Good, bad news for N.J. housing
Foreclosures shoot up, but total is fairly small
Thursday, August 23, 2007
BY GREG SAITZStar-Ledger Staff
The number of homes foreclosed on by mortgage lenders in New Jersey shot up in July compared with both the previous month and the year-ago period, but the number remains small enough that it shouldn't further weaken the state's sluggish housing market, a real estate expert said.
Otteau called the number of New Jersey foreclosures last month fairly insignificant considering there are about 72,000 homes for sale around the state. Adding 215 more to the total has little, if any, effect on the real estate market, he said.
RealtyTrac's latest data found foreclosure filings for July swelled 93 percent nationwide, to 179,599, compared with July 2006. In New Jersey, filings jumped 52 percent from the previous July.
However, many in the industry question the reliability of those figures, which include filings for various stages in the foreclosure process -- meaning the same property can be counted two or three times.
"That creates a scare, a panic for those in the housing market, because it paints a picture far worse than it really is," Otteau said.
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"In Michigan, lenders took possession of 4,739 homes in July, while California had 4,444 homes foreclosed on, according to RealtyTrac.
In New Jersey, the July foreclosure number was below what it was back in March, Otteau noted, when lenders took possession of 270 homes. The number dipped to 162 in April and 147 in May before increasing to 172 in June. "
what to worry in NJ? 1 foreclosure in every 3 towns. You may be able to find bargain in Michigan but not tri-state area.
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