It’s a tough forecast to predict in a time of such economic uncertainty. 2012 bring s a new year for the local and national government to get back on its feet and try to turn things around. As the cost of living increases so does the rate of unemployment. Foreclosed homes, although recently on a holding process due to robo-signing, have continued their march to vacancy.
Good thing is, it’s not all dark and gloomy and specifically speaking for New Jersey, things are starting to look up, or at least declining at a slower rate. – at this point, Jerseyans will take it!
Check out the facts and forecast predictions below to educate yourself on the economic state of New Jersey. (courtesy of njreport.com and PNC.com )
- One in 12 home sales was a foreclosure in the third quarter of 2011.
- NJ foreclosed properties sell for an average of $208, 801 – a 38% discount.
- Moderate job gains are expected in 2012 for NJ residents, which can help prevent possible foreclosures and boost the economy.
- PNC reports “a sustained upturn in home values is expected in the second half of 2012."
For more information, here are some great resources for understanding foreclosures, short sales, bankruptcy and defaulting on mortgages. The more you educate the better you will be for becoming financially fit for the new year.