Foreclosures drop in NJ; reason unclear

March 12, 2009 5:24:40 AM PDT
Home foreclosures are down across New Jersey even as the economy continues to sputter. RealtyTrac figures released Wednesday show the drop-off in foreclosures in New Jersey in February was one of the highest in the nation.

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.

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