Foreclosures up five percent across NJ from last year
Foreclosures are up in New Jersey, according to the latest numbers.
Realtytrac, a company that tracks foreclosures, found more than 5,000 New Jersey households filed for foreclosure in June. That's a five percent increase from 2007.
Sgt. Steve Host of the Morris County Sheriff's Department says the market is a mess. Host's department lists foreclosed homes up for auction.
"People bought these houses for $400,000 or $500,000," he says. "The market has crumbled ? now these houses are worth $300,000 or $350,000. They are trying to refinance, they can't. They are trying to sell it, they can't. So the house is worth $350,000. They still owe $425,000 in their mortgage and they're stuck."
The Garden State is ranked 14 in the country for foreclosure filings.