The level by which the foreclosure crisis has hit the state of New Jersey varies between two regions, with the southern area getting the worse of it, while the northern region's housing market remains relatively steady. The south has more properties under list of VA foreclosed homes and bank foreclosure listings, according to the state's housing market data.
The state has not been spared by the housing industry crisis, with evidence of the problem showing from Freehold foreclosure listings to distressed property listings in the most obscure housing community. However, the level by which foreclosure has impacted the state does vary between the northern and southern part of the region.
According to state residential property reports, sales prices of properties under New Jersey foreclosure listings and non-foreclosure dwellings in the suburbs of the northern part of the state declined by 2.7% during the January-September 2010 period when compared with the same 2009 period. In the southern region, the decline for the same period in the suburbs was 7.2%.
When it comes to shoreline housing communities, list of VA foreclosed homes and bank foreclosures are also reportedly higher in the south than in the north. Shoreline prices of homes in the north jumped by 3.79% during the nine-month period of 2010 compared with the same 2009 period, while the south recorded a decline of 6% in the same category for the same period.
The list of foreclosure property continues to grow in the south during the year, according to local housing statistics. In areas along railroads, the prices of houses rose by 5.72% in the northern part of the state, while in the south, prices at these areas declined by 6%. Most housing analysts are of the opinion that recovery in the southern housing market will take at least one full year.
Based on inventory levels, analysts are estimating that it will take almost four years for Salem County to sell off all the houses in its books if current sales rates are to be used as basis. In Atlantic and Cumberland Counties, housing market observers have estimated that it will take at least 22 months before the list of VA foreclosed homes, bank foreclosures and non-foreclosure properties can be off loaded.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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