Foreclosure filings in Atlantic County, NJ were up 80 percent from the second quarter last year.Submitted by PWA on Wed, 07/25/2012 - 20:11
The long-expected second wave of foreclosures in states where courts delayed their processing appears to have begun in New Jersey and area counties, with filings jumping in the second quarter from a year ago.
Foreclosure filings in Atlantic County were up 80 percent from the second quarter last year. Increases were seen of 33 percent in Cape May County, 53 percent in Ocean County and 66 percent in the state overall, according to RealtyTrac.
New Jersey is among 22 states that make foreclosure a judicial process, and from 2010 to fall 2011, foreclosures were largely halted by the courts in response to reports of processing irregularities in this and other states.
Rick Cammarano, 55, a broker-associate with Century 21 Alliance in Wildwood Crest who handles a lot of foreclosures and other distressed properties, said the push to a new peak in foreclosures is just starting.