Wednesday, November 22, 2006

Church and Realtor Bamboozled

It a cold heart that doesn’t sympathize with the Hurricane Katrina victims displace in various states across the country but one woman’s actions just leaves a bad taste in the mouth.
After being selected to receive a free house, The woman sold the $75,000 house without ever moving into it.
Read Woody Baird’s story

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For more information on Real Estate in New Jersey visit here.

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Monday, November 20, 2006

Foreclosures Rise a Concern for Now

A few firms that track foreclosures released data that show the number of foreclosures increasing. The rate of increase notable here because New Jersey made the top ten list in October with 1 out of 675 homes in foreclosure here. That number represents a 42% increase from October 2005. For the year so far (ending with October), the rate is only up 5.3% according to RealtyTrac. Mortgage Bankers Association says New Jersey's actual rate is 0.3 percent.
The reasons for the increase in foreclosures varies. To name a few: adjustable rate and exotic mortgages racheting up rates, inability of homeowners to refinance to prime mortgages, or inability to sell the home before the foreclosure process concludes. The worst reason is the home is no longer worth the price of the mortgage because of the changes in the market.
Read Judy DeHaven's story in the Times.

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For more information on Real Estate in New Jersey visit here.

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