Banks repossessed 654 homes statewide last month. That's down 34 percent from the January.
New Jersey Mortgage Bankers Association Director Robert Levy says the data does not say why foreclosures are down. He suspects it might be because banks are more willing to work out loan deals or agree to sales for less than the balance of the mortgage. He also says homeowners in the state could also be refinancing.
Nationally, foreclosures are up.
CLICK HERE to follow Action News on Twitter
CLICK HERE to get Action News on your website
CLICK HERE to find Action News on Facebook
