Contact Us

New Jersey Ranks High In Mortgage Debt, Low In Foreclosures [AUDIO]

David McNew, Getty Images

New Jerseyans are carrying a lot of heavy mortgage debt. But they seem to be coping with most of that burden.

Average mortgage debt in New Jersey right now is 236-thousand, fourth highest in the Nation. But Jersey was one of a handful of states with relatively low foreclosure rates and home values that did not plummet during the big downturn. According to the news cable channel MSNBC, even in states like New Jersey and Maryland, which fared relatively well during the recession, homes lost between 7 percent and 10 percent of their value. Sharp declines in home values, coupled with high mortgage debt, should translate to financial disaster. However, while home values dropped more than 7 percent in Maryland, Massachusetts and New Jersey – states where mortgage debt is the highest – foreclosure rates stayed low.

Rutgers economist James Hughes says there’s a left-handed benefit of all the red tape Jersey builders go through to put up a house….the state did not see a big housing bubble burst.

He says, “we have low levels of construction, and that meant we didn’t have an overproduction of housing and we didn’t have the resulting foreclosures from having too many housing units out there.”

Also, Jersey’s median household income is above 67-thousand, second-highest in the Nation.

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

More from WOBM AM

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your points and personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account with your Facebook account, just click on the account activation button below. You will maintain your existing profile and VIP program points. After you do this, you will be able to always log in to http://wobmam.com using your Facebook account.

*Please note that your points, prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

Register on WOBM-AM 1160 & 1310 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!

Not a Member? Sign Up Here.

Register on WOBM-AM 1160 & 1310 quickly by logging in with your Facebook account. It's just as secure, and no password to remember!