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End of the year update on the foreclosure crisis in New Jersey

Various indicators speak to true recovery in the national housing market. However, the rate of foreclosure on the East Coast currently looks very different than foreclosure rates in sunnier climates. These areas, including Florida, Nevada and other "sandy states" were hit very hard at the start of the housing crisis. As the crisis has evolved over time, the market has begun to stabilize in these areas and has become more distressed on the East Coast. This reality is not likely to shift in the several months post-Sandy.

The fact of the matter is that families on the East Coast were not necessarily hit as hard as quickly at the beginning of the economic recession as others across the United States. However, the economy did not recover quickly enough to insulate New Jersey residents and others up and down the Atlantic from suffering financially in ways they had not initially expected to.

As an article in Forbes recently highlighted, the housing market is truly a local enterprise. National housing trends tend to function like national weather trends. It may be generally warmer throughout the nation, but "warmer" in Minnesota is significantly different than "warmer" in Arizona. The housing market has been depressed nationally in recent years, but foreclosure rates have functioned very differently in varied locations.

It is important for New Jersey residents struggling to stay in their homes that options are available that can help. From federal aid programs to bankruptcy, there are steps that individuals can take to remain in their homes or to make foreclosure as painless as possible. Please contact an experienced attorney with any questions that you might have on this issue.

Source: Forbes, "The Foreclosure Crisis Isn't Over Just Yet," Morgan Brennan, Dec. 1, 2012

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