Hoboken has 68 homes or condos in pre-foreclosure, Jersey City 1,148

Many of you may be surprised to see so many properties in pre-foreclosure in Hoboken.  According to distressed property website RealtyTrac, there are currently 68 properties in Hoboken that are in pre-foreclosure.

Additionally there were 16 properties that have been foreclosed on and are now bank owned properties.

In Jersey City, the number was much higher with 1,148 properties in pre-foreclosure and 253 that are now bank owned.

I’ve created a new resource for Hoboken and Hudson County residents who may be in danger of losing their homes to foreclosure.

ForeclosuresHudsonCounty.com acts as a hub for information on the facts and issues for struggling homeowners and contains vital facts about

options available to these homeowners, to help them make the educated decisions about their future.

Here are some additional figures posted at the Distressed Property Institute

CoreLogic’s August 2010 Short Sale Research Study:

  • Short sales have more than tripled since 2008, and multiple indications point to short sales continuing as a significant factor in the industry.
  • Investors involved in short sales are good! They provide the industry with necessary liquidity.
  • 1.9% of short sales studied were part of an egregious flip.

The National Association of REALTORS® (NAR) existing home sales data though July 2010:

  • Hoboken has 68 homes or condos in pre-foreclosure,  Jersey City 1,148
  • Existing-home sales (single-family, townhomes, condominiums and co-ops) dropped 27.2 percent.
  • Seasonally adjusted annualized rate of existing-home sales dropped to 3.83 million (down from 5.26 million) – the weakest showing in 15 years.
  • Single-family sales are at their lowest levels since May 1995.

The Mortgage Bankers Association’s Second Quarter 2010 National Delinquency Survey:

  • 13.97% of loans are in foreclosure or at least one payment past due (or more than 1 in 7 mortgages).
  • Foreclosure starts for prime fixed loans – previously the safest loan product (based on historic default rates) – increased to 0.71 percent, tying the survey’s record high.
  • Year over year, the non-seasonally adjusted delinquency rate increased for: prime fixed loans, prime ARM loans, subprime fixed loans, and subprime ARM loans.

Edward (Eddie) Perez

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