New Jersey Foreclosures for Sale

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Despite its small size, New Jersey has over 50 resort towns and cities, which include Atlantic City, Cape May, Asbury Park and Seaside Heights. Tourism is the second largest industry in the state. New Jersey is the largest chemical producing state in the US as well as being a leading industrial state. Also, according to Free Republic magazine, New Jersey was the 7th most livable state in 2010. These figures, along with the fact that the general buyer can save up to 38% on foreclosed upon homes in such places as Newark, Trenton and Princeton, make it a perfect time to buy New Jersey foreclosures for sale.

Newark, New Jersey has approximately 280,000 people. During the recent housing slump, home appreciation values plummeted by an average of 15% and that is why buying a foreclosed upon home will represent a great value in the long run. Currently, there are approximately 4,380 homes that are for sale through foreclosure. The cost of living is approximately 7.4% higher than the national average but Newark is very close to New York City, which is a major draw for job seekers and fun-lovers. The neighborhood referred to as "Down-Neck" by residents, or Ironbound Section to the rest, is considered the most developed and stable area of Newark. It is known for its cultural diversity and its great restaurants. Residents are of a mind that Ironbound is safe almost all the time and the people are rather friendly.

Trenton, New Jersey, which is on the western edge of New Jersey, is nearest to Philadelphia. The cost of living in Trenton is about 9.1% lower than the national average. Even though the areas between Trenton and Princeton haven't made it to the top of livability rankings, these suburban areas are some of the best places to live in the US. It is less crowded, more affordable, has a highly-educated and diverse population, has excellent schools and the area is typically referred to as having a bucolic country setting. Because New York and Philadelphia are about an hour away, the employment opportunities can't be beaten.

Princeton, New Jersey, most famous for its University, is a smallish area located within the Trenton-Ewing metropolitan area. The cost of living may be 18% higher than the national average but unemployment is low, at 7%, and residents believe that it is a very nice town full of history and culture. There are "Manhattan quality" stores and yet it is a relaxing and safe environment. People believe that nearby Princeton Landing in Plainsboro is one of the best neighborhoods in the Princeton, NJ area. It has a top notch school district, is well maintained and scenic and is close to commuter routes.

Foreclosures within any of these areas are cheap, at around 38% off retail price. All of these neighborhoods are great places to raise families and yet many of these neighborhoods still have the cosmopolitan feel of the New York and Philadelphia areas. Buying a foreclosure now in this up-and-coming state is just about guaranteed to be profitable.