Tuesday, October 20, 2015

My take on the foreclosure spike.

Repossessions spike 66% as foreclosure crisis lingers.

If I hadn't just driven across the country this news headline might have freaked me out a whole lot more.

"With the backlog finally moving, New Jersey now has the nation's top foreclosure rate, just beating Florida, which was once the poster child for the housing crash and which also has a judicial foreclosure process. Foreclosure activity in the Garden State is more than twice the national average. New foreclosures there are falling, but bank repossessions jumped 351 percent from a year ago. Atlantic City now boasts the highest metropolitan foreclosure rate."

The other big surprise of the trip is just how many States now have casinos. I'm pretty sure it's all of them. No exaggeration. There is no reason at all to visit Atlantic City to gamble.

Take out NJ and I don't know what the real damage is. But when I read this article I was like - well yeah.

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