New Jersey Housing Suffers as Defaults Exceed Nevada: Mortgages

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New Jersey Housing Suffers as Defaults Exceed Nevada: Mortgages

New Jersey Housing Suffers as Defaults Exceed Nevada: Mortgages

Business Week-

Passing Nevada

The state passed Nevada in the second quarter in the rate of homeowners with seriously delinquent loans — those 90 days late or in foreclosure — according to the Mortgage Bankers Association. Only Florida had a higher rate of serious delinquencies, and that fell 1.2 percentage points from a year earlier to 17.5 percent of mortgages. In comparison, New Jersey’s rose 1.3 percentage points to 12.7 percent.

While home values increased in July from a year earlier in 42 states, New Jersey prices fell 0.8 percent, according to CoreLogic (CLGX), a real estate services company based in Santa Ana, California.

“Housing is an albatross around New Jersey’s economy, which is one of the weakest in the country,” Mark Zandi, chief economist at Moody’s Analytics Inc. in West Chester, Pennsylvania, said in an e-mail.

[BUSINESS WEEK]

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