Jersey Shore and Barnegat Foreclosure Rate Up
On Tuesday, July 13th, 10 homes in Little Egg Harbor Township, seven in Barnegat, six in Stafford, two in Tuckerton and a million dollar home in Beach Haven were all on the auction block.
In 2005, during the height of housing market boom, there were 99 foreclosures for the entire year. So far this year there have been 386 sheriff sales. Last year, 597 properties put up for auction, the Sheriffs department reports that Ocean County is about 6 weeks "ahead of where we were last year."
During a sheriff's sale, typically the banks will buy back their mortgage properties and there are deals to be had by private investors. But purchasing a home in foreclosure has its risks, as a buyer does not get to inspect the inside of the home before purchase, or have a home inspection done.
The days of ‘flipping' property for quick profit is pretty much at an end because of the poor resale climate, and the buyer of the home will also have to pay back taxes, water and sewer charges and any other liens that may be on the property.
This is a sliver of good news in all of this; the foreclosure rate is not the worse ever seen on The Jersey Shore in recent memory. The worst year ever was in 1993 when Ocean County had 1186 auctions, and in 1994 there were 1,049.
Let us hope that the housing market has hit bottom for Barnegat Homes and Jersey Shore Real Estate in general. And, we need to be smarter in the future and learn from our mistakes.
If you're looking for a great deal on a Barnegat area house, but don't want to the risk buying a forclosed property, look no further.
At 843 Wave Drive, in Lanoka Harbor is a 4 bedroom, 2.5 bathroom house that actually produces income with solar power. Yes, you heard that right, this house is so energy efficient that it produces more power than it uses and sells the power back to the electric company. Oh, did I mention that also has spectacular water views. Now that's a ‘smart house.'
Karl Hess, Barnegat
Your Agent on the Jersey Shore
Find Your Dream Home on The Jersey Shore in Ocean County!
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1400 Hooper Ave. Toms River NJ 08753 Phone: 732-797-9001