Not Yet Out of the Woods: New Jersey Commercial Foreclosures Still Climbing
by Victor Kinon
While many are hopeful that the New Jersey economy is starting to rebound, commercial real estate foreclosures are still climbing, according to a recent NJ Spotlight report. While the New Jersey residential real estate market was hit hard by the financial crisis, the continued influx of foreclosures has been most prominent in the commercial real estate market.
Consider the following—In 2006, there were 173 commercial foreclosures in New Jersey. In 2011, the figure reached 1,586. As the article highlights, there are many reasons why commercial real estate has been so hard hit:
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