If there was any doubt that foreclosures in New Jersey were substantial, a quick google search for “NJ foreclosure,” will dispel that notion immediately. The front page of search results is dominated by google map ads for a huge list of foreclosure agents. as you can see from this screen capture.
As you can see, the map is literally peppered with results for foreclosures in nj, and the consequences of the vast amounts of repossessions continues to have an effect on the real estate market. Some anomalies are starting to crop up as well. In fact – a private individual recently foreclosed on Bank of America in Florida, which – while entertaining – demonstrates just how broken the system is and rather adds to the distrust many are feeling towards the banks in general and the way the system is working.
Even though there has been a reduction in the amount of filings in New Jersey (largely thanks to an intervention by the courts to delay proceedings) the amount of pending foreclosures and property that will eventually be seized by the banks is quite substantial. Numbers of properties actually foreclosed upon in 2010 rose to more than 10,000 – a five fold increase over the 2006 numbers.
The situation will not improve any time soon either, and the staggering number of properties being sat on by the banks continues to rise.
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