New Jersey fifth in mortgage foreclosures
New Jersey ranks fifth among states for the proportion of subprime mortgages in foreclosure, finds a new article from the New York Federal Reserve.
The highest concentration is in Essex and Union counties. Within these two counties about 75% of foreclosure activity occurs in neighbourhoods that tend to have relatively lower household incomes, says the article.
This is the first article in a new NY Fed series called "Community affairs forum: facts & trends." The series will initially focus on
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