It’s time to gas up the foreclosure tour bus and head to the Garden State. It seems there’s about to be a firesale in the Garden State. In news just released today, foreclosure filings are up…wait for it…163%. Yep…you read that right, 163%!!
Citing research from the state judiciary, the Statehouse Bureau reports that foreclosures in New Jersey have doubled in 2010, resulting in a 163 percent increase from 2009.
The influx of filings – a 97 percent increase from 2,066 in 2009 to 4,075 in 2010 – has led to a backlog in foreclosures, the Bureau reports. Though the courts attempt to get through each foreclosure filing within a year, the spike in filings coupled with their current criminal case backlog has made it more difficult for them to meet their goals.
Get your hard money lenders and transactional funding in order, you’re about to see a money making opportunity like no other. Think about it. Tons of foreclosures, tons of people who still need a place to live, relatively high rental market…smells like a perfect storm of profit!
Adding to the demise of the New Jersey housing market is the fact that Jersey isn’t on Obama’s list of states that he wants to help. New Jersey already “fell” to a realistic (read conservative) Governor so Obama’s not putting any money towards New Jersey so don’t look for any government funds coming up I-95 any time soon.
So get your short sale enhanced laptop and pack your bags. We’re going to see a land rush of epic proportions in New Jersey!
See y’all in New Jersey…you coming? Let’s meet over at Da Bada Bing! Eh…
N.J. foreclosure filings double, unresolved cases spike 163 … Jul 27, 2010 … TRENTON — Foreclosure filings have doubled in the last year, … New Jersey Real -Time News stories with the most comments in the last 7 days …
Foreclosures clog NJ courts TRENTON, NJ (AP) — A 97 percent increase in foreclosures is slowing the wheels of justice in New Jersey courtrooms. The state’s judiciary says contested …
Foreclosures Clog NJ Courts A 97 percent increase in foreclosures is slowing the wheels of justice in New Jersey courtrooms. The state’s judiciary says contested …
Wow!!! I need ytou guys badly. I see it everyday out here. I’m located in central Jersey and I see it everyday. When are you guys coming to NJ?
YO! Are you seriously coming to Jersey??? If so, when and where???
To Joe and Carmen,
If things look they seem to we might have to make a trip…why don’t you and Carmen give me some feedback..what’s the foreclosure hot spots..let’s do some due diligence and plan it. Joe, where are you located? How bout you Carmen? Where are you?
Hey guys! I’m in North Jersey, my niche market is Jersey City in Hudson County along the Hudson River right across from the NYC. The foreclosure/short sale hot spots in Hudson County are in the Greenville and Bergen-Lafayette areas of Jersey City.
Jersey City is also close to Newark and Elizabeth which have a lot of foreclosures and short sales. Also, Paterson is about half hour drive from me and is a hot spot as well. Those are all urban areas in North Jersey.
I have access to three MLS that cover almost all of the northern part of the state.
Let me know if you want me to email you listings in those and surrounding areas.
Carmen
jerseyrealtorcarmen@gmail.com
Well Barry, I’m in the heart of Jersey. Close to the Jersey shore, outside Philadephia metro, Trenton, Fort Dix , basically surrounded by multiple counties. Mainly single family homes with tons of land or rental opportunities. As far as the article you posted, happened to see the news confirmed in todays paper. With property taxes and the mass layoffs throughout the state, and more to come, there’s so much for me to learn and gain in this opportunity at hand,
hey Joe….my old college roomamate was from Mercer County so I know the area VERY well. I’m going to do some research and try to drum up some cash buyers in the area as I think Jersey, both where you are and up North where Carmen is could be the next hotspot of opportunity. You’ll see some posts in the next week or so regarding Jersey buyers so let’s see if we can make something happen. Anything I can do to help you…just let me know.