The culprits: a significant backlog in cases stemming from New Jersey’s cumbersome foreclosure process and the state’s weak economy, housing experts said. For the year, 1.86% of homes in New Jersey were in foreclosure, according to a report from ATTOM Data Solutions. The foreclosure rate peaked at 2.23% in 2010, just after the recession ended. Jeffrey Otteau, an appraiser and president of the Otteau Group Inc., said the New Jersey foreclosure data also reflected the state’s weak economic performance since the last recession. The new foreclosure report showed that New York ranked 13th among the states, with 0.73% of homes in foreclosure, up from 17th in 2015, though the foreclosure rate was unchanged.
Source:Wall Street Journal January 12, 2017 05:01 UTC