Friday, June 1, 2007

Home foreclosures at the Jersey Shore—up 110%

Ocean City, New Jersey

CBS 3 Reports (and video ): “A cooling real estate market has lead to a tremendous amount of home foreclosures at the Jersey shore.”

“‘Every deal was a record breaker and then the market became saturated. Eventually it dropped and the door closed. Investors couldn’t sell homes for what they bought them for, so they were unable and had no intention of making mortgage payments,’ said Brasslett.”—CEO of Ivy League mortgage

“Mortgage brokers say homes of all shapes, sizes and prices are going into foreclosure. A brand new two-story home in Ocean City is up for foreclosure because more than half a million dollars was owed to the bank.”

“A unit at Flagship Condos in Ocean City went back to the bank Wednesday at a Cape May County sheriff’s sale. ‘The bank didn’t want to buy it back, but they have taken it back through foreclosure action,’ foreclosure specialist, Adam Palmisciano said.”

The full article can be found here.

The Jersey Shore area includes Cape May, Atlantic, Burlington, Ocean, and Monmouth counties. A site featuring slide shows of the Jersey Shore Boardwalks.


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