Lunar is a New Jersey market “Specialist”
Lunar Investments is primarily concerned with the New Jersey market. As we are considered specialists, in terms of our experience, resources, and general market knowledge, our investors and partners benefit, specifically, due to our passion for and dedication to our core market.
Some of the key characteristics that support our New Jersey investment thesis are among the following, which touch on certain of the supply and demand aspects of what makes New Jersey a unique market to focus on:
* Here are the five highest foreclosure rates for the first quarter of 2014: New Jersey: 1 in 273 – Around 1 in 273 sales in New Jersey were foreclosures in the first quarter, versus 1 in every 452 for the first quarter of last year. Foreclosure activity also increased 29% in April in New Jersey from a year ago – the fifth consecutive month with an annual increase, Blomquist says.
* One theory, says Walt Molony, spokesman for the National Association of Realtors: Like Florida and Illinois, New Jersey is a judicial state; judicial foreclosure must go through the court system. In a non-judicial state, the lender might only notify the owners that they are in default before putting the home up for auction.
* According to RealtyTrac, foreclosure filings and bank repossessions remain high in certain states, and have increased from a year ago April in 16 states, third in ranking among them is New Jersey, with a 58% increase.
* “…….The good news: This is a sign that the markets are working through the final remnant of foreclosures left over from the recent housing crisis and they will attract investors and first-time buyers who are willing to do some extensive renovations, says Daren Blomquist, vice president at RealtyTrac. “Many of these bank-owned homes are bottom-of-the-barrel properties in terms of location or condition, but they will provide some much-wanted inventory of homes for sale in some markets in the coming months.”
* According to comprehensive statistics compiled by Trulia, New Jersey ranks as the #5 most popular state for new homeowners seeking to purchase opportunities.