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NJ Foreclosure Plan – We’ll deal with it tomorrow

New Jersey led the nation in foreclosure starts in the first quarter, as the state continues to grapple with the fallout from the housing crash, the Mortgage Bankers Association said Thursday.

About 11.5 percent of New Jersey mortgages were either in foreclosure or late on payments in the first quarter, almost double the national average of 6.5 percent, the MBA said.

While national foreclosure rates are back to pre-recession levels, New Jersey’s court system is still dealing with a large backlog of distressed properties. Last year, almost 36,000 residential foreclosures were filed in the state. So far this year, an average of about 2,500 foreclosures have been filed each month, according to the state Judiciary.

Mortgage troubles don’t just affect the homeowners involved, said Patrick O’Keefe, an economist with the accounting firm CohnReznick in New York and Roseland. They also “influence the value of neighboring properties,” he said, because homes in foreclosure tend to be poorly maintained and sell at a discounted price. That affects appraisals and prices of nearby homes.

The national foreclosure and delinquency numbers in the first quarter reflect “a consistent downward trend that began in the second quarter of 2012,” according to Marina Walsh, an MBA vice president.

A check of the properties heading for foreclosure auction in North Jersey showed many properties in lower- and middle-income places like Hackensack, Garfield, Elmwood Park and Paterson, with unpaid mortgages in the $100,000 to $300,000 range.


Bob Idakaar 973-713-2377

Morristown New Jersey

While most of us New Jerseyans have heard of Morristown, this little gem is a secret to much of the world. When tourists come to the Garden State, it’s often to see the bigger cities surrounding us or visit our beautiful shore towns. Historic Morristown, with its 18,000 residents, often gets overlooked. Even those of us familiar with Morristown may not know all that it has to offer! Call to see what homes are for sale in Morristown and surrounding communities. 973-713-2377

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Today…
We honor those who lost their lives in the service of our country.

Complimentary Market Evaluation
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If you’d like to know what your home is worth on the market, I offer potential clients a complimentary no-cost evaluation. Knowing what your home is worth will help you decide if now is the right time to sell or if making a few improvements will position you to sell at a better price in the future.

Bob Idakaar, GRI

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Agent with Weichert, Realtors®

Your friendly neighborhood realtor for nearly 20 years. Specializing in residential property sales and listings in Morris, Sussex, Warren, Essex, Bergen, Somerset, and Monmouth counties in NJ and now licensed in Florida too!

If you’d like to know what your home is worth on the market, I offer potential clients a complimentary no-cost evaluation. Knowing what your home is worth will help you decide if now is the right time to sell or if making a few improvements will position you to sell at a better price in the future.
With my in-depth knowledge of Morris, Sussex, Warren, Essex, Somerset, Bergen, Monmouth, and beyond, I can help make your dream of owning a home a reality. If you’re already a homeowner, my listing, selling and relocation services can help you sell your home and move on to the next stage of your life. And for those seeking warmer climes year-round, I am licensed in the sunny state of Florida!

Looking forward to working with you!

Warmly,
Bob Idakaar, GRI
Weichert, Realtors® and Bob’s Homes

Reach me at….
Home Office: 973-927-5327
Mobile: 973-713-2377
Office: 973-328-7800 ext. 154
Email: bobidakaar@att.net