N.J. foreclosure pipeline remains clogged
The number of homes entering foreclosure across the nation is at its lowest level in years. But a big backlog of cases has left New Jersey still stuck at year’s end with the nation’s second largest percentage of homes in some stage of foreclosure, behind only Florida.
Real estate data provider CoreLogic says nearly seven percent of New Jersey homes are in the foreclosure pipeline, compared with 7.1 percent in Florida.
New Jersey is one of those states where courts must sign off on foreclosures. With the pipeline clogged, it has been taking an average 1,000 days to complete a foreclosure.
Most of the country — but not New Jersey — is expected to clear out its backlog next year.
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