NJ ranks #8 with foreclosures

[MoorestownResident]

The story is about the LEVEL of foreclosures, not the %. The level is high because of the huge number of households in NJ. I can see some increase in October which was a perfect storm month and probably the low point of this de-leveraging cycle. It really depends where you live. Some towns in northern NJ will continue to get hit. I think if you live south of 195 in Mercer County, you are in pretty good shape and the market has bottomed.

[Bagldot]

Originally Posted by EEEPNJ

Whenever people were on the "not here" kick I thought "Denial is not just a river in Egypt." NJ is PRIME for this becuase of the HIGH cost... so many took off more than they can chew. And the McMansion craze was just nuts... when did everyone decide they needed a center island kitchen, great room, 4-5 br, 3-4 baths and all... just nuts.

I blame those HGTV shows and the like. OK, I'm guilty of watching them alot too, but I know enough to know what I can and can't afford. I'm always amazed at the young married couples who absolutely need those granite counter tops, walk in closets and master suites for their first house. Some of those master suites are larger than the apartment we started off with! It's great if you can afford it, but the question is, will you be able to afford it down the road? I think they need to teach personal economics as a mandatory class in high school and college.

[gg08540]

Originally Posted by MoorestownResident

The story is about the LEVEL of foreclosures, not the %. The level is high because of the huge number of households in NJ. I can see some increase in October which was a perfect storm month and probably the low point of this de-leveraging cycle. It really depends where you live. Some towns in northern NJ will continue to get hit. I think if you live south of 195 in Mercer County, you are in pretty good shape and the market has bottomed.

Actually the ranking is based on the foreclosure RATE not the absolute number of foreclosures. NJ came in at 1 out of every 410 households (0.25%) making it 8th in the country. It wouldn't make sense to rank based on the raw # of foreclosures.

I live in Mercer county and we've been looking for a home for 2yrs. Bottomed? Prices have barely even dropped. New sellers still start listing at 2005 prices.

I was amazed that the counties closest to NYC have the highest foreclosure RATE because that dispells the myth that "we're close to NY, so it can't happen here" that they sell so well in central NJ.

[BrianH1970]

I wonder how many people took out mortgages close to the max of what a bank would lend. Just because a bank says they can give you, say, 305K or so for a loan doesn't necessarily mean you should hit that amount. To me that's just sheer stupidity and really asking for a problem later on down the road.