The foreclosure crisis is finally slowing down, except in New Jersey.
Across the country, year-to-year foreclosure numbers have plummeted. For example, a report from August 2013 show that nationwide, foreclosures in July 2013 dropped about 25% when compared to July 2012. However, in New Jersey, foreclosures went up 89% during that same period. Although it has taken 2 1/2 years for the average foreclosure to be completed. New Jersey is speeding up the foreclosure process to clear out the foreclosure backlogs.
So why are there so many new foreclosure filings in New Jersey and how quickly are they moving through the system?