New Jersey continues to buck national trends with respect to the unpredictable housing market. Recent data updates demonstrate that the average time for a homeowner to go through foreclosure in the state has increased by 7 percent since 2015, adding three months to the overall 2015 average.
By comparison, properties across the United States generally have dropped to pre-recession numbers, and the market continues to display signals of improvement with September 2016 marking an 11 year low for foreclosure starts. New Jersey, however, continues to have one of the highest foreclosure rates in the nation, second only to Delaware. Specifically, one in every 691 housing units in the state have a foreclosure filling. Furthermore, on average it takes nearly three and a half years to complete the foreclosure process in the state which to date is the longest foreclosure timeline in the country.
This new data is provided by ATTOM Data Solutions, a California based company that tracks foreclosure homes once a notice of default has been issued and until said homes are sold at auction or as a bank-owned property. ATTOM’s data is collected from 2,200 counties nationwide.