Monday, June 27, 2005

Avoid Foreclosure - Declare Bankruptcy

This article is from Inman News. For some reason, Inman doesn’t leave its article up for very long. In any case, personal bankruptcy rates are supposedly on the rise in NJ and this may have the effect of keeping the foreclosure rate lower than it would be.

“Personal bankruptcy filings increased in some local New Jersey markets, though demand for housing remains high in the state and homeowners in financial trouble have been able to sell their way out of foreclosure in most cases, according to an announcement today by Foreclosures.com.

"Filing for bankruptcy is a common tactic used by homeowners in a bind to forestall foreclosure," said Alexis McGee, Foreclosures.com president. The company is a California-based investment advisory firm that specializes in distressed properties.
A large number of homeowners may be in financial distress in Jersey City, where personal bankruptcy filings increased, according to a report by PNC bank's economic division.

"Northern and central New Jersey have the highest home prices in the state," said McGee, "and the shortage of land for new development together with very low interest rates is keeping prices high. As interest rates move up, demand will slacken, but we don't foresee any collapse in prices."

Continue…

(Note: The links to this sight do not seem to work for very long.)

1 Comments:

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Monday, March 06, 2006 10:58:00 PM  

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