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Undeclared Home and Land Foreclosure Listings for Sale Highest in NJ



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By : John Cutts    99 or more times read
According to a report from the National Association of Realtors, the residential property and land foreclosure listings for sale of New Jersey do not tell the whole story. The report stated that the state has the highest level of shadow inventories in the whole U.S. which can hit the housing market at one time and drag prices of properties further down.

The report stated that properties under Elizabeth foreclosure listings and under distressed property listings in the rest of the state are only part of New Jersey's housing market problem. It reveals that the region has a shadow inventory equivalent to 41 months of housing supplies, the highest among all 50 U.S. states.

This shadow inventory is comprised of properties that are already foreclosed or on the verge of foreclosure but have yet to be included in New Jersey foreclosure lists. According to numbers gathered by the NAR, there are around 98,000 unlisted distressed and foreclosed homes in New Jersey that are threatening the balance of the area's housing industry.

New Jersey already has a big number of properties under housing and land foreclosure listings for sale and further additions will hit the values of properties hard, according to market analysts. Some of the properties included in the shadow inventory are said to be occupied, with the eviction process against foreclosed homeowners remaining on hold while they negotiate for a loan modification.

This means that these homeowners have been living in these home foreclosures for months without paying their monthly mortgages, with some reportedly doing so for the past two years. For those foreclosed properties that are not yet listed but are already vacant, analysts reported that banks have put off listing them as for-sale while the controversy surrounding lenders' documentation processes were going on.

Housing market experts have expressed concerns over the anticipated entry of these shadow inventories into the market. They expect these undeclared foreclosures to come into the market within a few months. Having the highest number of properties under shadow inventory, New Jersey is considered to be the most vulnerable.

The current home and land foreclosure listings for sale available to buyers and investors will increase drastically by next year, analysts have stated. The shadow inventory, plus unsold houses totaling over 67,000 as of October, will likely enter the market in droves, analysts have added.


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