Are New Jersey Bank Foreclosures Reports Misunderstood?

July 3rd, 2007 by

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It seems that reports from the California-based RealtyTrac have been greatly misunderstood. New Jersey foreclosures are properties already repossessed by lenders. But when the number of foreclosures in the state was reported, the number included properties in all stages of foreclosure. In reality, a very small portion of these homes in default ever reach the bank foreclosure or real estate-owned foreclosure stage. And even if they did, they should be counted only once, until they reach the last stage.

In response to some complaints, the firm will be making adjustments in order to publish a report that will not be misinterpreted. The adjustments will certainly show that despite the ranking in terms of foreclosures rate, the number of New Jersey bank foreclosures is really fewer in reality. An approximate of 200 to 300 foreclosure homes is put up in the market every month. With this kind of rate, New Jersey is actually faring better than the other states.

For the month of May alone, there were only 147 bank foreclosures in New Jersey and that should put the state in the middle of the list and not as high. Right now, the state is ranked as having the fifteenth highest foreclosures rate. Although things could still get worse until the end of the year, the foreclosures activity in this state does not affect the housing market much.

In fact, there is no better time for buyers and investors to buy foreclosure homes. Their low prices mean much savings as well as instant equity. When it comes to selection, buyers will never have any problems. There are currently around 70,000 homes to choose from all over the state. For the best selection, buyers should check out the foreclosures listings from expert brokers like Foreclosure Deals.

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