The Local: No Exemption from Foreclosures Here

Headline: No Exemption from Foreclosures Here

Date: 5.19.09

Source: New York Times blog The Local

Excerpt: “With the nationwide foreclosure rate up by 32 percent this April over April 2008, more signs of the national housing collapse are becoming evident in the metropolitan area, with Maplewood, Millburn and South Orange hardly exempt from the strain.”

“A New York Times analysis this weekend of foreclosures in the region, including New Jersey, found that Essex County had the highest rate of foreclosure in the New York metropolitan area, at 3.1 percent. And while Maplewood, Millburn and South Orange experienced a lower rate, of less than 2.5 percent, local brokers said they do not see things improving soon.”

“We have been told the floodgates are going to open, and it’s going to get way worse,” said Beverly Marcogliese, a South Orange broker who specializes in foreclosures at Re/Max.”

Author: Jeremy Herb

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