Foreclosures in NJ up nearly 40 percent in March

April 16, 2009 5:10:42 AM PDT
The number of New Jersey households threatened with losing their homes jumped nearly 40 percent in March over February. The figures show major lenders have restarted foreclosures after a temporary break.

Foreclosures in the state rose 1.96 percent since March 2008.

The big unknown for the coming months is President Barack Obama's plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans.

It remains to be seen whether the lending industry will fully embrace it, despite $75 billion in incentive payments.

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Information from: The Star-Ledger, http://www.nj.com/starledger

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