NJ Foreclosures decline in February

by: Jason Springer

Sat Mar 21, 2009 at 12:30:17 PM EDT

The February report shows 601 new foreclosures were scheduled for auction last month, down from 783 foreclosures scheduled for auction in the state in January. In February 2008, some 793 foreclosures went up for auction, according to PropertyShark, which provides reports on foreclosures and other property listings.

"Areas that have lower economic status are going to get hit worse," Staniford said. Essex County had the highest number of new foreclosures up for auction last month; cities with the most new foreclosures included Newark, with 37; Paterson, with 29; and 24 for both Trenton and Elizabeth.

Staniford said White House policies are convincing banks to ease their stance on foreclosures to negotiate more with homeowners, but "my belief is the government action is prolonging the problem, rather than solving the problem."

If the economy does not turn around as hoped and substantial layoffs continue, Staniford said there is little more the government can do. "If someone loses their job and becomes incapable of paying their mortgage, they are going to have to sell or go into foreclosure," he said.