New Jersey has a lot of zombie homes. Perhaps that’s not unusual for a state that seems to observe Halloween as a national holiday, preparing for more than two months, then celebrating in just two hours on Oct. 31.
The state’s number of zombie foreclosures is among the nation’s highest. The reason is simple:
It now takes an average of 1,262 days for a foreclosure to make it through New Jersey’s congested legal system, the longest time in any state, according to Attom Data Solutions (formerly RealtyTrac).
In September, for example, one in every 691 properties in New Jersey was in foreclosure, even as the national number was one in every 1,600 homes and foreclosure activity was the lowest since 2005, nearly two years before the housing bust began.