In New Jersey last year commercial foreclosures high jumped by about 70% as firms downed shutters or reduced operations leaving behind empty stores, vacant offices and unused industrial land. The lenders together with servicers filed foreclosures against 1,471 commercial estates right across New Jersey last year. It was an increase from 875 foreclosures of 2008.
There are innumerable offices and warehouses of New Jersey State in Bergen County. Goods being sent to New York City are stored here. 97 foreclosures were filed in Bergen County in 2009 showing a 73% spike over 56 foreclosure filings of 2008. In Passaic County there were 89 foreclosures in 2009 marking a high jump of 78% from 50 foreclosure postings of 2008.
The banks of USA showed that the delinquency rate for commercial property loans had touched 8.81% during the 4th quarter. It was an increase from 5.53% noted during the same three months in 2009 according to the findings of the Federal Reserve. Delinquencies lead to foreclosures and this increase could be indications of more difficult times ahead. The Congressional Oversight Panel observed in its report of the January 2010 that the largest losses from loans on commercial properties are poised to hit in 2011 and after that.
In many instances the loan takers have just walked off after failing to repay or refinance. The latter steps are required in the case of commercial mortgages said Vincent Massa a lawyer from Hackensack. He has been dealing with two dozen commercial foreclosures in New Jersey. He said, “They can’t refinance. They can’t carry the debt. They’ve decided to cut their losses … and to move on to other things.”
A commercial printing plant was foreclosed upon in Wayne in 2009. The industrial building covering 43,000 had been taken on lease by Airfield Graphics. It was situated on Old Turnpike Road but shifted to a smaller place in Jersey City during the early part of 2009 said an official of the firm. Kenneth DeRiggi the owner of the building has been trying either to lease or sell off the unit with the current asking price being $2.9 million.
Don Lewitt of Archie Schwartz that deals in brokerage of commercial properties said, “I know he’s upset about this. I know he’s doing the best he can, and he’s counting on me to try to get somebody to buy or lease that building. And I’m doing the best I can in a very, very poor market.”
Julie Thompson, has been working on governmentrepohomes.com studying the foreclosures market, helping buyers on the finer points of New Jersey Repo Homes. Try to visit governmentrepohomes.com and begin your Repossessed Homes search.
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