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New Jersey has lots to offer for people who are planning to relocate or are already settled. The state offers a temperate climate, ocean, mountains, a very vibrant culture and different lifestyles to suit individual needs. The education system is one of the best in the nation and has some of the best schools and universities. New Jersey is also affordable which makes it a great place to stay, work and lead a happy family life. New Jersey's cost of living Index is 105.7, slightly higher than the national average of 100. Recent national polls have ranked New Jersey in the top three of all states in terms of education, livability, health and a low crime rate.
Home sales in New Jersey have shown a downward trend in January of 2007 as compared to the same period last year. In 2006 the average home sales were about 1703 in January and the home sale figures for 2007 is 1583 a negative 7.2% Year Over Year. The New Jersey housing market indicator shows instability pointing to the fact the state's housing market may have a rocky road to recovery. The foreclosure figures in New Jersey for the third quarter of 2005 vis-à-vis third quarter of 2006 show a significant rise. In the third quarter of 2005 the total numbers of foreclosures filed were 2486 and the number has risen to 3577 in the third quarter of 2006 showing an increase of 44%.
For investors and people who want to buy properties in New Jersey this can be a good investment opportunity. There are four golden rules when you are buying a foreclosed property. Never commit on the purchase before you are sure of the property, Consult an experienced real estate agent before you buy, Foreclosed properties may have last minute title problems, liens and encumbrances, assignments and transfers that may not have been properly identified during the foreclosure process, always obtain title insurance even if you are buying the property in cash sale. An investor who keeps to these 4 rules will have a high chance to come out with a good property in any of the auctions conducted by the court in New Jersey.
Foreclosures in New Jersey are administered by the court system and it takes about nine months for the complete proceedings. Notice is given to the owner at-least 10 days before the sale of the property. The new ownership of the property must be completed within 10 days of the foreclosure sale.
Foreclosurelisting.com can help you with getting a winning deal in New Jersey. With our experience in the real estate foreclosure industry and our vast database of foreclosure listing across the country you are sure to find your property at foreclosurelisting.com. Our experienced real estate counselors in New Jersey are experts on the foreclosure laws and properties and will hand hold you through the transaction.
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