State officials report 20,000 active foreclosure cases making their way through the court system.
Starting with the Great Recession, New Jersey has struggled with a high foreclosure rate. According to Realty Trac, one of every 1,006 New Jersey homes are in some stage of the foreclosure process. Compare this to the average national rate of one in 2,471 homes. Regardless, there is a bit of light at the end of the tunnel. Though highest in the nation, New Jersey’s foreclosure rate was down 24% from the year prior.
Hoping to solve this problem, which has weighed heavily on New Jersey for over a decade, lawmakers sent Gov. Phil Murphy a legislative package to keep more homeowners in their homes, and shorten the amount of time foreclosed properties remain vacant. We can only hope it will be enough to finally resolve this crisis. Though any solution will need to be a long term solution.