According to RealtyTrac, the New Jersey metropolitan areas of Atlantic City and Trenton had the highest metro foreclosure rates in the United States for November of 2015. This is the fifth straight month that Atlantic City and its surrounding area have topped the charts for foreclosures. In fact, for every 307 homes in or near Atlantic City, there was a foreclosure filing in November, as compared to one in 1,268 nationally.
Atlantic City still holds its lofty position even though its foreclosure rate dropped by 16% from October and nearly 6% from November 2014.
The foreclosure rate in New Jersey’ capital increased 32% when compared to the previous year. Trenton had the second highest foreclosure rate in the nation with one in 346 residences being in foreclosure.
Overall, the state of New Jersey ranked second of all the states for foreclosures in November. Maryland topped the list, with Florida in third, Nevada in fourth and Illinois in fifth.
Foreclosures in the United States have decreased by 10% in November when compared to October. Foreclosures are down 7% when compared to November of 2014.
According to Reuters, the monthly decrease was the result of a 10-year low in foreclosure starts. There were 41,208 properties that started the foreclosure process for the first time in November.
“Banks are continuing to work through the backlog of lingering foreclosures, pushing bank repossession numbers higher in the short term even as foreclosure starts drop to new lows,” RealtyTrac Vice President Daren Blomquist said in a statement.
He further stated that “[t]he share of active foreclosures tied to bubble-era loans is shrinking, with 59 percent of all loans in foreclosure originated between 2004 and 2008,” he said, adding that the portion was 61 percent a year ago and 75 percent two years ago.
There are a number of different options available to fight back against foreclosure and it is critical to choose the right one for your circumstances. During your free consultation, attorneys Bruce Levitt and Shelley Slafkes will carefully explain all of your options so you can make an informed decision about how to best proceed. Contact us today at 973-323-2953 to schedule a free initial consultation with a compassionate and knowledgeable lawyer.