New Jersey tops US foreclosures list: Report
Originally appeared in Reuters
July 14, 2016
New Jersey and two of its distressed cities had the highest rates of U.S. foreclosure activity in the first half of 2016, according to RealtyTrac data released on Thursday.
New Jersey’s foreclosure rate was 0.98 percent of housing units, or one in every 102 homes, the data showed. That was more than any other state and more than double the national rate of 0.40 percent, or one in 249 homes.
Atlantic County, home to New Jersey’s cash-strapped gambling hub Atlantic City, again had the highest foreclosure rate of any major U.S. metropolitan area at 1.8 percent
Four of Atlantic City’s casinos closed in 2014 and remain shuttered, mostly because of gambling competition in neighboring states, though one, the Showboat, reopened this month as a hotel only.
Atlantic City has topped the national list of metro area foreclosures for at least a year.
Trenton, the state capital, was second with 1.31 percent during the first half of 2016.
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