigan
  8. Georgia
  9. Massachusetts
  10. Illinois

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