Contact Us

NJ Homes are Drowning [AUDIO]

Nearly 20 percent of all residential properties with a mortgage in New Jersey are considered “seriously underwater” financially, according to housing data site RealtyTrac.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

house
Jorge Salcado, ThinkStock

The report, which reflects the first quarter of 2014, counted 241,700 Garden State homes in which the owner owes at least 25 percent more than the estimated market value of the property.

“The properties that are underwater represent 19 percent of all mortgages in the state of New Jersey,” said Daren Blomquist, vice president of RealtyTrac.

Nationwide, the underwater situation improved drastically over the past year, from 26 to 17 percent. In New Jersey, meanwhile, the percentage ticked upward.

“I think the reason for that is, New Jersey has not seen as robust a recovery in terms of home prices,” Blomquist said. “Compared to some of the other markets, the negative equity problem is a little bit more persistent and stubborn.”

On the bright side, close to 230,000 New Jersey properties get the distinction of “equity rich,” meaning the owner has at least 50 percent equity.

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://wobm.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on 92.7 WOBM quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here

Register on 92.7 WOBM quickly by logging in with your Facebook account. It's just as secure, and no password to remember!