“Wage levels, and the general potential for individual earnings growth, can influence the performance of individual housing markets,” noted Ryan Fell, C.O.O. of RealtyStore.com.
Santa Barbara, CA (PRWEB) February 21, 2014
RealtyStore, the largest provider of foreclosure and discount property listings nationwide, studied the inventory level of New Jersey foreclosures among the state's largest counties. Results showed an imbalance in foreclosure inventory between low income and high income New Jersey counties. A disproportionately high inventory of foreclosed (REO) homes exists in the four counties earning the lowest average weekly wages.
The group of four counties where residents earn the lowest average weekly wages contained more than 2.5 times the share of REO inventory as counties whose residents earn the highest wages.
The group of counties representing lower earnings, listed by their respective average weekly wages, are Atlantic, Ocean, Gloucester and Passaic. The four counties with the highest average weekly wages include Hudson, Mercer, Somerset, and Morris. Weekly wages range from a low of $816 in Atlantic County to a high of $1,476 in Morris County, per the Bureau of Labor Statistics.
Roughly 1.425 million total housing units exist in the eight counties. This housing stock is fairly evenly distributed between the low- and high-earning county groups. Approximately 731,000 units, or 51%, of the housing stock is found in the four highest earning counties (Morris, Somerset, Mercer and Hudson). Roughly 694,000 units, or 49%, of the total homes are located in the lowest earning counties (Atlantic, Ocean, Gloucester and Passaic).
Although the four low-earning counties contain fewer total housing units and slightly lower total population, they currently contain nearly 70% of the total foreclosure inventory found in all eight counties. Gloucester County holds the single highest percentage of REO inventory, with 26% of the total. Mercer County has the smallest individual share of foreclosure inventory with 4%.
“Wage levels, and the general potential for individual earnings growth, can influence the performance of individual housing markets,” noted Ryan Fell, Chief Operating Officer of RealtyStore.com. “We’re seeing that reflected by the varying levels of distressed inventory across these New Jersey counties. Counties with relatively low wages and less opportunity for income growth may continue to face greater challenges with foreclosure activity, relative to areas supporting higher individual earnings.”
Ranked respectively in terms of their share of REO inventory, the counties compare as:
1. Gloucester, 26%
2. Ocean, 15%
3. Atlantic, 15%
4. Passaic, 13%
5. Somerset, 11%
6. Morris, 11%
7. Hudson, 5%
8. Mercer, 4%
See the accompanying charts for additional illustration and details.
RealtyStore (http://www.realtystore.com), a division of Nations Info Corporation, is the leading provider of foreclosure listings and discount property data nationwide. RealtyStore's mission is to empower its customers with the tools, education and analysis required to identify and potentially maximize profits with undervalued real estate. Collected from hundreds of public and private sources, RealtyStore's proprietary database includes over 2 million listings including pre-foreclosures, foreclosures, auctions, short sales, lease option or rent to own, and owner financed listings.
REO properties referenced herein have completed the foreclosure process with a recording date on or before the date of this press release. REOs have been repossessed by a bank, lending institution or government sponsored loan guarantor such as Fannie Mae, Freddie Mac, HUD or the VA. REO title holders, inventory counts and prices in any area can vary at any time. REO counts and prices are accessed through RealtyStore’s proprietary database which is derived through hundreds of public and private data providers. Local housing market data and census data is derived from third party and public records offices, including the Census Bureau and the Bureau of Labor Statistics.