Foreclosures Rise in Pennsylvania, New Jersey
Philadelphia Business Journal reports that Pennsylvania foreclosures rose more than 18 percent in 2013—and New Jersey foreclosure rose by 25.5 percent—even though, nationally, the foreclosure rate rose by a relatively small 5.9 percent.
New Jersey was ranked 13th nationally in foreclosure rate, with 1.1 percent of all homes in foreclosure, just above the national average of 1.04 percent. The 3.5 million filings in the Garden State were 44 percent above 2012 and 123 percent higher than 2011. It is still well below the rough years between 2009 and 2010 when foreclosures skyrocketed as the economy plummeted.
Pennsylvania was ranked 18th nationally in foreclosure rate at 0.84 percent in 2013. The 5.6 million filings last year were 12.5 percent above 2012 and 44 percent higher than 2011. But unlike New Jersey, the number of filings in 2013 do not represent a drop-off from the height of the recession. In fact, while filings were down in Pennsylvania by 9 percent from 2010, they were 4 percent higher than 2009 and 25 percent higher than 2008.
An explanation? Both states resolve foreclosures through the state judicial systems, which tend to process foreclosures less quickly. The states may still be dealing with a backlog of cases going back to 2010, the Journal reported.