Bergen and Passaic counties have both seen an increase in properties sold at sheriff's auction in the first three months of this year. And RealtyTrac, a California company that follows the foreclosure market, recently reported that foreclosure activity in New Jersey rose almost 72 percent from March 2011 to March 2012.
Because of last year's slowdown in foreclosure activity, troubled mortgages are piling up in New Jersey. The Mortgage Bankers Association recently reported that a record 16.7 percent of mortgages in the state are either late on monthly payments or in foreclosure, compared with 12.5 percent nationwide.
The uneven pace of foreclosure activity suggests that New Jersey will not quickly clear the market of distressed properties, which tend to sell at a discount. More from NorthJersey.com