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Foreclosure Rates In N.J. Among Nation's Highest

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Nov 14, 2008 3:00 pm US/Eastern

Foreclosure Rates In N.J. Among Nation's Highest

NEWARK, NJ (AP) ― Research firm RealtyTrac says October foreclosures in New Jersey are up 75 percent over last year -- the 8th highest rate in the country.

Bedroom communities in the north were hit hardest.

Court records show that one in every 410 New Jersey homeowners received a foreclosure notice last month, compared with one in 711 a year earlier. Nationwide, one in every 452 homes received notices last month.

Passaic County had the state's highest foreclosure rate, with one in every 206 homeowners receiving such notices last month. Essex County followed with one in every 238 homeowners getting a foreclosure notice.

Banks typically start the foreclosure process after homeowners miss a third consecutive monthly mortgage payment.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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