New Jersey was the only state to see an increase in loans in foreclosure on a quarter-over-quarter basis in the first quarter. This is according to a new report from the Mortgage Bankers Association.
New Jersey has fast become a focal point of the U.S. foreclosure crisis. Eight percent of New Jersey’s loans are in the foreclosure process, the highest in the country. And there was no silver lining in the decline in loans that were over 90 days delinquent either — because this was driven by loans that entered the foreclosure process.
Only the Baltimore metro area had a first quarter year-over-year increase in new foreclosures started.
Miami, Atlanta, and Tampa saw the biggest decreases in foreclosure starts.
The rise in home prices have helped push many underwater homeowners into positive equity.