A report published earlier this month by the real estate market intelligence firm ATTOM Data Solutions captures how foreclosure filings here in the United States decreased by 21% between 2018 and 2019. Last year's foreclosure rates mark an 83% decrease from the 2.9 million that occurred in 2010. New Jersey is one of five states that experienced the most significant decrease in foreclosure rates last year.
ATTOM's data shows that New Jersey experienced a 21% decrease in foreclosures between 2018 and 2019. Only New York and Nevada experienced a larger reduction in their foreclosure rates at 28% and 30% respectively. Two other states, California and Arizona as saw a remarkable decrease in foreclosures between 2018 and 2019. The former experienced a 13% reduction whereas the latter saw an 11% one.
Some states experienced increases in their overall foreclosure rates. Rhode Island saw the highest uptick in foreclosures between 2018 and 2019 at 54%. Mississippi's foreclosure rate increased by 39%.
When asked what they believed contributed to a reduction in foreclosure rates in some states, an ATTOM spokesperson pointed out that the economy last year was the strongest that it's been in more than 10 years. He noted that the stock market has been hitting all-time highs, that interest rates continue to drop and individuals' incomes are still increasing. He argues that all of this has made it easier for homeowners to keep up with their mortgage payments.
The ATTOM spokesperson also pointed out that less of the homes that are being foreclosed on are distressed ones. He notes that anyone holding onto these types of properties should sell them. He notes that there's an increased demand for them yet inventory is low.
From getting sick to losing their job or getting divorced or a spouse dying. These are just some of the many reasons that individuals fall behind on their mortgages and end up with their lenders foreclosing on their homes. You don't have to lose your home though if you fall behind on your loan payments though. Communication is key.
A foreclosure attorney can advise you of the steps that you need to take that may allow you to hold onto your New Jersey home. You mustn't wait though. Time is of the essence in your Morristown foreclosure case.