Lender · Salt Lake City, UT · Member since 2012 · 714 posts · 169 votes
Numbers were released in October that showed a 400% increase of foreclosures starts in New Jersey over 2011. With the destruction caused by Sandy coupled with an onslaught of foreclosures coming to market, 2013 will certainly be an interesting year for New Jersey.
Real estate values in New Jersey will certainly be extremely turbulent in 2013, which will certainly pose a challenge for real estate investors. Should investors flock to the New Jersey market in 2013 or run away as fast as they can?
Remember that "foreclosure starts" don't occur until something like 90 days of default by the borrower, so those new starts are probably only getting 30 days or less due to the storm named Sandy. And wasn't last year around this time a slow time for starts due to robo-signing?
I don't see a direct cause and effect yet, although it may come in 2013 in NJ as a result of Sandy.
Numbers were released in October that showed a 400% increase of foreclosures starts in New Jersey over 2011. With the destruction caused by Sandy coupled with an onslaught of foreclosures coming to market, 2013 will certainly be an interesting year for New Jersey.
Real estate values in New Jersey will certainly be extremely turbulent in 2013, which will certainly pose a challenge for real estate investors. Should investors flock to the New Jersey market in 2013 or run away as fast as they can?
Run? Yes - but not due to our market. Try pollution, crime, high population density AND we get to pay the highest property taxes in the country.
Originally posted by Steve Babiak:
Remember that "foreclosure starts" don't occur until something like 90 days of default by the borrower, so those new starts are probably only getting 30 days or less due to the storm named Sandy. And wasn't last year around this time a slow time for starts due to robo-signing?
I don't see a direct cause and effect yet, although it may come in 2013 in NJ as a result of Sandy.
Yes Steve Babiak - for a while (8-12 months) there were very few filings here due to the robo-signing scandal.