As state officials prepare to meet today on the overwhelming budget deficit, they’re getting mixed news about home losses in New Jersey.As state officials prepare to meet today on the overwhelming budget deficit, they’re getting mixed news about home losses in New Jersey. Even though foreclosures here fell 15.7 percent to 5,113 from January 2007 to January 2008, that represents a 57.3 percent jump from December 2007, according to RealtyTrac Inc. of Irvine, Calif.
Nationally, foreclosures leaped 56.9 percent on a year-over-year basis, and rose 8 percent from December 2007, according to the company.
As a percentage of total households in foreclosure, New Jersey is 18th in the nation, with 0.15 percent of households in danger of losing their homes. That’s a hair under the national average of 0.19 percent, and well below Nevada, which was No. 1 in the nation with a 0.6 percent rate, according to RealtyTrac.
The numbers are unlikely to ease concerns over an exodus of New Jersey residents to states like Pennsylvania, which generally have a lower cost of living. With only 0.03 percent of its homes in foreclosure, RealtyTrac ranks Pennsylvania 37th in the nation for foreclosure rates. New Jersey’s neighbor also saw a 55.1 percent decline in foreclosures on a year-over-year basis, and a 24.8 percent drop from December 2007 to January 2008.
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