Miranda Tsotsoria
Sales Associate
Banks repossessed twice as many homes in May and foreclosure filings rose 48 percent from a year ago as falling house prices trapped borrowers in mortgages they couldn't afford, RealtyTrac Inc. reported in June 2008.
One in every 483 U.S. households are in some form of foreclosure. RealtyTrac said. Nevada, California and Arizona posted the highest rates in the U.S. and New Jersey entered the top 10.
The percentage of total outstanding U.S. homes in some stage of foreclosure in the first quarter was 2.47, the Washington-based Mortgage Bankers Association reported. The average over the last 30 years has been 0.98 percent, the industry group said.
A homeowner usually receives a notice of default after falling more than 90 days behind on mortgage payments. If the borrower still doesn't pay what's owed, the property is sold to the highest bidder at an auction, typically held at a county courthouse. If bids don't reach a set amount, the lender takes ownership. Such houses are referred to as REO, or ``real estate- owned.''
Legislation that would allow the federal government to guarantee up to $300 billion in refinanced mortgages passed the House of Representatives and awaits debate in the Senate, which is scheduled to recess before the July 4 holiday.
One in every 467 New Jersey households received a foreclosure filing in May, making it No. 10. That represented an 89 percent increase from a year ago and a 44 percent increase from April.
These changes in New Jersey Real Estate market are very significant and signals that waves of foreclosures are actively reaching north-east and New York metro area. As always interested visitors can visit www.mirandatsotsoria.com to receive free up-to-date information regarding properties for sale in New Jersey as well as help to buy foreclosed homes and get advice how to avoid typical scams. Furthermore many other free search tools such as Free MLS Search and current market conditions snapshots are also available.
