Update from the Foreclosure-Based Economy 0
It hasn’t gone away; it’s just relocated north from Floida to New Jersey.
(snip)
New Jersey courts closed 12,639 foreclosure cases by entering default judgments against the borrowers in 2013. But CoreLogic found only 5,888 homes actually went to sheriff’s sale in that time. The borrowers or tenants might still occupy some foreclosed properties, but many stand vacant, “zombie foreclosures.” Even after obtaining foreclosure judgments, banks do not have to maintain a property until taking possession at a sheriff’s sale.
