Daren Blomquist
speaker
110 appearances
2 recordings
1 series
first heard Jan 2018
last heard Jan 2018
Daren Blomquist’s voice in public audio — every appearance, attributed to the second.
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foreclosures is if someone loses their job or loses income, they are more at risk for foreclosure.
And that, I think, is what we are seeing in those two states and maybe a few other areas as well.
Yes, and both of those are somewhat similar to D.C., where we're seeing when we dig into that data, those foreclosure auctions in New York are many of them tied to loans that got into trouble several years ago.
But because of several factors in New York, it's taken them longer to actually get through the process.
And we're seeing those move through and actually be scheduled for foreclosure auction.
So that's definitely counter.
And then similar in New Jersey, the process is just a little more further along in New Jersey in moving that bulk of backlogged foreclosures through the process.
We did see that 19% increase also to an 11-year high in that final stage of foreclosure there.
And in some ways, I see this as good news for those markets because there's finally some closure there.
some signs that there's progress being made in that backlog of delayed foreclosures, which is part of the inventory equation as well.
I mean, in those states, at least, you have, it's not a huge amount, but there is some inventory locked up in foreclosure that's been locked up for years that once the foreclosure is complete, that property is going to go on the market and be available for sale.
Okay.
Are we talking about legacy foreclosures, or is that a different subject?
Yes, I would call these legacy foreclosures.
A very high percentage in both New York and New Jersey and D.C.
are tied to loans that were originated during the last housing boom, 2004 to 2008.
Well over 50% in those states account for the total foreclosure volume there.
State-wise, where we saw the highest foreclosure rates by state was New Jersey was number one, followed by Delaware and Maryland, two and three there.
At the metro level, two New Jersey markets, Atlantic City and Trenton.
were number one and two for top foreclosure rates.
Showing 41–60 of 110 · page 3 of 6
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