TURNING THE TIDE: A HISTORICAL ANALYSIS OF NEW JERSEY FORECLOSURES, AND THE IMPACT OF 2019 NEW JERSEY RECOVERY LEGISLATION.
Author: Cody W. Marks
New Jersey is known for a lot of wonderful things; the Jersey Shore, its strong public education system, its rich national history and the debate on whether “Central Jersey” exists (subjectively, a “Central Jersey” does exist as that is where the author was born). Unfortunately, New Jersey is known to consistently rank in the top two states annually with the greatest ratio of residential home foreclosures (trading periodically with Delaware). As of August 2019, one in every 1,192 New Jersey residential homes foreclosed. Compared nationally, in October 2019, the nationwide foreclosure rate was one in every 2,453 housing units, with New Jersey leading the way with a foreclosure of one in every 1,316 homes. However, the recent national foreclosure trend is in stark contrast with New Jersey.