A new foreclosure report from ATTOM Data Solutions held disturbing news: New Jersey had the country’s second-worst foreclosure rate for 2022’s first quarter. Foreclosures spiked 69% from the fourth quarter of 2021, and compared to one year ago, the increase stood at a staggering 312%.
New Jersey edged out Nevada and trailed only Illinois:
“Nationwide one in every 5,922 housing units had a foreclosure filing in January 2022. States with the highest foreclosure rates were New Jersey (one in every 2,336 housing units with a foreclosure filing); Illinois (one in every 2,740 housing units); Nevada (one in every 3,119 housing units); Michigan (one in every 3,127 housing units); and Ohio (one in every 3,251 housing units).
Among the 220 metropolitan statistical areas with a population of at least 200,000, those with the highest foreclosure rates in January 2022 were Detroit, MI (one in every 1,547 housing units with a foreclosure filing); Atlantic City, NJ (one in every 1,564 housing units); Cleveland, OH (one in every 1,659 housing units); Columbia, SC (one in every 1,921 housing units); and Trenton, NJ (one in every 2,299 housing units).
Other than Detroit and Cleveland, among the metropolitan areas with a population greater than 1 million, those with the worst foreclosure rates in January 2022 included: Chicago, IL (one in every 2,514 housing units); Las Vegas, NV (one in every 2,654 housing units); Miami, FL (one in every 2,731 housing).”
Click here to view the full report.
Overall, according to U.S. Census data, approximately one quarter of Garden State residential tenants pay over 50% of their income on rent payments.
“Pandemic-related moratoriums and court backlogs just masked a lingering foreclosure issue in New Jersey,” said Assemblyman Beth Sawyer (R-3). “The home you can pay for today becomes unaffordable tomorrow because of rising property taxes and other related costs like insurance and utilities. I don’t know how many Realtors can truly say they are handing over the keys to a person’s forever home in New Jersey. It is completely unacceptable that affordability has been among taxpayers’ chief complaints for decades and the problem persists.”
