Otteau: NJ market - New Jersey Real Estate Report

From the Star Ledger:

Foreclosures in New Jersey still up, but correcting course

Foreclosures continue to climb in New Jersey from last year, but at a slower pace than other states that saw an increase, according to data from RealtyTrac. Nationwide, foreclosure activity fell nearly 23 percent from last year.

States such as New York and Maryland saw a surge in foreclosure notices between February and March ? as much as 200 percent and 193 percent respectively. In New Jersey, the year-to-year number rose 42 percent over last year.

East Brunswick-based Otteau Valuations Group tracked similar numbers, recording a 49 percent increase from the first quarter of last year, but also noted a 10 percent drop from February to March this year.

Jeff Otteau, president of the group, said the monthly figure might be a sign of loan forbearance that was enacted after Hurricane Sandy by banks and foreclosures were not allowed to go forward.
Otteau sees the overall picture improving. Property values were up by nearly four percent in New Jersey over last year, and nearly 10 percent in parts of Northern New Jersey and demand for housing has increased as well.

?The housing market is so strong right now that it?s starved for inventory,? he said, ?so it will swallow these foreclosures whole without even chewing on them.?

Homes in foreclosure are selling for about 5 percent below market value, Otteau said, and are not distressing the market.
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?We ended with more of a backlog,? said Otteau, ?but not as a result of the bad economy. Now these homes are coming on the market at a time when we need the inventory, and not at a very deep discount.?
There were 6,904 homes in foreclosure in New Jersey in the first quarter of 2013, according to Otteau, up from 4,646 from the same time period last year.

A dozen counties saw the number of foreclosure starts drop in the first quarter, led by Atlantic (30 percent) and Cape May (27 percent) Counties. Among the nine counties with an increase, Warren and Mercer led the pack at 23 percent and 21 percent respectively.

Source: http://njrereport.com/index.php/2013/04/12/otteau-nj-market-will-swallow-these-foreclosures-whole-without-even-chewing-on-them-%E2%80%9D/

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