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Posted: Saturday, 15 November 2008 7:52AM
NJ Foreclosure Rate Among Highest in Country
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TRENTON, NJ (AP) -- One in every 410 New Jersey homeowners received a foreclosure notice last month, compared with one in 711 a year earlier.
That's according to court records reviewed by the research firm RealtyTrac.
Passaic County had New Jersey's highest foreclosure rate, with one in every 206 homeowners receiving such notices last month. Essex County followed with one in every 238 homeowners getting one.
Overall, RealtyTrac says October foreclosures in New Jersey were up 75 percent over last year - the 8th highest rate in the country.
Nationwide, one in every 452 homes received notices last month.
Banks typically start the foreclosure process after homeowners miss a third consecutive monthly mortgage payment.
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Copyright MMVIII The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.
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