Home foreclosures are down across New Jersey even as the economy continues to sputter.
RealtyTrac figures released Wednesday show the drop-off in foreclosures in New Jersey in February was one of the highest in the nation.
Banks repossessed 654 homes statewide last month. That’s down 34 percent from the January.
New Jersey Mortgage Bankers Association Director Robert Levy says the data does not say why foreclosures are down.
He suspects it might be because banks are more willing to work out loan deals or agree to sales for less than the balance of the mortgage. He also says homeowners in the state could also be refinancing.
Nationally, foreclosures are up.
(Source: 1010WINS)
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One Response
Its obvious that the reason is that the national association of realtors is reluctant to assist in loans do to the forclosure market and/or the madoff scandal. With wall street in the pits and people rapidly trying to salvage their 401k it is incumbant on each individual homeowner to refinance their exsisting homes to support our torah institutions. We as a nation can rise above the devilish desire for greenbacks and together we can help the medina shel chesed.