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New Jersey Bank Foreclosures continue to increase. Data released by New Jersey State’s Office of Foreclosure showed that there were 47,668 filings for foreclosures in the year ending on 30th June, 2008. This, in comparison to last year’s figure of 26,132 filings is a steep rise.
James Hughes, an economist with the Rutgers Uni. predicted that the foreclosure problem and declining property prices could well continue until 2010.
Home owners who are involved in the foreclosure process across the country have doubled in the 2nd quarter of this year as in comparison to the same time period last year, with New Jersey Bank Foreclosures rising up rather dramatically, data from a recently released report show.
With the senate passing the housing relief bill, approximately 400,000 home owners might see help in avoiding foreclosure on their properties. Freddie Mac and Fannie Mae, the two government supported mortgage institutions are also to receive aid due to the bill.
A call to the lenders has been made by Rep. Barney Frank (Massachusetts) and Rep. Maxine Marks (California) to either stall or cancel existent foreclosures and give the bill time to take effect, waiting to see which borrowers could qualify under the program Rep. Barney Frank is also the Chairperson of the House Financial Services Committee. Bonita Holmes, who works as a counselor for Citizen Action said that they’ve had 290 cases relating to foreclosures in the first six months of the year, the total number of cases they handled throughout the whole of last year was 182. New Jersey Citizen Action which works with home owners trying to avoid foreclosure hope that the bill provides them with added tools to work on improving the current New Jersey Bank Foreclosures scenario.
The director of the accounting organization J.H.Cohn, Patrick O’Keefe said that despite there being a rise in New Jersey Bank Foreclosures, the state does not feature among the list of top states suffering under the mortgage crisis. He went on to say that the housing market wasn’t particularly suffering due to foreclosures in the state.
