TENAFLY - A new report shows the number of foreclosures in New Jersey is on the rise.

Realty Trac reports that foreclosures in August jumped 65 percent in the Garden State compared to a year ago. A big reason is that a moratorium on foreclosures has been lifted following several court decisions.

For the right buyer, a foreclosed home can be a bargain. These homes typically sell at 15 to 20 percent below market value.

Buyers need to be aware that foreclosed properties are sold as-is, so realtors recommend having extra cash on-hand for repairs, as well as having an inspector check out the property first.