When it comes to foreclosure rates, there is nothing good about the recent statistics revealed by the Mortgage Bankers Association. Though the federal government announced in February that the national foreclosure rate is declining, it seems New Jersey might have been left out of the rebounding.

Apparently, NJ is officially at the top of the list for having the highest percentage of foreclosures in the nation. Instead of getting better as the economy seems to be rebounding, this foreclosure report released this spring is quite disheartening. In fact, foreclosures in Atlantic County have almost doubled since the same time last year.

The numbers are a reflection of how many sheriffs’ sale auctions there have been in the region. In Atlantic County, for example, where public property auctions are held weekly, officials reported there are between 20 and 35 auctions a week. Last year, there were 10 to 15 sheriff sale foreclosure auctions weekly. These sales are the result of foreclosures that occurred between 2009 and 2011.

On the positive side, if you have good credit and the proper legal guidance, you may be able to get a great deal on a distressed property. Speak with an experienced real estate attorney at Rothamel Bratton today.