Saturday, September 13, 2008

NJ Foreclosure Up Again

Every month the numbers seem to get higher and higher. The August foreclosure numbers from RealtyTrac were released and the numbers continue to stay grim. Here is an article titled NJ foreclosure filings rose 49 percent in August from the Star Ledger -

Foreclosure filings in New Jersey rose 49 percent in August compared to a year ago, well above the national average, according to fresh data from a firm that tracks the information.

The state had 6,475 filings -- default notices, scheduled sheriff's sales, bank repossessions -- during the month, a rate of one filing for every 536 households, Irvine, Calif.-based RealtyTrac found. In previous months, the counties hardest hit by foreclosures have been Mercer, Sussex and Union, according to the firm.

These numbers are not good news. Higher foreclosure levels push home prices downward as well as neighborhoods and communities. The impacts are greater than just those felt by the homeowners and lenders.

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