NJ Foreclosures doubled in 2008

by: Jason Springer

Fri Jan 16, 2009 at 10:45:00 AM EST

About 62,500 properties in New Jersey faced foreclosure filings in 2008 - twice the number in 2007, RealtyTrac reported Wednesday. Foreclosures rose about 180 percent in Bergen and Passaic counties.

Nationally, 2.3 million properties were in some state of the foreclosure process in 2008, an 81 percent increase from 2007, according to RealtyTrac, a California company that follows the foreclosure scene. Worst hit were California, Florida and Arizona.

"And 2009 is going to be even worse," she said, because many adjustable loans are scheduled to reset at higher payment levels this year.

"Add to that the fact that home values continue to drop, and the number of foreclosure filings is going to be through the roof in 2009," she said. "I think there is a lot of distress and hardship out there for New Jersey families."