Mortgage Foreclosure Backlog Impacts Market

Foreclosure backlog impacts real estate marketplace.  That's the theme of an article in today's New York Times.

FORECLOSURES are taking significantly longer in states where lenders must go through the courts, and the delay may or may not be good for borrowers, depending on their circumstances. But some researchers say that dragging the process out hurts society at large.

The backlog in foreclosures hurts the real estate recovery in states using judicial foreclosure, such as New Jersey, because they impact the value of surrounding properties.

The long and short is that New Jersey is chock full of foreclosure properties, in the pipeline and in the marketplace.

"The best outcome is to prevent the foreclosure," said Paul S. Willen, an economist and policy adviser at the Boston Fed. "But if it’s clear that can’t be done, it’s in society’s interest to get the foreclosure done as soon as possible."

Read the full column here.

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if you have questions about what you see here, contact

Stephen M. Flatow, Esq.

Vested Land Services LLC

165 Passaic Avenue, Suite 101

Fairfield, NJ 07004

Tel 973-808-6130 - Fax 973-227-0645

E-mail sflatow AT vested.com

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