Southwest NJ ranks far worse in home foreclosures than any other part of the U.S.

Posted on Posted in News and Politics

RealtyTrac reports “New Jersey foreclosure activity increased 27 percent from a year ago, boosting the state’s foreclosure rate to the nation’s highest foreclosure rate: one in every 171 housing units with a foreclosure filing during the quarter — more than twice the national average of one in every 404 U.S. housing units with a foreclosure filing during the quarter. New Jersey foreclosure starts were down 28 percent from a year ago, but scheduled foreclosure auctions increased 61 percent, and bank repossessions jumped 351 percent.

The highest rates of foreclosure are in our southwest region of Camden, Salem and Cumberland counties. Yet when I talk about local economic issues in Trenton, officials seem out-of-touch or even in disbelief about the harsh economic realities we face in the southwest and bayshore region of the state.

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