New Jersey Ranks 1st In October Forclosure Market Report
National Foreclosures Increase Almost 19% in October
RealtyTrac, the leading online marketplace for foreclosure properties, today released its October 2005 Monthly U.S. Foreclosure MarketReport, which showed 81,382 properties nationwide entered some stage of foreclosure in October, an 18.6 percent increase from the previous month. The report shows an October national foreclosure rate of one foreclosure for every 1,422 U.S. households.
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New Jersey foreclosure rates were the highest in the country, with one foreclosure for every 422 households, and New Mexico foreclosures ranked third highest, with one property in every 601 in foreclosure.
Caveat Emptor,
Grim
RealtyTrac, the leading online marketplace for foreclosure properties, today released its October 2005 Monthly U.S. Foreclosure MarketReport, which showed 81,382 properties nationwide entered some stage of foreclosure in October, an 18.6 percent increase from the previous month. The report shows an October national foreclosure rate of one foreclosure for every 1,422 U.S. households.
...
New Jersey foreclosure rates were the highest in the country, with one foreclosure for every 422 households, and New Mexico foreclosures ranked third highest, with one property in every 601 in foreclosure.
Caveat Emptor,
Grim
5 Comments:
The buyers are sniffing to much toxic waste.
Then when they come out of their delusional buy purchase realize the it's time to go bust.
All,
Keep an eye out for the Consumer Confidence numbers, as well as New Home Starts at a bit after 10am this morning.
transmissionfluid,
No, I don't have anything off hand, I'll see what I can find.
grim
NJResident,
New Jersey Foreclosure Laws
The bank will sell the property at aa loss and then sue for the difference. The new bankrupcy laws mean bankrupcy is not an option for many, and they can't simply turn in the keys and walk away. The prior owner can be saddled with that debt.
Even if the prior owner somehow gets away without having to pay the difference, they'll still owe Ol' Uncle Sammy (the IRS) quite a bit of cash. I believe the elimination of debt is treated as income and taxed as such.
grim
Lots of suckers going to get wiped out as this collapse unfolds. I said unfolds b/c the collapse has already started just do not expect a realtor to offer this info.
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Take a look at Wallstreetwinnersonline.com
RickJ
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