How Long Does it Take a Foreclosure Property in New Jersey to Sell?
In the second quarter of 2012, New Jersey properties that banks had already foreclosed took 354 days (nearly 1 year!) to sell from when they were foreclosed upon. This was the third longest period of time in the US — The US average was 195 days and the only two states with a higher number of days […]
Converting Bank-Owned Properties to Rental Properties
The Federal Housing Finance Agency (FHFA) announced its REO Initiative Program. Under this pilot program, in metropolitan areas of the country hit hardest by foreclosures, investors will be invited to apply to qualify to purchase large blocks of real estate owned by banks (REO) with the condition that the properties they buy will be available […]