The amount of distressed real estate is expected to increase as unemployed workers who lost jobs in 2014 fall behind on mortgage payments — and as the state’s six months of unemployment benefits run out.
Employment in Atlantic County
dropped 8,400 from December 2013 to 126,100 in December 2014, according
to seasonally adjusted figures from the Federal Reserve Bank of
Philadelphia.
Area economies in South Jersey had lost thousands of jobs before 2014.
Daren Blomquist, vice president
of market research firm RealtyTrac, said what’s happening in South
Jersey is happening in New Jersey as a whole, only more so.
In one year, 2014, foreclosure
filings in Atlantic, Cape May, Cumberland and Ocean counties rose 94
percent, 85 percent, 97 percent and 79 percent, respectively,
California-based RealtyTrac says.
This includes initial filings, notices of sale and bank repossession.
The state average increased 70 percent. Nationally it dropped 18 percent.
But Blomquist expects foreclosure activity in the area to rise from job losses last year.
“We haven’t seen the full impact
of those on the foreclosure numbers yet, and, yes, unfortunately that
means it’s probably going to get worse before it gets better,” he said.
Foreclosures take a long time in
New Jersey, a judicial foreclosure state, where it takes more than 1,000
days, second only to Hawaii, Blomquist said.
Once a week in the courtroom,
the Atlantic County Sheriff’s Office holds sheriff’s sales, public
auctions for homes and businesses being sold “as is.”
Often, they don’t sell.
Sometimes nobody wants them, sometimes banks and lenders that held the mortgages set prices potential bidders consider too high.
Sheriff’s sales are occurring throughout South Jersey in increasing numbers.
Entire article at
http://www.pressofatlanticcity.com/business/real_estate/sheriff-s-sales-struggle-to-unload-foreclosed-properties/article_7500177a-c51b-11e4-b334-a7b89ebd75db.html
As indicated on zillow.com, Mullica has 41 properties for sale (red) and 20 pre-forclosures(blue)as of today
http://www.zillow.com/homes/Mullica-Township-NJ_rb/
Entire article at
http://www.pressofatlanticcity.com/business/real_estate/sheriff-s-sales-struggle-to-unload-foreclosed-properties/article_7500177a-c51b-11e4-b334-a7b89ebd75db.html
As indicated on zillow.com, Mullica has 41 properties for sale (red) and 20 pre-forclosures(blue)as of today
http://www.zillow.com/homes/Mullica-Township-NJ_rb/
2 comments:
These are indeed very bad times in Atlantic County,where there is little hope that things will improve anytime in the foreseeable future. GEHR is so out of touch with reality to expect its taxpaying residents to be willing to agree to yet another property tax increase, as so many of our neighbors do without and struggle to keep their homes, and contempt and shame on the GEHR administration for proposing it. Vote NO tomorrow, Tuesday, March 11th, for the property tax increase referendum for the sake of your community.
The Atlantic County government needs to downsize to reflect the huge de-valuation that has happened throughout Atlantic County. The days of increasing budgets, salaries, jobs are over in Atlantic County.
It is time to stop creating patronage jobs, adding programs to help the politically connected, and always increasing taxes on property owners. The only thing growing in Atlantic County is the size of government.
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