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New Jersey Foreclosure Buyers Guide and How to Save Your Home from Foreclosure.

Foreclosure Buying Information

No matter the area of New Jersey, Bergen County, Burlington County, Camden County, Essex county or Middlesex county or anywhere in between no area in New Jersey has been spared the results of skyrocketing foreclosures which was created by the national mortgage collapse and the negative effects it had on property values across the country.

New Jersey with its unusually high income and punitive tax structure has felt more of an impact than most other states. Every price range has been affected and no region has been left unharmed by the millions of risky sub prime mortgages provided to borrowers who could not make their payments.

So what do you do if your home is not in jeopardy of foreclosure?

You should be buying foreclosure properties now. New Jersey's has the distinction of being the most densely populated state in the country and one of the slowest growths of new residents in the United States. The overall population of New Jersey has increased at a mere 1/3 the national average (1% annually) which in other circumstances would be a leading indicator of a glut in the housing market. Instead New Jersey situation is a leading indicator of a needed pricing correction. This makes real estate in general and foreclosures in particular good investments during times of financial uncertainty.

Read more about how to buy foreclosures and educate yourself on the communities you are most interested in buying a foreclosure and start shopping here for the foreclosure home that meets your needs. If you are facing a pending foreclosure call a local real estate professional and determine what types of options you have. Your options will depend on your particular situation. Other variables in New Jersey include where a home is located, density of that areas population, which can vary even in New Jersey, how much is owed on the home and how much the particular home is worth in today's market.

The unemployment rate in New Jersey is approximately 10% higher than the national average. The slightly higher number of unemployed results in an equally higher than average number of foreclosures. This number is artificially deflated as more residents leave the state in search of employment in tax friendly states in the south.

Q. Does this mean that people in these areas don't pay their bills or that there are no jobs in these Cities?
A. No, this is because New Jersey is the most densely populated in the entire country and the number of foreclosure opportunities coincides with the population and therefore the higher than average number of mortgages and defaults on those mortgages.

Q. Does the high number of foreclosures mean that people have given up or are leaving New Jersey?
A. Partly, New Jersey has been cursed with its own success with higher than average median income there is a higher than average percentage of unemployment which spikes during economic down turns. Unemployed residents are more likely to migrate to other states and New Jerseyans are more migratory than most states.

Q. Does this mean that the average home in New Jersey has lost more of its value than in other places?
A. Slightly. People are more likely to let their home go to foreclosure and walk away the higher the percentage of lost equity and the more upside down they are on their mortgage. Recent initiatives have also created an environment which has placed the majority of the blame on the banks and removed the financial stigma of being foreclosed on.

Q. Why would New Jersey be affected by a higher number of properties losing their value?
A. With a higher than average number of people moving out of the state, vacancies are more common while banks struggle and the market corrects itself. More houses = More Mortgages = More Defaults = Less value.

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HUD Foreclosures

HUD foreclosures and VA Foreclosures are some of the best homes to buy when price is part of the equation. As with most Americans, price is always a concern. If not buying the same house for less, why not buy more house for the same dollar invested? When looking for a good deal it is hard to do better than the VA or HUD foreclosures market. The simple truth is that there are just more VA and HUD homes on the market, as they represent such a large number of mortgages that are generated each year. This translates into more foreclosures just by the magnitude of difference between all others comparing to the two largest.

The two largest also being government owned and operated means that they have less time to wait to make money back on the home. The FHA is especially known for selling HUD homes for less than the average sales price in a given area. FHA foreclosures represent a fraction of HUD but they are still a significant number of homes and both should be considered.

VA (Veterans Administration) and HUD (Housing and Urban Development) have different and unique opportunities for the buyer. Both are often forgiven for the local taxes normally associated with the purchase of a home (this is on a county by county basis). Be sure to ask the local title company or escrow company to look into it for you before closing as this is often missed due to their are not used to dealing with the 2 to 3 percent of the market that VA and HUD foreclosures represent.

Free Foreclosure Listings

USHUD.com is a website that simplifies the process of finding foreclosures and HUD properties. Everyone thinks they are a real estate web surfing pro until they search for foreclosure homes and stumble upon a numerous sites that want to charge a fee to see their listings. With USHUD.com that’s not the case. When searching for HUD properties or a home finding website for foreclosure it is important to know what you are looking for. It is important to use a niche company that specializes in foreclosures like USHUD.com. We have put together 2 tools that have made the real estate search process of our website much easier to navigate. The Homesearch online tool is filled with foreclosure lists and free listings of hud homes for sale. Most of our users start with a broad search with the homesearch online tool to see the most HUD properties and foreclosure lists in your area and narrow their search down with the Homefinder online tool. The homefinder online tool is a custom filter system that we breakdown the area based upon filters such as convention and foreclosure listings. This give you the option to filter out conventional listings and focus on just the foreclosures in the market. We thank you for making us Americas top home finding website for foreclosure and Hud properties. Free listings of hud homes for sale are hard to come by but should always be free and that’s the way things are going to stay on our website.

Foreclosure Listings Increasing

As the market settled after the mortgage meltdown foreclosure listings also settled and fewer homes were on the market with a placard reading “Bank Foreclosure” in big red lettering. This was a good thing for the entire real estate market. Having an abundance of foreclosures brings the entire market down and it makes it harder for home owners, who would like to move, to get the appropriate price for their home as a similar home down the same street was sold for substantially less and the appraiser is using the foreclosure as a comparable sale.

This is just one of the problems when there are too many foreclosure listings in any area. Another issue is the television set that sits in everyone’s living room harping about the price of homes based on the number of foreclosures and this constant barrage of negative information makes most people sit on the sidelines waiting for the market to either implode completely or to correct itself. Meanwhile while they wait, others are buying foreclosure listings and making great investments.

Whatever the reason, a market can only handle so many foreclosure listings at any given time. The more foreclosures, the lower the market gets and this is a lesson the banks that were foreclosing and selling off realized too late. The market and their investments would have been better off if there had not been a rush to divest themselves of the toxic assets made more toxic by their own actions.

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