Home Buying in Cherry Hill>Question Details

kenji nguyen, Home Buyer in Cherry Hill, NJ

regarding foreclosure homes in cherry hill area, is it still true that the banks will release new waves of those in upcoming months? thanks

Asked by kenji nguyen, Cherry Hill, NJ Tue Jan 29, 2013

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Ken Weidler’s answer
Yes. There are a backlong of foreclosures in our state that will soon be put on the market. When? Hard to say.

Kenneth Weidler
Prudential Fox and Roach Realtors
realestatekw@comcast.net
0 votes Thank Flag Link Wed Jan 30, 2013
Based on recently signed state legislation, you are likely to see more foreclosures on vacant homes take effect this Spring. This will be a statewide effort. Abandoned properties have become costly for the lenders to maintain.
0 votes Thank Flag Link Tue Jan 29, 2013
Hi Kenji,

While nobody knows for sure about the timing of the release of foreclosed properties on the market by lenders - banks will not flood the market all at once even if they have an abundance of foreclosed inventory since a rapid rise in supply would depress prices sharply - you can "bank on it" that there will be a steady supply of foreclosed properties hitting the market throughout Camden County and Burlington County for several years to come. That is because it was revealed in late 2011 that New Jersey has the unfortunate distinction of having more months of shadow inventory - properties that are expected to come on the market as foreclosures - than any other state in the entire United States.

Estimates in December 2011 put New Jersey's shadow inventory at 51 months supply - i..e, that it would take 51 months at the current rate of home sales in New Jersey for the available shadow inventory to be sold assuming that only the shadow inventory would be available on the market. (The next highest shadow inventory state had 35 months of inventory.) What is more, shadow inventory for Camden and Burlington Counties are higher than the average county's shadow inventory. And if that were not convincing enough, foreclosures have been happening at a dizzying pace since the Robo-siging settlement became effective last year.

So, yes, new waves of foreclosed inventory definitely are on the way. We can only speculate on the timing, but it is a virtual certainty it is coming and anyone who tells you differently lives on a different planet than you and I do.

Regards,
Jonathan

Jonathan E. Brill, Ph.D.
REALTOR (R)
Keller Williams Realty
Beowulf Plaza, Suite 200
1814 Route 70 East
Cherry Hill, New Jersey 08003

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0 votes Thank Flag Link Tue Jan 29, 2013
Hi Kenji, Yes. NJ is a judicial foreclosure state and has the highest or second highest backlog of foreclosures in the country. Now that the national mortgage settlement has been decided/settled, we expect a deluge of foreclosures to be released by the courts and flood the NJ market.
0 votes Thank Flag Link Tue Jan 29, 2013
How would you know this?
The Banks are not talking.
Or are you trying to get the ball rolling?
0 votes Thank Flag Link Tue Jan 29, 2013
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