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(London.CityRegions.com, June 09, 2013 ) London, UK -- While the number of foreclosed homes, as well as those struggling to make mortgage payments within the New Jersey area are dropping in total numbers, the stronger tallies have not translated into a higher turnover of homes sold.
The sales for the existing homes went up in April, while nationwide resale activity rose 9.7% over the April 2012 tally, according to the National Association of Realtors. The Northeast region, however, saw a mere 4.9% increase for home sales.
Distressed homes accounted for 28% of April's sales. “Distressed” homes are those that are sold in foreclosure for what is usually much less than value of the property. The same properties accounted for 11% of sales, while 7% of all sales were considered short sales.
The study exposing the numbers was released by the real estate company Zillow.com and it notes that almost 40% of the northern and Central New Jersey homeowners were unable to place houses on the market. The reason for the lack of ability came from insufficient equity, leaving owners tied to the property.
Nearly 18% of the homes in the 12 counties which were being tracked by Zillow were at least 90 days behind scheduled payments, according to the site. There were additional 21.4% who do not have equity that allow them to afford down payment and closing costs. This ties the owners to the property and limits them to a number of homes on the market.
Stan Humphries, who is Chief Economist for Zillow stated that without the proper levels of equity, the costs are now out of homeowner's pockets, “leaving many still stuck. Looking at the effective negative equity rate could explain why recent, healthy declines in the number of underwater borrowers haven’t yet translated into more homes for sale.”
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Source: EmailWire.Com
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