Delinquencies and foreclosures
While the number of homes repossessed by lenders dipped to an
11-year low nationally in 2017, it reached an 11-year high in New Jersey,
at 23,322. The state’s foreclosure rate stood at 1.61 percent at the end
of 2017, according to Attom Data Solutions. New Jersey is a judicial
foreclosure state, which means foreclosures go through the court system,
and that can result in long delays before a foreclosure is finalized.
As of this past July, according to CoreLogic, New Jersey’s foreclosure
rate had declined to 1.1 percent, compared with the national rate of
0.5 percent. Overall foreclosure filings have been trending downward in
a seesawing fashion since the final quarter of 2014, when they spiked at
23,920. This past third quarter, foreclosure filings in New Jersey totaled
14, 144, according to Attom Data Solutions.
A report prepared by Wells Fargo Securities this past June states that
New Jersey’s workforce shrunk by some 43,000 workers over the prior
12 months. It also indicates that some employers may be having difficulty
finding qualified workers to replace those who are retiring. McKinsey &
Co. reported that average per annum employment in New Jersey from
2005 to 2015 actually shrank — down 0.1 percent.
On the bright side, the McKinsey report points out that the state has a
“highly educated” workforce, with 37 percent of employees having four-year college degrees, which is a reason for companies to locate in the
state. As of this past September, the Garden State’s unemployment rate
stood at 4.2 percent, compared with 3. 7 percent nationally and down
from a recession-era high for New Jersey of 9. 8 percent in late 2009.
Sources: Attom Data Solutions, Choose New Jersey, Comp TIA, CoreLogic, Culture Trip,
Forbes, McKinsey & Co., National Association of Manufacturers, National Hockey League,
New Jersey Realtors, NJ Advance Media, NJBIZ, New Jersey Department of Labor and
Workforce Development, The New Yorker, The Wall Street Journal, U. S. Bureau of Labor
Statistics, U.S. Department of Commerce, U. S. News & World Report, Visit New Jersey,
Wells Fargo, WNYC
Bill Conroy is editor in chief of Scotsman Guide Media.
Reach him at (800) 297-6061 or email@example.com.
The state’s largest city, with a population of some 282,000 people,
Newark is located on Newark Bay and is just eight miles from
Manhattan. The city boasts a major port, the Newark-Elizabeth Marine
Terminal, which is the largest container-shipping operation in the New
York metro area, according to Forbes. Newark also is home to National
Hockey League’s New Jersey Devils; the New Jersey Performing Arts
Center, one of the nation’s largest such venues; and the largest outlet
mall in the state — The Outlet Collection, Jersey Gardens. Major
universities located in Newark include Rutgers and the New Jersey
Institute of Technology.
A small city located just across the Hudson River from bustling Lower
Manhattan, Hoboken is the birthplace of legendary crooner Frank
Sinatra and the site of the first officially recorded baseball game — in
1846. The city boasts some 120 drinking establishments and a bevy of
bagel shops within its 1.25-square-mile city boundaries. In addition to
its rich nightlife scene, the city also features plenty of shops, restaurants
as well as an array of high-rise apartment buildings that are popular
with younger adults looking for more affordable housing and access
to nearby big-city attractions. Among Hoboken’s famous residents are
New York Giants quarterback Eli Manning, New Jersey Senator Bob
Menendez and filmmaker John Sayles.
The capital of New Jersey, Trenton was originally settled in the late
1600s by Quakers fleeing persecution in England. The city was the
site of George Washington’s first military victory against the English
during the Revolutionary War. Today, the city offers history lovers
plenty of attractions to indulge their interests, including the New
Jersey State Museum; the Old Barracks Museum, located on the site
of the 1776 Battle of Trenton; and the War Memorial at the Capitol
Complex, featuring Patriots Theater — which hosts world-class
entertainment. Major private companies operating in the Trenton area
include Conair Corp., the New Jersey Manufacturers Insurance Co. and
construction company Jingoli-DCO.
3 Cities to Watch
New Jersey Foreclosure Filings
Source: Attom Data Solutions
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