Prices for New Jersey Foreclosures are Stabilizing
There are over 67,000 homes on the market that are New Jersey foreclosures at an average price over $218,000. This is a larger number than either of the neighboring states of New York or Pennsylvania.
Several towns have reported increased sale prices of foreclosed homes during the last month. Those include the following results:
* The average price of Linden foreclosures increased by 15.86%. There are currently 435 foreclosed homes on the market. The average price for a listed home in Union County is currently $147,000.
* The average price of Williamstown foreclosures increased by 4.37%. There are currently 436 foreclosed homes on the market at an average listed price of $118,000.
* The average price of Riverside foreclosures increased by 3.03%. There are currently 280 foreclosed homes on the market. The average price for homes in Burlington County is $187,000.
* The average price of Sicklerville foreclosures increased by 1.65%. There are currently 804 foreclosed homes on the market at an average price of $160,000.
Other towns have seen prices fall or remain essentially the same as the prior month:
* The average price of Fort Lee foreclosures fell by a very small 0.72%, leaving prices virtually unchanged over the last month. There are currently 150 homes available in the market now at an average price of $238,000.
New Jersey is included in the major metropolitan centers of New York City in the north and Philadelphia in the south. Many of the towns adjacent to those areas are bedroom communities for commuters.
A major attraction is the Jersey shore. It is a 125-mile long combination of beaches and barrier islands on the Atlantic Ocean shore. The entire area is a highly sought after summer retreat and includes a wide variety of beach attractions.
Rental cottages are available in many of the locations including Long Beach Island, an island that seems remote for its proximity to several major population centers. Atlantic City is the major east coast gambling center with a number of casinos and world famous entertainments. Cape May is filled with Victorian homes.
For any family considering the purchase of a home, looking into New Jersey foreclosures could result in an attractive deal. Prices for New Jersey foreclosures are at lows that have not been seen for more than ten years, and mortgage interest rates are at historic lows. The combination of these two conditions frequently make it possible to own a home for less than the rent cost for a similar property.
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