When it comes to foreclosures, the good news nationally is that the number of home foreclosures that relate back to the collapse of the “housing bubble” in 2008 continues to decline, constituting slightly less than two-thirds of foreclosures as opposed to three-quarters of such activity just two years ago.

The other news, though, is that New Jersey in general and two of its cities in particular remain at or near the top when it comes to ongoing rates of foreclosure.

As of November, 2015, New Jersey remains ranked second in foreclosures across the nation, despite an overall drop in the number of foreclosures nationally in recent months. And two New Jersey cities — Trenton and Atlantic City — have the highest foreclosure rates among municipalities in the United States, with Atlantic City’s rate being a little more than four times the national average and Trenton’s  nearly so. Atlantic City has remained stuck in this unenviable position for five straight months despite the general downward trend in mortgage foreclosure rates.

What this means is that even given a gradual improvement in the foreclosure situation nationally, there are still many homeowners in New Jersey who are having trouble keeping up with their mortgage obligations. If you find yourself among them, it can help to consult with a law firm that has experience with foreclosure law and practice in this state to help to come up with strategies to avoid foreclosure if possible, or to successfully navigate the judicial foreclosure process in this state if avoiding foreclosure cannot be accomplished.

Source: Reuters, “Two New Jersey cities top November U.S. metro foreclosure rates,” Hilary Russ, Dec. 10, 2015