STORM WATCH

Gov. Murphy declares emergency; Tracking moderate to heavy snow on the way for parts of NJ

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

News 12 Staff

Jul 25, 2008, 11:54 PM

Updated 6,021 days ago

Share:

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.