Third wave of foreclosures hits NJ!
Ranked 5th in the nation!
Rankings by State
Florida 5.0%
Nevada 3.3%
Arizona 2.1%
California 1.8%
New Jersey 1.6%For more details click here.
The third wave of foreclosures has started and New Jersey is near the top. According to the New York Times on Sunday May 24, 2009. “In the latest phase of the nation’s real estate disaster, the locus of trouble has shifted from subprime loans – those extended to home buyers with troubled credit – to the far more numerous prime loans issued to those with decent financial histories.”
The article also states “with many economists anticipating that the unemployment rate will rise into the double digits from its current 8.9 percent, foreclosures are expected to accelerate. That could exacerbate bank losses, adding pressure to the financial system and the broader economy.”
New Jersey has been in the top ten in sub-prime and Alt-A loan foreclosures. With this new wave the damage could be even greater as unemployment rises. What will be the impact on our communities? On the numbers who will become homeless?
To read the full article click here.
