New Jersey Foreclosures

Posted in Foreclosures | March 16th, 2009

Being in the heart of the congested east coast of the United States of America and due to the fact that they have a fairly high rate of unemployment. You might think that the state of New Jersey (New Jersey Foreclosures) would be way up near the top of the list on the foreclosed property scale.

The fact is that they are not but rather are nestled nicely in the mid section of the numbers game. The month of December has them showing 0.111 percent which is less than half the national average for the month of December and that only equates to three thousand just under three thousand nine hundred new homes entering the foreclosure files during that period.

This fact even seems to shock some of that analysts who think that the numbers should have been considerably more given the current state of the economy and the unemployment rate over seven percent. The most commonly accepted theory here is that the vast majority of folks that own home here had money stashed in the banks for emergencies and had not given in to the temptation to get additional mortgages on their property during the period when they were much easier to get.

The fact of the matter is that the foreclosure rate is low for the circumstances and has stayed relatively steady throughout the last months. This does however lead to speculation that the number will take a decidedly huge spike when the nest eggs that people have in the bank dwindle down to nothing. The truth of the matte is that the longer the crisis continues, the more foreclosures we will see in this state and there will be a point where the bottom drops out and the foreclosure rate will go through the roof as it has done in some other states.